Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. Revenue Cost of goods sold Depreciation Inventories 2021 $ 3,900 1,200 2022 $ 4,000 1,300 470 490 330 400 Administrative expenses 470 520 Interest expense 180 180 Federal and state taxes* 480 500 Accounts payable 350 410 Accounts receivable 370 445 Net fixed assetst 5,000 5,850 Long-term debt 2,200 2,520 Notes payable 790 520 Dividends paid 490 490 Cash and marketable securities 820 410 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t 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. Fincorp Incorporated Income Statement 2021 2022 0 0 $ 0 $ 0 What were reinvested earnings for 2022? Note: Enter your answer in thousands of dollars. Reinvested earnings
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started