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Solve the following problems: Using the balance sheet below: create a balance sheet for 2016 and...

Solve the following problems: Using the balance sheet below:

create a balance sheet for 2016 and 2017.
make a list of working capital accounts.
what is the net working capital for 2016 and 2017?
What is the change in net working capital for 2017?

Balance Sheet Accounts of SimpleTec Corporation

Account Balance 12/31/2013 Balance 12/31/2014

Accumulated Depreciation $2,030 $2,680

Accounts Payable $1,810 $2,070

Accounts Receivable $2,490 $2,700

Cash $1,310 $1,100

Common Stock $5,000 $5,000

Inventory $5,810 $6,040

Long-Term Debt $7,810 $8,210

Plant, Property & Equipment $8,410 $9,210

Retained Earnings $1,380 $1,100

Expert Solution

a)

BALANCE SHEET
Assets	2016	2017	Liabilities and equity	2016	2017
cash	1310	1100	Accounts payable	1810	2070
Accounts Receivable	2490	2700
Inventory	5810	6040
Total current asset	9610	9840	Total current liabilities	1810	2070
Plant, Property & Equipment	8410	9210	long term debt	7810	8210
less:Accumulated depreciation	(2030)	(2680)	Total liabilities	9620	10280
Plant, Property & Equipment (net)	6380	6530	stockholders equity
			common stock	5000	5000
			Retained earning	1370	1090
			Total stockholders equity	6370	6090
Total asset	15990	16370		15990	16370

***Retained earning at 2013 = 1370 in place of 1380

at 2014 ,it is = 1090 in place of 1100

Since total asset = total liabilities and equity

b_)Working capital accounts

Assets	2016	2017	Liabilities	2016	2017
cash	1310	1100	Accounts payable	1810	2070
Accounts Receivable	2490	2700
Inventory	5810	6040
Total current asset	9610	9840	Total current liabilities	1810	2070

c)Net working capital : current asset -current liabilities

2013 : 9610-1810 = 7800

2014: 9840 -2070 = 7770

d) change in net working capital for 2017 = 7770-7800 = - 30 decrease

jeff jeffy answered 2 years ago

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