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Need help with the attached financing questions... Question 1 1. Based on the following information, Compute the transfer to Retained Earnings for Year 2006. Assume
Need help with the attached financing questions...
Question 1 1. Based on the following information, Compute the transfer to Retained Earnings for Year 2006. Assume a tax rate of 34%. Year 2006 Sales $7112 Depreciation 577 COGS 1582 Operating Expenses 580 Interest 769 Cash 2107 A/R 2789 Short-term Notes Payable 407 Long-term Debt 7056 Net Fixed Assets 17669 A/P 2213 Inventory 4959 Dividends 690 3. Calculate the shareholders' equity from the given information: Cash A/R Notes Payable Long-term Debt Net Fixed Assets A/P Inventory $2,450 $6,850 $382 $15,000 $28,000 $2,146 $2,450 20. In its most recent financial statements, ABC Inc. reported $37 of net income and $729 of retained earnings. The previous retained earnings were $813. How much in dividends was paid to shareholders during the year? 23. ABC recently reported $43,389 of sales, $12,951of operating costs other than depreciation, and $5,101 of depreciation. The company had no amortization charges and no non-operating income. It had $8,000 of bonds outstanding that carry a 13% interest rate. How much was the firm's taxable income, or earnings before taxes (EBT)? Hint: Interest rate = Bonds outstanding * interest rate 24. During 2007, ABC had sales of $75,124. Cost of goods sold, administrative expenses and selling expenses, and depreciation expenses were $33,385, $7,107, and $7,127, respectively. In addition, the company had an interest expense of $4,894, and a tax rate of 43%. The company paid$6,790 as dividends. If the retained earnings is 2006 were $58,511, what are the retained earnings in 2007Step by Step Solution
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