2017 2018 Sales $ 2,050 $ 2,200 Depreciation 295 295 Cost of goods sold 705 801...


	2017	2018
Sales	$ 2,050	$ 2,200
Depreciation	295	295
Cost of goods sold	705	801
Other expenses	170	140
Interest	137	158
Cash	1,075	1,099
Accounts receivable	1,423	1,603
Short-term notes payable	208	195
Long-term debt	3,600	4,200
Net fixed assets	9,015	9,230
Accounts payable	1,129	1,095
Inventory	2,530	2,600
Dividends	250	?
Common Shares		1,000
Tax rate	40%	40%

	2017	2018
Sales	$ 2,050	$ 2,200
Depreciation	295	295
Cost of goods sold	705	801
Other expenses	170	140
Interest	137	158
Cash	1,075	1,099
Accounts receivable	1,423	1,603
Short-term notes payable	208	195
Long-term debt	3,600	4,200
Net fixed assets	9,015	9,230
Accounts payable	1,129	1,095
Inventory	2,530	2,600
Dividends	250	?
Common Shares		1,000
Tax rate	40%	40%

worksheet #26 is for practice. For worksheet #26, try to put together 2 sets of Income Statements (for the years 2017 and 2018), and 2 Balance Sheets (as at 2017 and 2018). If you are feeling ambitious, try to put together a Statement of Retained Earnings (for 2018 only). Note, for 2018, the dividends are not given to you, so you may have to work backwards to this amount.

Solutions

Expert Solution

1. Income Statement -

2. Balance Sheet -

3. Retained Earnings -

ekkarill92 answered 1 year ago

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