Use the following information: Net Sales $9,740
Cost of goods sold 7,910
Depreciation 480
Earnings before interest and taxes $1,350
Interest paid 110
Taxable income $1,240
Taxes 434
Net income $806
Windswept, Inc.
2016 and 2017
Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $260 $290 Accounts payable $1,490 $1,460
Accounts rec. 1,060 960 Long-term debt 1,130 1,330
Inventory 1,900 1,740 Common stock 3,400 3,340
Total $3,220 $2,990 Retained earnings 670 920
Net fixed assets 3,470 4,060
Total assets $6,690 $7,050 Total liab. & equity$6,690 $7,050
What were the total dividends paid for 2017?

Windswept, Inc.

The total dividends paid for 2017 is:

= $556.

Explanation:

a) Data and Calculations:

Windswept, Inc.

Income Statement for the year ended December 31, 2017:

Net Sales                                           $9,740

Cost of goods sold                              7,910

Depreciation                                          480

Earnings before interest and taxes $1,350

Interest paid                                            110

Taxable income                                $1,240

Taxes                                                     434

Net income                                         $806

Windswept, Inc.

2016 and 2017  Balance Sheets ($ in millions)

                               2016        2017                                     2016       2017

Cash                      $260       $290  Accounts payable    $1,490   $1,460

Accounts rec.        1,060         960  Long-term debt           1,130     1,330

Inventory               1,900       1,740  Common stock          3,400    3,340

Total                   $3,220   $2,990  Retained earnings        670       920

Net fixed assets   3,470     4,060

Total assets      $6,690    $7,050  Total liab. & equity  $6,690  $7,050

The total dividends paid for 2017:

Retained earnings, Dec. 31, 2016        $670

Net income for the year, 2017               806

Less Retained earnings, Dec. 31, 2017 920

Dividends paid                                     $556

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