Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your...
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| Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your answer as directed, but do not round intermediate calculations.) |
| 2014 Income Statement | ||
| Sales | $ | 574,700 |
| Costs of goods sold |
| 273,930 |
| Selling & administrative |
| 124,714 |
| Depreciation |
| 54,557 |
|
| ||
| EBIT | $ | 121,499 |
| Interest |
| 19,714 |
|
| ||
| EBT | $ | 101,785 |
| Taxes |
| 40,714 |
|
| ||
| Net income | $ | 61,071 |
|
| ||
| Dividends | $ | 11,500 |
| Addition to retained earnings | $ | 49,571 |
| GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2013 | |||||
| Cash | $ | 13,510 | Accounts payable | $ | 9,485 |
| Accounts receivable |
| 18,975 | Notes payable |
| 14,489 |
| Inventory |
| 13,813 |
| ||
|
| Current liabilities | $ | 23,974 | ||
| Current assets | $ | 46,298 | Long-term debt | $ | 135,280 |
| Net fixed assets | $ | 344,996 | Owner's equity | $ | 232,040 |
|
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| ||||
| Total assets | $ | 391,294 | Total liabilities and owners | ||
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