Question
Use the data from the following financial statements in the popup window, The company paid interest expense of $18,200 for 2014 and had an overall
Use the data from the following financial statements in the popup window,
The company paid interest expense of $18,200 for 2014 and had an overall tax rate of 40% for 2014. Complete the statement of retained earnings for 2014, and determine the dividends paid last year.
| Partial Income Statement Year Ending 2014 | |
| Sales revenue | $350,200 |
| Cost of goods sold | $141,800 |
| Fixed costs | $43,200 |
| Selling, general, and administrative expenses | $28,000 |
| Depreciation | $45,800 |
| Partial Balance Sheet 12/31/2013 | |||
| ASSETS |
| LIABILITIES |
|
| Cash | $15,900 | Notes payable | $14,000 |
| Accounts receivable | $28,100 | Accounts payable | $18,900 |
| Inventories | $48,200 | Long-term debt | $189,900 |
| Fixed assets | $367,800 | OWNERS' EQUITY |
|
| Accumulated depreciation (-) | $141,500 | Retained earnings |
|
| Intangible assets | $82,200 | Common stock | $131,900 |
| Partial Balance Sheet 12/31/2014 | |||
| ASSETS |
| LIABILITIES |
|
| Cash | $26,000 | Notes payable | $12,200 |
| Accounts receivable | $19,200 | Accounts payable | $23,800 |
| Inventories | $52,800 | Long-term debt | $162,000 |
| Fixed assets | $448,000 | OWNERS' EQUITY |
|
| Accumulated depreciation (-) |
| Retained earnings |
|
| Intangible assets | $82,100 | Common stock | $181,800 |
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