Consider the following statement of comprehensive Income for the Dartmoor Corporation: Sales Costs Taxable income Taxes (35%) Net income DARTMOOR CORPORATION Statement of Comprehensive Income Dividends Addition to retained earnings Assets Current assets Cash The statement of financial position for the Dartmoor Corporation follows. Based on this Information and the statement of comprehensive Income, supply the missing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable, total current llabilities, long-term debt, and all equity accounts do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Round the final answers to 2 decimal places. Omit $ sign In your response.) Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets $2,500 7,862 $ 2,950 4,100 6,400 $13,450 $47,000 31,300 $15,700 5,338 $10,362 $41,300 $54,750 DARTMOOR CORPORATION Statement of Financial Position Percentage of Sales. Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Total Liabilities Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ $ 2,400 5,400 $ 7,800 $28,000 $35,800 $15,000 3,950 $18,950 $54,750 Percentage of Sales
Consider the following statement of comprehensive Income for the Dartmoor Corporation: Sales Costs Taxable income Taxes (35%) Net income DARTMOOR CORPORATION Statement of Comprehensive Income Dividends Addition to retained earnings Assets Current assets Cash The statement of financial position for the Dartmoor Corporation follows. Based on this Information and the statement of comprehensive Income, supply the missing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable, total current llabilities, long-term debt, and all equity accounts do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Round the final answers to 2 decimal places. Omit $ sign In your response.) Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets $2,500 7,862 $ 2,950 4,100 6,400 $13,450 $47,000 31,300 $15,700 5,338 $10,362 $41,300 $54,750 DARTMOOR CORPORATION Statement of Financial Position Percentage of Sales. Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Total Liabilities Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ $ 2,400 5,400 $ 7,800 $28,000 $35,800 $15,000 3,950 $18,950 $54,750 Percentage of Sales
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following statement of comprehensive Income for the Dartmoor Corporation:
Costs
Taxable income
Taxes (35%)
Net income
DARTMOOR CORPORATION
Statement of Comprehensive Income
Dividends
Addition to retained earnings
Assets
Current assets
The statement of financial position for the Dartmoor Corporation follows. Based on this information and the statement of
comprehensive Income, supply the missing Information using the percentage of sales approach. Assume that accounts payable vary
with sales, whereas notes payable, total current liabilitles, long-term debt, and all equity accounts do not. (Leave no cells blank - be
certain to enter "0" whenever the item is not a constant percentage of sales. Round the final answers to 2 decimal places. Omit $
sign In your response.)
Accounts receivable
Inventory
Total
Fixed assets
Net plant and equipment
Total assets
$ 2,950
4,190
6,400
$13,450
$2,500
$41,300
$54,750
$47,000
31,300
$15,700
5,338
$10,362
DARTMOOR CORPORATION
Statement of Financial Position
Percentage
of Sales
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Total
Long-term debt
Total Liabilities
Owners' equity
Common stock and paid-in surplus
Retained earnings
Total liabilities and owners' equity
$ 2,400
5,408
$ 7,800
$28,000
$35,800
$15,000
3,958
$18,958
$54,758
Percentage
of Sales
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