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The company paid interest expense of $19,000 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings
The company paid interest expense of $19,000 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings for 2017, and determine the dividends paid last year. (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES $15,800 Notes payable Accounts receivable $28,200 Accounts payable Inventories $48,200 Long-term debt Fixed assets $367,800 OWNERS' EQUITY Accumulated depreciation (-) $142,000 Retained earnings. Intangible assets $81,800 Common stock $350,000 $141,900 $43,000 $28,000 $46,100 $14,000 $19,200 $190,200 $131,900 ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation (-) Intangible assets Partial Balance Sheet 12/31/2017 LIABILITIES $25,800 Notes payable $19,100 Accounts payable $52,800 Long-term debt $448,100 OWNERS' EQUITY Retained earnings $81,900 Common stock $11,900 $23,900 $162,000 $182,000
The company paid interest expense of $19,000 for 2017 and had an overall tax rate of 40% for
2017. Complete the statement of retained earnings for
2017, and determine the dividends paid last year.
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