Question

In: Finance

Create an income statement and balance sheet using the data below. Important: double the balance of...

Create an income statement and balance sheet using the data below. Important: double the balance of the Net Sales and make the necessary corrections to balance.

Inputs
Accounts Payable 12,000
Accounts Receivable 10,000
Accruals 10,000
Accumulated Depreciation 100,000
Beginning of year Inventory 50,000
Beginning of year Retained Earnings 120,000
Cash 7,000
Common Stock 121,500
Cost of Goods Sold 200,000
Current Portion - Long Term Debt 1,500
Depreciation Expense 25,000
Dividends 40,000
Gross Property, Plant, and Equipment 400,000
Interest Expense 15,000
Long Term Debt (excluding current portion) 120,000
Net Sales 400,000
Operating Expenses (excluding depreciation) 40,000
Purchases 250,000
Tax rate 40%

Solutions

Expert Solution


Related Solutions

Create an income statement and balance sheet using the data below Inputs Accounts Payable 12,000 Accounts...
Create an income statement and balance sheet using the data below Inputs Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning of year Inventory 50,000 Beginning of year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion - Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000 Interest Expense 15,000 Long Term Debt (excluding current portion) 120,000 Net Sales 400,000 Operating Expenses (excluding depreciation) 40,000...
Using Microsoft Excel, create a balance sheet and an income statement using the relevant information below...
Using Microsoft Excel, create a balance sheet and an income statement using the relevant information below Calculate the Net Working Capital and the Net Operating Working Capital for both years Perform vertical analysis on both statements, for both years Perform Horizontal analysis on both statements for the most current year What was the Net Operating Profit After Taxes for both years? 2016 Accounts Receivable 400 Sales 5000 Accounts Payable 650 Inventory 1400 COGS 3000 Common Stock 1500 Cash 1600 Oper....
Based on the information below create an income statement, balance sheet, and cash flow statement. On...
Based on the information below create an income statement, balance sheet, and cash flow statement. On January 2, 2003, Alexander, together with a number of relatives and friends, established Chemalite, Inc.; 500,000 shares were issued, of which Alexander received 125,000 in exchange for his patent, and the remainder were sold to the other investors at $1 per share. During the period January 2, 2003, through June 30, 2003, Chemalite, Inc., made the following expenditures: January 15—Paid $7,500 in legal fees,...
Using the Balance Sheet and Income Statement data below, analyze the transactions for Tolito Treats, Inc....
Using the Balance Sheet and Income Statement data below, analyze the transactions for Tolito Treats, Inc. for 2013 and 2014. Tolito Treats, Inc. Balance Sheets as of December 31, 2013 and 2014 2013 2014 Cash $34,000.00 $34,500.00 Accounts Receivable, Net $12,000.00 $17,000.00 Inventory $16,000.00 $14,000.00 Investments (Long Term) $6,000.00 __ Fixed Assets $80,000.00 $93,000.00 Accumulated Depreciation -48,000 -$39,000.00 Total Assets $100,000.00 $119,500.00 Accounts Payable $19,000.00 $12,000.00 Bonds Payable $10,000.00 $30,000.00 Common Stock $50,000.00 $61,000.00 Retained Earnings $21,000.00 $28,000.00 Treasury Stock...
Below are balance sheet and income statement data for Howard Bannister Company.  Note: For the balance sheet...
Below are balance sheet and income statement data for Howard Bannister Company.  Note: For the balance sheet data, the end-of-year information is in the left column. Balance Sheet Data   20X2   20X1 Accounts Payable................................................................................................ 95............................................................. 165 Accumulated Depreciation................................................................................ 520 ...........................................................339 Cash      ................................................................................................................ 130 ..........................................................100 Common Stock ..............................................................................................    1,000......................................................... 700 DIVIDENDS PAYABLE......................................................................................... 40............................................................ 25 Equipment......................................................................................................... 2,395....................................................... 2,700 Income Tax Payable ..........................................................................................100............................................................ 135 Inventory.......................................................................................................... 1,120........................................................... 890 Mortgage Payable.............................................................................................. 900......................................................... 1,500 Prepaid General Expenses............................................................................... 300............................................................. 350 Retained Earnings (ending balance, after closing)...................................... 1,240...................................................... 1,098 Unearned Sales Revenue.....................................................................................
Create a Fictitious balance sheet and income statement.
Create a Fictitious balance sheet and income statement.
Using this Company's information, please create a Balance Sheet and Income Statement Note: Please create these...
Using this Company's information, please create a Balance Sheet and Income Statement Note: Please create these statements for the year 2018 only 2017 2018 Accounts Payable $81,000 $66,000 Accounts Receivable $110,000 $128,000 Accumulated Depreciation, PP&E $290,000 $356,000 Cash and Cash Equivalents $62,000 $54,000 Common Stock $415,000 $425,000 Cost of Goods Sold $359,000 $368,000 Depreciation Expense $62,000 $66,000 Dividends $20,000 $25,000 Income Tax Expense $18,000 $23,000 Interest Expense $44,000 $44,000 Inventory $48,000 $55,000 Long-Term Notes Payable $850,000 $810,000 Patents $678,000 $712,000...
Create a balance sheet and income statement using the following information: WIth proper financial statement formatting...
Create a balance sheet and income statement using the following information: WIth proper financial statement formatting Any missing information, please fill in. Total Shareholder Equity Long Term Debt: 3,650,000 Inventories: 350,000 Income Taxes: 85,000 Total Non-Operating Expenses, Net Common stock: 100,000 Total Assets Retained Earnings: 3,000,000 Cost of Goods Sold: 2,000,000 Interest Income: 20,000 Accounts Receivable: 1,500,000 General and Administrative Costs: 1,000,000 Accruals: 800,000 Preferred Stock Net Earnings Goodwill & Other Intangibles: 1,800,000 Net Revenue: 4,500,000 Earnings Before Income Taxes...
A Using the balance sheet and income statement below, calculate the quick ratio. B Using the...
A Using the balance sheet and income statement below, calculate the quick ratio. B Using the balance sheet and income statement below, calculate the current ratio. C Using the balance sheet and income statement below, calculate return on equity. D Using the balance sheet and income statement below, calculate days sales outstanding (also called average collection period). E Using the balance sheet and income statement below, calculate inventory turnover. F sing the balance sheet and income statement below, calculate the...
Condensed balance sheet and income statement data for Landwehr Corporation appear below.
Condensed balance sheet and income statement data for Landwehr Corporation appear below.   Additional information: 1. The market price of Landwehr’s common stock was $4.00, $5.00, and $8.00 for 2016, 2017, and 2018, respectively. 2. All dividends were paid in cash.   Instructions (a) Compute the following ratios for 2017 and 2018. (1) Profit margin. (2) Asset turnover. (3) Earnings per share. (Weighted-average common shares in 2018 were 32,000 and in 2017 were 31,000.) (4) Price-earnings ratio. (5) Payout ratio....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT