Finance 3101 Rachel Anson 8/1/18 1:09 PM Homework: P2 (Financial Statements) Sav
ID: 2657802 • Letter: F
Question
Finance 3101 Rachel Anson 8/1/18 1:09 PM Homework: P2 (Financial Statements) Save Score: 0 of 1 pt 6 of 8 (7 complete) HW Score: 54.17%, 4.33 of 8 pts P2-9 (similar to) P2-9 (similar EQuestion Help Statement of retained earnings. Use the data from the following financial statements in the popup window,?. The company paid interest expense of $19,000 for 2014 and had an overall tax rate of 40% for 2014, Complete the statement of retained earnings for 2014, and determine the dividends paid last year. The distributed earnings is s (Round to the nearest dollar.)Explanation / Answer
Retained earning at 12/31/2013 = Total asset - liabilities -common stock
= 399200-223200--131800
= 44200
**Total asset 2013 = 16100+28000+48200+367800-143000+82100=399200
Total liabilities =14100+19000+190100=223200
2)Retained earning at 2014 =439300 - 198200 - 181800
= 59300
**Accumulated depreciation= accumulated depreciation + depreciation for Current year
= 143000+46200
= 189200
Total asset = 26200+19200+53000+448000-189200+82100
=439300
Total liabilities= 12100+24100+162000 = 198200
3)Net income =sales -expense
= 350200-142000-43200-28100-46200=90700
Distributed earning =Retained earning 2013 +net income -Retained earning 2014
= 44200+90700-59300
= 75600
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