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The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25% Interest expense will remain constant, the
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25% Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debtor equity is issued HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales Costs other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (30%) Net income Dividends $20,160 Addition to retained earnings 80,640 $754,800 589,000 10,000 $155,000 11,000 $144,000 43,200 $100,00 & Assets Current assets Cash Accounts receivable Inventory Total HOPINGTON TOURS INC. Statement of Financial Position as of December 31, 2017 Llabilities and Owners! Equity Current liabilities $ 26,400 Accounts payable 41,800 Notes payable 88,000 Total $156,200 Long-term debt Owners' equity Common stock and paid in surplus $ 69,100 18,100 $ 87,200 $137,000 $123,000 Fixed assets
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