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Question 7 (2.5 points)
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Given the data in the following table, if dividends paid in 2022 were $30, the 2021
Retained Earnings balance was $
• NOTE: The table below applies to questions 5 to 11 (it is included on each of
these questions).
The balance sheet accounts listed below are the only items on the company's balance
sheet for each year and the income statement accounts are the only items on the
company's income statement for each year.
Item
2022
2023
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Accounts payable
570
370
Accounts receivable
530
??
Accruals
1,020
1,120
Cash
320
570
Common Stock
2,020
2,270
COGS
4,020
4,260
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Depreciation expense
220
370
Interest expense
190
210
5
Inventories
3,020
3,270
Long-term debt
1,520
1,670
Net fixed assets
2,720
2,520
Notes payable
770
600
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Operating expenses (excl. depr.)
320
450
Retained earnings
??
820
6
Sales
5,020
6,020
Taxes
140
160