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Paraphin [41]
3 years ago
9

The Baldwin Company currently has the following balances on their balance sheet: Total Assets $260,881 Total Liabilities $150,67

3 Retained Earnings $52,700 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
Business
1 answer:
bonufazy [111]3 years ago
7 0

Answer:

common stock = $80,308

Explanation:

assets = liabilities + equity

current balance:

$260,881 = $150,673 + $110,208

$110,208 = common stock + retained earnings = $57,508 + $52,700

next year:

net income = $44,200

dividends = $12,000

assets = $260,881 + $55,000 = $315,881

liabilities = $150,673

equity = $315,881 - $150,673 = $165,208

retained earnings = $52,700 + $44,200 - $12,000 = $84,900

common stock = $165,208 - $84,900 = $80,308

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under FIFO and LIFO.

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Sales                                                          1176450                    1176450

Cost Of Goods Sold                                 660,400                    657, 200

Gross Profit                                               516050                    539,500

Operating  Expense                                  $ 150,000               $ 150,000

Income before Tax                                      $ 366,050             $ 389500

Income Tax  (30%)                                       <u> $ 109815                  $ 116850</u>

<u>Net Income                                                     $  256235  $272650</u>

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<em><u>Lifo Cost of Goods Sold= $ 224,000 + 156,000+  $ 150,000+127,200</u></em>

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1               70,000       $2.40             $168,000

2             60,000        2.50               150,000

3             60,000         2.60              156,000

4             80,000          2.80               224,000

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Ending (22,000 units)

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