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A company has the following comparative balances on December 31, 2021 and 2022: ASSETS 2021 2022 LIABILITIES AND EQUITY 2021 2022 Cash 120,000 250,000 Accounts
A company has the following comparative balances on December 31, 2021 and 2022:
ASSETS | 2021 | 2022 | LIABILITIES AND EQUITY | 2021 | 2022 |
Cash | 120,000 | 250,000 | Accounts payable | 400,000 | 450,000 |
Accounts receivable | 520,000 | 370,000 | Accrued expenses | 88,000 | 67,000 |
Inventories | 340,000 | 400,000 | Long-term debt | 300,000 | 350,000 |
Fixed assets, net | 200,000 | 250,000 | Common stock | 300,000 | 300,000 |
Other assets | 50,000 | 45,000 | Retained earnings | 142,000 | 148,000 |
TOTAL ASSETS | 1,230,000 | 1,315,000 | TOTAL LIABILITIES AND EQUITY | 1,230,000 | 1,315,000 |
The companys result of operations for the year 2022 is presented below.
Net sales | 1,582,000 |
Less: cost of goods sold | 1,235,000 |
Gross profit | 347,000 |
Less: operating expenses | 258,000 |
Operating income | 89,000 |
Less: interest expense | 9,000 |
Net income before tax | 80,000 |
Less: income tax (30%) | 24,000 |
Net income after tax | 56,000 |
How much dividends were paid in 2022?
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