Please explain the calculation: The Baldwin Company currently has the following balances on their balance sheet:...
Please explain the calculation:
The Baldwin Company currently has the following balances on their balance sheet:
Total Liabilities $139,915
Common Stock $53,134
Retained Earnings $37,069
Suppose next year the Baldwin Company generates $36,500 in net profit and pays $15,000 in dividends and total liabilities and common stock remain unchanged. What must their total assets be next year?
Choices:
$90,203
$251,618
$281,618
$230,118
Homework Answers
Solution
Answer = 251618
Information provided in the question
Balance on their current balance sheet
Total Liabilities – 139915
Common stock – 53134
Retained earnings – 37069
Suppose;
Next year Net profit - 36500
Dividend pays - 15000
Total liabilities and common stock unchanged.
Asset = Liabilities + Stock holders equity
Liabilities = 139915
Common stock = 53134
Retained earnings;
Opening balance - 37069
Add Net profit - 36500
Less Dividend - 15000
Retained Earnings = 58569
Total Asset
= 139915 + 53134+ 58569
= 251618
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