course web.pitt.ed Take Test: HW2 2167 ECON QUESTION 19 Hilltop Industries 2007

Question

course web.pitt.ed Take Test: HW2 2167 ECON QUESTION 19 Hilltop Industries 2007 Income Statement in millions) Net sales $11,407 Less: Cost of goods sold 7,871 Less: Depreciation 509 Earnings before interest and taxes 2,027 Less: Interest paid 210 1,817 Taxable Income Less: Taxes 636 1,181 Net income Hilltop Industries 2006 and 2007 Balance Sheets (S in millions) 2006 2007 2006 2007 Accounts payable $1,818 $1,719 Cash 276 316 Accounts rec 1,415 1,068 Notes payable 250 75 Total $2,068 $1,794 Inventory 2,104 2,690 Total $3.795 $4.074 Long-term debt 3.400 3,100 Common stock Net fixed assets 5,613 6,342 2,500 3,250 Retained earnings 1,44 2,272 Total assets $9,408 $10 Total liab & equity SO 408 $10,416 What is the amount of dividends paid in 2007? $0 $217 $349 $2,013 $2,357 QUESTION 20 My Pitt H 2167 ECON 02 gb fri flashcards Q 5 points Sav

Explanation / Answer

Solution:

Retained Earnings Amount Amount Dividends paid ( balancing figure) 349 Bal b/d 1,440 Working - $ 1,440 + $ 1,181 - $ 2,272 Net income transferred 1,181 Bal c/d 2,272 2,621 2,621 The answer to the above question is $ 349

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