Help! I have tried and tried and can't figure this one out!
Use the data from the following financial statements.
The company paid interest expense of $18,300 for 2014 and had anoverall tax rate of 40% for 2014. Complete the statement ofretained earnings for? 2014, and determine the dividends paid lastyear.
1) The distributed earnings is ?$ _________ <<< How onearth do I figure this out.
Partial Income Statment Year Ending 2014 Sales Revenue $349,800 Cost of good sold $141,900 Fixed Cost $43,200 Selling, general, and administrative expense $28100 Depreciation $46, 200
Patial Balance Sheet 12/31/2013 Assests Liabilities Cash $16100 Notes Payable $14,200 Accounts Receivable $28,200 Accounts Payable $18900 Inventories $48,100 Long Term Debt $190,200 Fixed Assets $367,900 Owners Quity Accumulated Depreciation $140,700 Retained Earnings Intangible Assets $81,900 Common Stock 132,000
Partial Balance Sheet 12/31/2014 Assets Liabilities Cash $26,000 Notes Payable $11,900 Accounts Receivable $18900 Account Payable $24,000 Inventories $53,100 Long term Debt $161800 Fixed Assets $446,800 Owners Equity Accumulated depreciation Retained earnings Intangible assets $82,200 Common Stock $182,000
Help! I have tried and tried and can't figure this one out!
Use the data from the following financial statements.
The company paid interest expense of $18,300 for 2014 and had anoverall tax rate of 40% for 2014. Complete the statement ofretained earnings for? 2014, and determine the dividends paid lastyear.
1) The distributed earnings is ?$ _________ <<< How onearth do I figure this out.
| Partial Income Statment Year Ending 2014 | |
|---|---|
| Sales Revenue | $349,800 |
| Cost of good sold | $141,900 |
| Fixed Cost | $43,200 |
| Selling, general, and administrative expense | $28100 |
| Depreciation | $46, 200 |
| Patial Balance Sheet 12/31/2013 | |||
|---|---|---|---|
| Assests | Liabilities | ||
| Cash | $16100 | Notes Payable | $14,200 |
| Accounts Receivable | $28,200 | Accounts Payable | $18900 |
| Inventories | $48,100 | Long Term Debt | $190,200 |
| Fixed Assets | $367,900 | Owners Quity | |
| Accumulated Depreciation | $140,700 | Retained Earnings | |
| Intangible Assets | $81,900 | Common Stock | 132,000 |
| Partial Balance Sheet 12/31/2014 | |||
|---|---|---|---|
| Assets | Liabilities | ||
| Cash | $26,000 | Notes Payable | $11,900 |
| Accounts Receivable | $18900 | Account Payable | $24,000 |
| Inventories | $53,100 | Long term Debt | $161800 |
| Fixed Assets | $446,800 | Owners Equity | |
| Accumulated depreciation | Retained earnings | ||
| Intangible assets | $82,200 | Common Stock | $182,000 |
Related questions
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 |
