The following are extracts from the Music Group's financial statements: Income statement Sales Cost of goods sold (excl. Depreciation) Depreciation Gross profit SG&A Operating profit Interest expense Earnings before tax Tax Net income Balance sheet Cash Accounts receivable Inventory Total current assets Property, plant & equipment Total assets Accounts payable Taxes payable Total current liabilities Long term debt Total liabilities Share capital and premium Retained earnings Prior year 1,430 7,540 3,120 12,090 41,600 53,690 3,900 3,615 7,515 19,500 27,015 10,400 16,275 26,675 53,690 Current year 81,120 34,710 5,460 40,950 25,454 15,496 1,365 14,131 4,211 9,920 Current year 2,770 9,360 3,770 15,900 44,200 60,100 4,550 5,980 10,530 21,450 31,980 11,050 17,070 28,120 60,100 Total equity Total liabilities and equity Reconcile the retained earnings of Music Group in order to calculate its dividends declared in the current year.
The following are extracts from the Music Group's financial statements: Income statement Sales Cost of goods sold (excl. Depreciation) Depreciation Gross profit SG&A Operating profit Interest expense Earnings before tax Tax Net income Balance sheet Cash Accounts receivable Inventory Total current assets Property, plant & equipment Total assets Accounts payable Taxes payable Total current liabilities Long term debt Total liabilities Share capital and premium Retained earnings Prior year 1,430 7,540 3,120 12,090 41,600 53,690 3,900 3,615 7,515 19,500 27,015 10,400 16,275 26,675 53,690 Current year 81,120 34,710 5,460 40,950 25,454 15,496 1,365 14,131 4,211 9,920 Current year 2,770 9,360 3,770 15,900 44,200 60,100 4,550 5,980 10,530 21,450 31,980 11,050 17,070 28,120 60,100 Total equity Total liabilities and equity Reconcile the retained earnings of Music Group in order to calculate its dividends declared in the current year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
H1.
Transcribed Image Text:The following are extracts from the Music Group's financial statements:
Income statement
Sales
Cost of goods sold (excl. Depreciation)
Depreciation
Gross profit
SG&A
Operating profit
Interest expense
Earnings before tax
Tax
Net income
Balance sheet
Cash
Accounts receivable
Inventory
Total current assets
Property, plant & equipment
Total assets
Accounts payable
Taxes payable
Total current liabilities
Long term debt
Total liabilities
Share capital and premium
Retained earnings
Prior year
1,430
7,540
3,120
12,090
41,600
53,690
3,900
3,615
7,515
19,500
27,015
10,400
16,275
26,675
53,690
Current year
81,120
34,710
5,460
40,950
25,454
15,496
1,365
14,131
4,211
9,920
Current year
2,770
9,360
3,770
15,900
44,200
60,100
4,550
5,980
10,530
21,450
31,980
11,050
17,070
28,120
60,100
Total equity
Total liabilities and equity
Reconcile the retained earnings of Music Group in order to calculate its dividends declared in the current year.
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