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Q3. Q4) Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your answer as directed, but do not round intermediate
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Q4)
Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your answer as directed, but do not round intermediate calculations.) 2014 Income Statement Sales Costs of goods sold Selling & administrative Depreciation $621,720 334,427 137,206 60,033 EBIT Interest $90,054 21,226 EBT Taxes $ 68,828 27,531 Net income $ 41,297 Dividends Addition to retained earnings $ 15,600 25,697 GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2013 $ 14,652 Accounts payable 20,893 Notes payable Cash Accounts receivable Inventory $10,535 15,858 15,173 Current liabilities Current assets Net fixed assets $ 26,39:3 $150,500 $252,694 50,718 Long-term debt $ 378,869 Owner's equity Total assets $ 429,587 Total liabilities and owners' equity $ 429,587 GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2014 $ 15,737 Accounts payable 23,209 Notes payable Cash Accounts receivable Inventory $ 11,563 18,113 25,029 Current liabilities Current assets Net fixed assets $ 63,975 Long-term debt $ 446,942 Owner's equity $ 29,676 $ 167,200 $ 314,041 Total assets $510,917 Total liabilities and owners' equity $510,917
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