2 a. In fiscal year 2022, Cumberland Industries' sales were $600,000; cost of goods sold were equal to 80% of sales; the beginning-of- 3 year net fixed assets were $150,000, and depreciation amounted to 10% of beginning-of-year net fixed assets; interest expenses were $10,000; the state-plus-federal corporate tax rate was 25% and Cumberland paid 50% of its net income out in dividends. Given this 4 information, construct Cumberland's income statement in the cells with yellow theme color. Also calculate total dividends and the 5 addition to retained earnings. 6 7 The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, 8 we constructed the income statement shown below. 9 10 Key Input Data for Cumberland Industries 11 (Thousands of dollars) 12 Sales 13 COGS as a % of sales 14 Beginning-of-year net fixed assest 15 Depr. as a % of net fixed assets 16 Tax rate 17 Interest expense 18 Dividend Payout Ratio 19 20 Cumberland Industries: Income Statement (Thousands of dollars) 21 Sales 22 Cost of goods sold 23 Depreciation 24 EBIT 25 Interest expense 26 EBT 27 Taxes (25%) 28 Net income 2022 37 Dollar value of common stock issued (in thousands of dollars) 38 $600,000 80.0% $150,000 10.0% 25% $10,000 50% 2022 29 30 Common dividends 31 Addition to retained earnings 32 33 34 b. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $20,000 of new common stock in the most 35 recent year. Using this information and the results from part a, fill in the missing values in the cells with yellow theme color. 36 $20,000 S

2 a. In fiscal your 2022, Cumberland Industries' sales wore $600,000; cost of goeds sold wore equal to so\% of sales; the beginning-ot. 3 year net fixed assets were $150,000, and depreciation amounted to 10% of beginning-of-year net fixed assets; interest expenses were $10,000; the state-plus-federal cerporate tim rate was 25% and Cumberland paid 50% of its net income out in dividends. Given this information, construct Cumbertands income statement in the cells with yellow theme color. Nso calculate total dividends and the additon to retained earnings. we constricied the income statemint shown below. b. Cumberland Industries' partial balance sheets are shown below, Cumberland issued 520,000 of new commen stock in the mest recent year. Using this information and the results from part a, fit in the missing values in the cells with yellow theme color. Dollor value of eommon stock issued (in thousands of dollars) 520.000 b. Cumberfand Industries' partial balance sheets are shown below. Cumberland issued $20,000 of now common stock in the most recent year. Using this information and the results from part a, fill in the missing values in the cells with yollow theme color