Question
The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the income statement items
The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars.
20152016
Revenue$4,700 $4,800
Cost of goods sold1,300 1,400
Depreciation410430
Inventories250295
Administrative expenses440490
Interest expense240240
Federal and state taxes*680700
Accounts payable250295
Accounts receivable350425
Net fixed assets4,1004,740
Long-term debt1,7002,150
Notes payable870530
Dividends paid470470
Cash and marketable securities840380
* Taxes are paid in their entirety in the year that the tax obligation is incurred.
Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.
Construct an income statement for Fincorp for 2015 and 2016.(Input all amounts as positive values. Enter your answers in thousands of dollars.)
What were reinvested earnings for 2016?(Enter your answer in thousands of dollars.)
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