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Sidewinder, Inc., has sales of $714,000, costs of $348,000, depreciation expense of $93,000, interest expense of $58,000, and a tax rate of 25 percent. The firm paid out $88,000 in cash dividends. What is the addition to retained earnings? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)Duela Dent is single and had $180,800 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Calculate her income taxes.Prepare a balance sheet for Alaskan Peach Corp. as of December 31, 2019, based on the following information: cash = $203,000; patents and copyrights = $857,000; accounts payable = $286,000; accounts receivable = $263,000; tangible net fixed assets = $5,200,000; inventory = $548,000; notes payable = $179,000; accumulated retained earnings = $4,686,000; long-term debt = $1,150,000. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

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anthougo

Answer:

Sidewinder, Inc.

The addition to retained earnings is:

=  $73,250

Duela Dent:

Income taxes = $45,200.

Alaskan Peach Corp.:

Balance Sheet as of December 31, 2019

Assets

Current assets:

Cash                                    $203,000

Accounts receivable             263,000

Inventory                               548,000     $1,014,000

Long-term assets:

Tangible net fixed assets 5,200,000

Patents and copyrights        857,000  $6,057,000

Total assets                                           $7,071,000

Liabilities and Equity:

Current liabilities:

Accounts payable             $286,000

Notes payable                      179,000     $465,000

Long-term liabilities:

Long-term debt                                     $1,150,000

Total liabilities                                       $1,615,000

Accumulated retained earnings          4,686,000

Common stock (missing figure)              770,000

Total liabilities and equity                   $7,071,000

Explanation:

a) Data and Calculations:

Sidewinder, Inc.:

Sales revenue  $714,000

Cost of goods sold  $348,000

Depreciation expense $93,000

Interest expense $58,000

Tax rate = 25%

Cash dividends paid = $88,000

Income Statement

Sales revenue                  $714,000

Cost of goods sold           348,000

Gross profit                    $366,000

Depreciation expense       93,000

EBIT                                $273,000

Interest expense              (58,000)

Income before tax         $215,000

Tax rate (25%)                   53,750

Net income                    $161,250

Cash dividends paid        88,000

Addition to Retained

 Earnings                      $73,250

Duela Dent (single):

Taxable income = $180,800

Income tax (25%)     45,200

Alaskan Peach Corp.:

Account Titles                          Debit       Credit

Cash                                    $203,000

Accounts receivable             263,000

Inventory                               548,000

Patents and copyrights        857,000

Tangible net fixed assets 5,200,000

Accounts payable                                  $286,000

Notes payable                                           179,000

Long-term debt                                      1,150,000

Accumulated retained earnings          4,686,000

Common stock (missing figure)              770,000

Totals                               $7,071,000 $7,071,000

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