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Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sale increase by 10% in 2014 and all other items, including debt, increase correspondingly. Income Statement Sales Costs, including interest Net income 2013 Assets $3,200 Total $3,200 $ 4,000 3,500 $ 500 Balance Sheet, Year-end 2012 2013 $2,700 Debt $1,200 Equity 2,000 Total $2,700 a. What is the value of the retained earnings? 2012 $1,033 1,667 $3,200 $2,700

Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sale increase by 10% in 2014 and all other items, including debt, increase correspondingly. Income Statement Sales Costs, including interest Net income 2013 Assets $3,200 Total $3,200 $ 4,000 3,500 $ 500 Balance Sheet, Year-end 2012 2013 $2,700 Debt $1,200 Equity 2,000 Total $2,700 a. What is the value of the retained earnings? 2012 $1,033 1,667 $3,200 $2,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales increase by 10% in 2014 and all other items, including debt, increase correspondingly. Income Statement Sales Costs, including interest Net income 2013 Assets $3,200 Total $3,200 Balance Sheet, Year-end 2012 2013 $2,700 Debt $1,200 Equity 2,000 Total $2,700 Residual dividend $ 4,000 3,500 $ 500 a. What is the value of the retained earnings? Retained earnings $ b. What is the residual dividend? E 2012 $ 1,033 1,667 $3,200 $2,700
Transcribed Image Text:Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales increase by 10% in 2014 and all other items, including debt, increase correspondingly. Income Statement Sales Costs, including interest Net income 2013 Assets $3,200 Total $3,200 Balance Sheet, Year-end 2012 2013 $2,700 Debt $1,200 Equity 2,000 Total $2,700 Residual dividend $ 4,000 3,500 $ 500 a. What is the value of the retained earnings? Retained earnings $ b. What is the residual dividend? E 2012 $ 1,033 1,667 $3,200 $2,700
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