ACC 113 Lecture Notes - Lecture 27: Promissory Note, Standard Cost Accounting, Historical Cost
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The company paid interest expense of $17,400 for 2014 and had anoverall tax rate of 40% for 2014. Complete the statement ofretained earnings forâ 2014, and determine the dividends paid lastyear.
Partial Income Statement Year Ending 2014 | |
Sales revenue | $349,800 |
Cost of goods sold | $141,900 |
Fixed costs | $43,100 |
Selling, general, and administrative expenses | $27,900 |
Depreciation | $46,000 |
Partial Balance Sheet 12/31/2013 | |||
ASSETS | LIABILITIES | ||
Cash | $16,200 | Notes payable | $14,200 |
Accounts receivable | $27,900 | Accounts payable | $18,900 |
Inventories | $48,200 | Long-term debt | $190,000 |
Fixed assets | $368,000 | OWNERS' EQUITY | |
Accumulated depreciation (-) | $143,200 | Retained earnings | |
Intangible assets | $82,200 | Common stock | $132,000 |
Partial Balance Sheet 12/31/2014 | |||
ASSETS | LIABILITIES | ||
Cash | $26,000 | Notes payable | $11,900 |
Accounts receivable | $19,100 | Accounts payable | $24,000 |
Inventories | $53,200 | Long-term debt | $162,000 |
Fixed assets | $448,100 | OWNERS' EQUITY | |
Accumulated depreciation (-) | Retained earnings | ||
Intangible assets | $81,800 | Common stock | $182,000 |
Use the data from the following financial statements in thepopupâ window, LOADING... . The company paid interest expense of$18,500 for 2014 and had an overall tax rate of 40% for 2014. Findthe cash flow from assets forâ 2014, and break it into its threeâparts: operating cashâ flow, capitalâ spending, and change in networking capital.
ata Table
Partial Income Statement Year Ending 2014 | |
Sales revenue | $350,200 |
Cost of goods sold | $141,800 |
Fixed costs | $43,100 |
Selling, general, and administrative expenses | $28,000 |
Depreciation | $45,800 |
Partial Balance Sheet 12/31/2013 | |||
ASSETS | LIABILITIES | ||
Cash | $15,800 | Notes payable | $13,900 |
Accounts receivable | $27,900 | Accounts payable | $19,100 |
Inventories | $47,900 | Long-term debt | $190,000 |
Fixed assets | $368,000 | OWNERS' EQUITY | |
Accumulated depreciation | $143,600 | Retained earnings | |
Intangible assets | $82,000 | Common stock | $132,000 |
Partial Balance Sheet 12/31/2014 | |||
ASSETS | LIABILITIES | ||
Cash | $26,100 | Notes payable | $12,100 |
Accounts receivable | $19,200 | Accounts payable | $24,200 |
Inventories | $52,800 | Long-term debt | $162,100 |
Fixed assets | $448,100 | OWNERS' EQUITY | |
Accumulated depreciation | Retained earnings | ||
Intangible assets | $82,000 | Common stock | $182,000 |