Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your...
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Accounting
Graffiti Advertising, Inc., reported the following financial statements for the last two years. (Enter your answer as directed, but do not round intermediate calculations.)
2014 Income Statement
Sales
$
574,700
Costs of goods sold
273,930
Selling & administrative
124,714
Depreciation
54,557
EBIT
$
121,499
Interest
19,714
EBT
$
101,785
Taxes
40,714
Net income
$
61,071
Dividends
$
11,500
Addition to retained earnings
$
49,571
GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2013
Cash
$
13,510
Accounts payable
$
9,485
Accounts receivable
18,975
Notes payable
14,489
Inventory
13,813
Current liabilities
$
23,974
Current assets
$
46,298
Long-term debt
$
135,280
Net fixed assets
$
344,996
Owner's equity
$
232,040
Total assets
$
391,294
Total liabilities and owners
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