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Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by 13% in 2017 and all assets and
Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by 13% in 2017 and all assets and liabilities increase correspondingly. Also assume no new equity is issued and none is repurchased Income Statement Sales Costs, including interest Net income 4,600 3,800 S 800 Balance Sheet, Year-End 2015 S 3,800 3,300 2016 2016 1,500 Equity2.3000 3,800 2015 Net assets Debt 1,333 1,967 3,800 8003,300 Total Total $ 3,300 a. What is the value of the addition to retained earnings for 2017? Addition to retained earnings b. What is the residual dividend for 2017? Residual dividend
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