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Category Prior Year Current Year Accounts payable 3,149.00 5,946.00 Accounts receivable 6,942.00 9,024.00 Accruals 5,601.00 6,110.00...

Category Prior Year Current Year
Accounts payable 3,149.00 5,946.00
Accounts receivable 6,942.00 9,024.00
Accruals 5,601.00 6,110.00
Additional paid in capital 19,652.00 13,542.00
Cash ??? ???
Common Stock 2,850 2,850
COGS 22,228.00 18,549.00
Current portion long-term debt 500 500
Depreciation expense 1,046.00 1,034.00
Interest expense 1,250.00 1,123.00
Inventories 3,041.00 6,652.00
Long-term debt 16,932.00 22,131.00
Net fixed assets 75,070.00 74,175.00
Notes payable 4,005.00 6,527.00
Operating expenses (excl. depr.) 19,950 20,000
Retained earnings 35,100.00 34,889.00
Sales 46,360 45,050.00
Taxes 350 920

What is the firm's net income in the current year?

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Category Prior Year Current Year
Accounts payable 3,149.00 5,946.00
Accounts receivable 6,942.00 9,024.00
Accruals 5,601.00 6,110.00
Additional paid in capital 19,652.00 13,542.00
Cash ??? ???
Common Stock 2,850 2,850
COGS 22,228.00 18,549.00
Current portion long-term debt 500 500
Depreciation expense 1,046.00 1,034.00
Interest expense 1,250.00 1,123.00
Inventories 3,041.00 6,652.00
Long-term debt 16,932.00 22,131.00
Net fixed assets 75,070.00 74,175.00
Notes payable 4,005.00 6,527.00
Operating expenses (excl. depr.) 19,950 20,000
Retained earnings 35,100.00 34,889.00
Sales 46,360 45,050.00
Taxes 350 920

What is the firm's dividend payment in the current year?

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Solutions

Expert Solution

1] INCOME STATEMENT
Sales $     45,050
Less: Expenses:
COGS $        18,549
Depreciation expense $          1,034
Operating expenses $        20,000
Interest expense $          1,123
Taxes $ 920 $     41,626
Net income $ 3,424
ANSWER:
Net income for the year = $          3,424
2] Dividend payment in current year = Beginning retained earnings+Net income for the year-Ending retained earnings = 35100+3424-34889 = $          3,635

jeff jeffy answered 2 years ago
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