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3 years ago

The most recent financial statements for Summer Tyme, Inc., are shown here:______.

Business

1 answer:

inysia [295]3 years ago

3 0

Answer: $‭1,448.75‬

Explanation:

Sales are to increase by 25% along with Assets, costs and current liabilities.

Sales (3,700 * 1.25) $‭4,625‬

Less: Costs ( 1,800 * 1.25) <u> $‭2,250‬</u>

Taxable Income $2,375

Tax (2,375 * 34%) <u> $807.50</u>

Net Income $1,567.50

Addition to retained earnings = Net Income - Dividends

= 1,567.50 - ( 1,567.50 * 50%)

= $‭783.75‬

Equity = 5,430 + 783.75 = $‭6,213.75‬

Assets = 9,900 * 1.25 = $‭12,375‬

Total Liability = Long term debt + Current liability

= 3,500 + (970 * 1.25)

= $‭4,712.5‬0

Assets = Liability + Equity

12,375 ≠ 4,712.50 + 6,213.75

External financing needed = 12,375 - 4,712.50 - 6,213.75

= $‭1,448.75‬

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