Black co.and blue co. | Business & Finance homework help
The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 20X1 prior to Black’s acquisition of Blue.Black co Blue CoSales 360,000 228,000Expenses (240,000) (132,000)Net income 120,000 96,000Retained earnings 1/1/11 480,000 252,000Net income (from above) 120,000 96,000Dividends paid (36,000) 0Retained earnings 12/31/11 564,000 348,000Current assets 360,000 120,000Land 120,000 108,000Building (net) 480,000 336,000Total assets 960,000 564,000Liabilities 108,000 132,000Common Stock […]