can someone show me step by step how they reached the answer for the problem....
70.2K
Verified Solution
Link Copied!
Question
Accounting
can someone show me step by step how they reached the answer for the problem. I keep getting a few steps wrong and it messes up the entire problem. Also for part C. its' either higher or lower.
Problem 9-8 Additional Funds Needed Stevens Textile's 2012 financial statements are shown below: Balance sheet as of December 3 2012 (Thousands of Dollars) Cash 1,080 Accounts payable Receivables 6,480 Accruals Inventories 9,000 Notes payable Total current assets 16,560 Total current liabilities Net fixed assets 12,600 Mortgage bonds Common stock Retained earnings $29,160 Total liabilities and equity Total assets Income Statement for December 3 2012 (Thousands of Dollars $36,000 Sales Operating costs 32,440 Earnings before interest and taxes 3,560 Interest 460 3,100 Earnings before taxes Taxes (40%) 1,240 Net income 1,860 Dividends (45%) 837 Addition to retained earnings 1,023 4,320 2,880 2,100 9,300 3,500 3,500 12,860 $29,160
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.