Question
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars.
2021 | 2022 | |
---|---|---|
Revenue | $ 4,000 | $ 4,100 |
Cost of goods sold | 1,600 | 1,700 |
Depreciation | 500 | 520 |
Inventories | 300 | 350 |
Administrative expenses | 500 | 550 |
Interest expense | 150 | 150 |
Federal and state taxes*Footnote asterisk | 400 | 420 |
Accounts payable | 300 | 350 |
Accounts receivable | 400 | 450 |
Net fixed assetsFootnote | 5,000 | 5,800 |
Long-term debt | 2,000 | 2,400 |
Notes payable | 1,000 | 600 |
Dividends paid | 410 | 410 |
Cash and marketable securities | 800 | 300 |
*Footnote asterisk Taxes are paid in their entirety in the year that the tax obligation is incurred.
Footnote Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.
Construct an income statement for Fincorp for 2021 and 2022.
Note: Enter your answers in thousands of dollars.
What were reinvested earnings for 2022?
Note: Enter your answer in thousands of dollars.
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