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3. Calculating Dividends Paid: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,600 7,500 325 $ 1775 95 $ 1,680 353 $ 1,327 Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $ 280 1,100 1,700 $ 3,080 3,450 $ 6,530 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2021 $ 295 Accounts payable 1,000 Long-term debt 1,680 Common stock $ 2,975 Retained earnings 3,930 $ 6,905 Total liabilities & equity 2020 $ 1.500 1.170 3,360 500 2021 $ 1,665 1.440 3,050 750 $ 6,530 $ 6,905
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