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
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 |
Related questions
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 |
