Bus 657 Week 1 Assignment

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Bus 657 Week 1 Assignment

Financial Statements for 2013:

Jaedan Industries

A: Income Statement

For the year ending December 31, 2012

Sales 42,000,000

Cost of Goods Sold 26,460,000

Gross Profit 15,540,000

Operating Expenses:

Selling, General and Administrative 1,621,000

Depreciation 800,000

Earnings before interest and taxes 13,119,000

Interest Expense 375,200

Earnings before taxes 12,743,800

Taxes 4,332,892

Net Income 8,410,908

Dividends paid 2,102,727

Addition to Retained Earnings 6,308,181

Jaedan Industries

B: Statement of Retained Earnings

For the year ending December 31, 2013

Retained Earnings balance from beginning of year 1,628,819

Plus: Net Income for 2013 8,410,908

Less: Cash dividends...

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