Complete the statement of retained earnings for 2017 and determine the dividends paid last year. Use the
Question:
Use the data from the following financial statements:
Transcribed Image Text:
Partial Income Statement Year Ending 2017 Sales Revenue S350,000 COGS $140,000 Fixed Costs $43,000 SG&A Expenses $28,000 Depreciation $46,000 Partial Balance Sheet 12/31/2016 Assets: Liabilities: Notes Payable S14,000 Cash $16,000 Accounts Payable S19,000 Accounts Rec. $28,000 Long-Term Debt Inventories $48,000 $190,000 Owners' Equity: Fixed Assets $368,000 Acc. Depreciation $142,000 Retained Eamings $?????? Intangible Assets $82,000 $130,000 Common Stock Partial Balance Sheet 12/31/2017 Assets: Liabilities: Notes Payable Cash $12,000 $26,000 Accounts Payable $19,000 Accounts Rec. $24,000 Long-Term Debt Inventories $53,000 $162,000 Owners' Equity: $448,000 Fixed Assets Retained Eamings S?????? Acc. Depreciation $??????? Intangible Assets $82,000 Common Stock $180,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Retained Earnings increases by Net Income minus dividends paid and we have an ...View the full answer
Answered By
Larlyu mosoti
I am a professional writer willing to do several tasks free from plagiarism, grammatical errors and submit them in time. I love to do academic writing and client satisfaction is my priority. I am skilled in writing formats APA, MLA, Chicago, and Harvard I am a statistics scientist and I can help out in analyzing your data. I am okay with SPSS, EVIEWS, MS excel, and STATA data analyzing tools.
Statistical techniques: I can do linear regression, time series analysis, logistic regression, and some basic statistical calculations like probability distributions. . I'm ready for your working projects!
Services I would offer:
• Academic writing.
• Article writing.
• Data entry.
• PDF conversion.
• Word conversion
• Proofreading.
• Rewriting.
• Data analyzing.
The best reason to hire me:
- Professional and Unique work in writing.
- 100% satisfaction Guaranteed
- within required time Express delivery
- My work is plagiarism Free
- Great communication
My passion is to write vibrantly with dedication. I am loyal and confident to give my support to every client. Because Client satisfaction is much more important to me than the payment amount. A healthy client-contractor relationship benefits in the longer term. Simply inbox me if you want clean work.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Complete the statement of retained earnings for 2011 and determine the dividends paid lastyear. Partial Income Statement Year Ending 2011 Sales Revenue COGS Fixed Costs SG&A Expenses Depreciation...
-
Complete the statement of retained earnings for 2014 and determine the dividends paid last year? Partial Income Statement Year Ending 2014 Sales Revenue $350,000 $140,000 $43,000 S28,000 $46,000 COGS...
-
The following information is as of December 31, 2010 for Home Health, Inc Cash .......................................................$20,000 Accounts Receivable ...............................$2,000...
-
Suppose that we throw 30 fair dice. Recall that a fair die has six sides, numbered from 1 to 6, with each side occurring with equal probability. (a) (3pts) What is the probability that 5 of each of...
-
Did the U.S. current account show a net lending or a net borrowing in 2014? What was its size?
-
Cohen & Boyd Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year- end (December 31): a. Did not accrue $ 1,400 owed to the company by another...
-
Could an extend use case have a secondary actor? Explain.
-
Calculate the following ratios for Lake of Egypt Marina, Inc. as of year-end 2018? Use the following financial statements for Lake of Egypt Marina, Inc. Calculate the following ratios for Lake of...
-
3. (4 points) Consider the following algorithm to find the largest number in a given non-empty array, a, of size N. Give the exact, worst-case running time in terms of N, and the corresponding...
-
Refer to the vegetarianism example in Section 1.4.3. For testing H 0 : = 0.5 against H 0 : 0.5, show that: a. The likelihood-ratio statistic equals 2[25log(25/12.5)] = 34.7. b. The chi-squared...
-
Complete the balance sheet. Find accumulated depreciation for 2017 first. Use the data from the following financial statements: Partial Income Statement Year Ending 2017 Sales Revenue S350,000 COGS...
-
What are the net fixed assets for the years 2016 and 2017? Use the data from the following financial statements: Partial Income Statement Year Ending 2017 Sales Revenue S350,000 COGS $140,000 Fixed...
-
In 2004, OPEC reduced the quantity of oil it was willing to supply to world markets. Explain why the resulting price increase was much larger in the short run than in the long run.
-
Describe the inputs, outputs, and nature of MRP processing.
-
What is the "built-in loss" rule of Code Sec. 1244 ? What is the purpose of the rule?
-
Tammy Faye Jones owned three passive activities in 2018 (she had no suspended losses prior to 2018): How much is her passive loss deduction (against nonpassive income) and suspended loss for each...
-
Explain what the main supply chain risks are and what businesses can do to minimize those risks.
-
In what ways do you think the presence of employee voice may be helpful to the implementation of universalist HR initiatives?
-
The government of Eastlandia uses measures of monetary aggregates similar to those used by Canada, and the central bank of Eastlandia imposes a desired reserve ratio of 10%. Given the following...
-
Perform the operation by first converting the numerator and denominator to scientific notation. Write the answer in scientific notation. 7,200,00/0.000009
-
Fill in the interest rate for the following table a. Using the interest rate formula, r = (FV/PV)1/n 1 b. Using the time value of money keys or function from a calculator orspreadsheet. | Present...
-
Keiko is looking at the following investment choices and wants to know what interest rate each choice produces. a. Invest $400 and receive $786.86 in ten years. b. Invest $3,000 and receive...
-
Two mutual fund managers, Martha and David, have been bragging about whose fund is the top performer? Martha states that investors bought shares in her mutual fund ten years ago for $21.00 and those...
-
Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month...
-
Harley-Davidson, inc. (HOG), is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle...
-
What is the net income for this period and total assets on this balance sheet Use the following adjusted trial balance to answer questions 22-25. Cash $ 6,530 Accounts Receivable 2,450 Prepaid...
Study smarter with the SolutionInn App