ACC 112 Project 1B The below represents the comparative financial statements of Kamla Corporation. Kamla Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Net sales (all on account) $1,238,000 $1,006,000 Expenses: Cost of goods sold $826,000 $706,000 Selling and administrative 208,000 218,000 Interest expense 14,000 12,000 Income tax expense 35,000 23,000 Total expenses $1,083,000 $959,000 Net income $155,000 $47,000 $959 2015 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 Current assets: Cash $38,000 Notes receivable 36,000 Accounts receivable (net) 171,600 Inventory 182,000 Total current assets 427,600 Property, plant, and equipment (net) 850,000 Total assets $1,277,600 Liabilities and Stockholders' Equity Current liabilities: $37,700 28,200 149,600 135,400 350,900 778,000 $1,128,900 427,600 850,000 $1,277,600 1350,900 ||||1778,000 $1,128,900 $240,000 47,600 $287,600 $236,000 42,000 $278,000 Total current assets Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 163,400 $441,400 $519,600 $300,000 458,000 758,000 $1,277,600 $300,000 387,500 $687,500 $1,128,900 Additional data: 1) The common stock recently sold at $40 per share. 2) The weighted-average common shares outstanding for the two years, 2015 and 2016, was 90,000 shares. Your answer is partially correct. Try again. Compute the payout ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering an answers, you must enter your answers with commas.) Payout ratio - Cash Dividends Net Income TITTEET TI 84,500i TAJ & 19 90,000 GO TO What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering final answers, you must enter your answers with commas.) 0.94 The Company distributes w or its earnings in form of cash dividends Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later button to save your work DEN 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you * **
