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Income Statement Year Ended 12/31/18 Balance Sheet Sales Cost of Goods Sold Operating Expenses Depreciation Expense100,000 EBIT Interest Expense EBT Taxes Net Income 12/31/2018 12/31/2017 $60,000$45,000 880,000650,000 200,000Less Accd Depreciation 450,000350,000 350,000 $395,000 $1.400,000 Current Assets 750,000 Gross Fixed Assets Fixed Assets 430,000 $490,000 50,000 Total Assets 50,000 00,000 Current Liabilities 120,000Long-term Debt $35,000 330,000 5,000 $50,000 270,000 5,000 70,000 $395,000 180,000 Common Stock Retained Earnings Total Liabilities & Equity $490.000 110 $395.000 a) Prepare the 2018 common-sized income statement and balance sheet for this company b) Calculate the dividends paid in 2018. c) Has the firm made any long-term investments into their business in 2018. if yes, how many dollars were spent?
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Answer #1

b) Dividend paid in 2018 = $140000,

Beginning Retained Earnings 12/31/2017 = $70000

Add: net income of 2018 = $180000

less: Dividend paid in 2018 = $140000

Ending Retained Earnings 12/31/2018 = $110000

c) Long term investment in 2018 = 0 , Long term investments are those investments that are not part of operation activity of business and neither readily convertible to cash nor intended to be.

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