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Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by 12% in 2018 and all assets
Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by 12% in 2018 and all assets and liabilities increase correspondingly. Also assume no new equity is issued and none is repurchased. Income Statement Sales Costs, including interest $6,600 4,800 Net income $1,800 Balance Sheet, Year-End Net assets 2018 $5,800 2017 $5,300 Total $5,800 $5,300 Debt Equity Total 2018 $2,500 3,300 $5,800 2017 $2,333 2,967 $5,300 a. What is the value of the addition to retained earnings for 2019? Answer is complete but not entirely correct. Addition to retained earnings $ 333 b. What is the residual dividend for 2019? Answer is complete but not entirely correct. Residual dividend S 1,667
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