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Consider the following statement of comprehensive income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of Comprehensive Income Sales $ 47,000 Cost 31,300 Taxable income $
Consider the following statement of comprehensive income for the Dartmoor Corporation: |
DARTMOOR CORPORATION Statement of Comprehensive Income | |||||||
Sales | $ | 47,000 | |||||
Cost | 31,300 | ||||||
Taxable income | $ | 15,700 | |||||
Taxes (35%) | 5,495 | ||||||
Net income | $ | 10,205 | |||||
Dividends | $ | 2,500 | |||||
Addition to retained earnings | 7,705 | ||||||
The statement of financial position for the Dartmoor Corporation follows. Based on this information and the statement of comprehensive income, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Round the final answers to 2 decimal places.) |
DARTMOOR CORPORATION Statement of Financial Position | ||||||||||||||
$ | Percentage of Sales | $ | Percentage of Sales | |||||||||||
Assets | Liabilities and Owners Equity | |||||||||||||
Current assets | Current liabilities | |||||||||||||
Cash | $ | 2,950 | Accounts payable | $ | 2,400 | |||||||||
Accounts receivable | 4,100 | Notes payable | 5,400 | |||||||||||
Inventory | 6,400 | |||||||||||||
Total | $ | 13,450 | Total | $ | 7,800 | |||||||||
Long-term debt | $ | 28,000 | ||||||||||||
Owners equity | ||||||||||||||
Common stock and paid-in surplus | $ | 15,000 | ||||||||||||
Retained earnings | 3,950 | |||||||||||||
Fixed assets | ||||||||||||||
Net plant and equipment | $ | 41,300 | Total | $ | 18,950 | |||||||||
Total assets | $ | 54,750 | Total liabilities and owners equity | $ | 54,750 | |||||||||
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