Part 1 a
($ in thousands) |
|
Financed by creditors |
$574900 |
Finance by stockholders |
$1131620 |
Liabilities |
|
Accounts Payable |
520000 |
Notes Payable |
54900 |
Total Liabilities |
$574900 |
Stockholders’ Equity |
|
Common Stock |
836700 |
Retained Earnings |
294920 |
Total Stockholders’ Equity |
$1131620 |
Net income = sales revenue – operating expenses - office expenses – advertising expense – interest expense – income tax expense = 517120-264300-115100-81000-3800-19500 = $33420
Retained earnings = retained earnings beginning + net income – dividends = 261500+33420 = $294920
Part 1 b
Stockholders
The company as mainly financed by stockholders
Part 1 c
Balance sheet
Stockholders’ equity and liabilities are reported on the balance sheet.
Required information Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements LO 12...
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