Question
Graffiti Advertising, Incorporated, reported the following financial statements for the last two years. Sales 2022 Income Statement Costs of goods sold Selling & administrative
Graffiti Advertising, Incorporated, reported the following financial statements for the last two years. Sales 2022 Income Statement Costs of goods sold Selling & administrative Depreciation EBIT Interest EBT Taxes Net income Dividends Addition to retained earnings $ 570,700 273,970 124,722 54,565 $ 117,443 19,538 $ 97,905 39,162 $ 58,743 $ 10,700 48,043 GRAFFITI ADVERTISING, INCORPORATED Balance Sheet as of December 31, 2021 $ 13,430 18,983 13,805 Accounts payable Notes payable Current liabilities Inventory Cash Accounts receivable Current assets $ 46,218 Long-term debt $ 9,493 14,497 $ 23,990 $ 135,920 Net fixed assets $ 344,756 Owners' equity $ 231,064 Total assets $ 390,974 Total liabilities and owners' equity $ 390,974 GRAFFITI ADVERTISING, INCORPORATED Cash Accounts receivable Inventory $ 14,416 21,088 22,765 Balance Sheet as of December 31, 2022 Accounts payable Notes payable Current assets $ 58,269 Current liabilities Long-term debt $ 10,523 16,477 $ 27,000 $ 153,100 Net fixed assets $ 406,300 Owners' equity $ 284,469 Total assets $ 464,569 Total liabilities and owners' equity $ 464,569
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