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I need a check on question A then help on B please! a. In fiscal year 2022, Cumberland Industries' sales were $600,000; cost of goods
I need a check on question A then help on B please!
a. In fiscal year 2022, Cumberland Industries' sales were $600,000; cost of goods sold were equal to 80% of sales; the beginningof-year net fixed assets wore $150,000, and depreciation amounted to 10% of beginning-of-year net fixed assets; interest expenses were $10,000; the state-plus-federal corporate tax rate was 25% and Cumberland paid 50% of its net income out in dividends. Given this information, construct Cumberland's income statement in the cells with yellow theme color. Also calculate total dividends and the addition to retained earnings. The input information required for the problem is outined in the "Key lnput Data" section below. Using this cata and the balance sheet abowe, we constructed the income stalement shown below. Cumberland Industries: Income Statement (Thousands of dollars) Sales Cost of goods sold Depreciation EBIT Interest expense EBT Taves (25\%) Net income Common dividends Addition to retained earnings. 2022$600,000$480,000$15,000$10,000$10,000$95,000$23,750$71.250 $35,625 $35,625 b. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $20,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values in the cells with yellow theme color Step by Step Solution
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