View Policies Current Attempt in Progress Retained earnings is increased by each of the following except O prior period adjustments. some disposals of treasury stock. Chall of these increase retained earnings. O net income. eTextbook and Media Save for Later

2 Tiger Audio declared and paid a cash dividend of $7,925 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information: Current Previous Income Statement $342,000 $281,000 175,650 166,350 63,600 6,400 96,350 28,905 Sales Revenue Cost of Goods Sold 159,000 122,000 52,930 5,670 63,400 19,020 Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income $ 67,445 $ 44,380 Balance Sheet $ 72,520 32,900 49,000 151,000 $305,420 $ 45, 200 28,000 46,000 138, 200 Cash Accounts Receivable, Net Inventory Property and Equipment, Net Total Assets $257,400 $ 39,000 4,800 101,900 145,700 39,400 120,320 $ 37,000 4,000 116, 200 157, 200 39,400 60,800 Accounts Payable Income Tax Payable Note Payable (long-term) Total Liabilities Common Stock (par $1) Retained Earnings Total Liabilities and Stockholders' Equity $305,420 $257,400

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Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) Liabilities: Current liabilities Mortgage note payable, 10%, ten-year note issued two years ago Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales Check My Work $1,440,000 566,000 $27,000 179,000 $225,000 1,125,000 $2,006,000 206,000 $1,800,000 $1,350,000 $1,350,000 1,350,000 1,800,000 $4,500,000 $13,614,650 Previous