Use the data from the following financial statements in the popup window.. The company paid interest...
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Use the data from the following financial statements in the popup window.. The company paid interest expense of $17,100 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings for 2017, and determine the dividends paid last year. The distributed earnings is $ (Round to the nearest dollar.) Complete the statement of retained earnings: (Round to the nearest dollar.) Statement of Retained Earnings Year Ending December 31, 2017 Beginning balance. Add net income Subtract dividends Ending balance $ $ $ ... (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 LIABILITIES $16,200 Notes payable $27,900 Accounts payable $48,200 Long-term debt $367,900 OWNERS' EQUITY $143,600 Retained earnings $82,200 Common stock ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation (-) Intangible assets $350,000 $141,900 $43,200 $28,100 $46,000 $14,200 $18,900 $190,200 $131,900 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2017 LIABILITIES $26,200 Notes payable $19,000 Accounts payable $53,200 Long-term debt ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation (-) Intangible assets $447,900 OWNERS' EQUITY Retained earnings $82,000 Common stock $12,000 $23,900 $162,000 $182,000 Use the data from the following financial statements in the popup window.. The company paid interest expense of $17,100 for 2017 and had an overall tax rate of 40% for 2017. Complete the statement of retained earnings for 2017, and determine the dividends paid last year. The distributed earnings is $ (Round to the nearest dollar.) Complete the statement of retained earnings: (Round to the nearest dollar.) Statement of Retained Earnings Year Ending December 31, 2017 Beginning balance. Add net income Subtract dividends Ending balance $ $ $ ... (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Income Statement Year Ending 2017 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 LIABILITIES $16,200 Notes payable $27,900 Accounts payable $48,200 Long-term debt $367,900 OWNERS' EQUITY $143,600 Retained earnings $82,200 Common stock ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation (-) Intangible assets $350,000 $141,900 $43,200 $28,100 $46,000 $14,200 $18,900 $190,200 $131,900 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2017 LIABILITIES $26,200 Notes payable $19,000 Accounts payable $53,200 Long-term debt ASSETS Cash Accounts receivable Inventories Fixed assets Accumulated depreciation (-) Intangible assets $447,900 OWNERS' EQUITY Retained earnings $82,000 Common stock $12,000 $23,900 $162,000 $182,000
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Calculate Net Income for 2017 Net Income Sales Revenue Cost of Goods Sold Fixed Costs Selling Genera... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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