Question

In: Accounting

Income Statement Balance Sheet 2. Assume York Corp. (above) pays out half of the net income...

Income Statement Balance Sheet 2. Assume York Corp. (above) pays out half of the net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements and determine the external financing needed. Sales $36,000 Cost of Goods 29,800 Net Income 6,200 Assets 26,400 Debt 6,300 Equity 20,100 Total Assets 26,400 Total Liab’s & Equity 26,400

Solutions

Expert Solution

York Corp.
Proforma Income Statement for the year ended
Head Value
I. INCOME
Sales $         36,000
Total Income $         36,000
II. EXPENDITURE
Cost of Goods Sold $         29,800
Total Expenditure $         29,800
Net Profit for the year $           6,200
Proforma Balance Sheet
Head Value
I.SOURCES OF FUNDS :
    Equity $         20,100
    Debt $           6,300
TOTAL LIABILITIES $         26,400
II. APPLICATION OF FUNDS :
     Assets $         26,400
TOTAL ASSETS $         26,400

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Forecasting the Income Statement, Balance Sheet, and Statement of Cash Flows Assume the following are the...
Forecasting the Income Statement, Balance Sheet, and Statement of Cash Flows Assume the following are the financial statements of Nike, Inc. Consolidated Statements of Income Year ended May 31 In Millions 2011 2010 Revenues $ 21,862 $ 20,014 Cost of sales 11,354 10,214 Gross profit 10,508 9,800 Demand creation expense 3,248 2,356 Operating overhead expense 4,345 3,970 Total selling and administrative expense 7,593 6,326 Interest expense (income), net 4 6 Other (income) (33) (49) Income before income taxes 2,944 3,517...
Forecasting the Income Statement, Balance Sheet, and Statement of Cash Flows Assume the following are the...
Forecasting the Income Statement, Balance Sheet, and Statement of Cash Flows Assume the following are the financial statements of Nike, Inc. Consolidated Statements of Income Year ended May 31 In Millions 2011 2010 Revenues $ 21,862 $ 19,014 Cost of sales 11,354 10,214 Gross profit 10,508 8,800 Demand creation expense 2,948 2,356 Operating overhead expense 4,845 3,970 Total selling and administrative expense 7,793 6,326 Interest expense (income), net 4 6 Other (income) (33) (49) Income before income taxes 2,744 2,517...
Prepare balance sheet and an income statement for corp xyz given the following information: Inventory $...
Prepare balance sheet and an income statement for corp xyz given the following information: Inventory $ 6,500 Common Stock 45,000 Cash 15,550 Operating expenses 1,350 Short-term notes payable 600 Interest expense 900 depreciation expense 500 sales 12,800 accounts receivable 9,600 Accounts payable 4,800 long-term debt 55,000 Cost of goods sold 5,750 Buildings and equipment 122,000 Accumulated depreciation 34,000 Taxes 1,440 General and Administrative expenses 850 retained earnings? Using previously worked financial statements, determine the following financial ratios. Please interpret each...
USE THE FOLLOWING INFORMATION TO CONSTRUCT AN INCOME STATEMENT AND BALANCE SHEET FOR 2011. ASSUME THE...
USE THE FOLLOWING INFORMATION TO CONSTRUCT AN INCOME STATEMENT AND BALANCE SHEET FOR 2011. ASSUME THE TAX RATE IS 40%. (COMMON EQUITY IS A PLUG IN NUMBER) ITEM 2010 2011 SALES 10,000 12,000 DEPRECIATION 3,000 3,000 COST OF GOODS SOLD 2,000 2,000 OTHER EXPENSES 3,000 4,000 INTEREST 1,000 1,000 CASH 1,000 1,000 ACCOUNTS RECEIVABLE 3,000 3,000 S.T. NOTES PAYABLE 1,000 1,000 L.T. DEBT 10,000 11,000 NET FIXED ASSETS 20,000 20,000 ACCOUNTS PAYABLE 2,000 2,000 INVENTORY 3,000 3,000 DIVIDENDS 600 600...
Fill in the blanks in the following Income Statement and Balance Sheet for Screven Industries. Assume...
Fill in the blanks in the following Income Statement and Balance Sheet for Screven Industries. Assume that there are 360 days in a year and that Credit Sales are 75% of total sales. Net Income is $1,200,000 Cash                            $750,000         Current Debt               ________ Acct. Rec.                   _________      L-T Debt                     ________ Inventory                    _________      Total Debt                   ________ T. Current Assets        _________      Stockholders’ Equity ________ Net Fixed Assets         _________      Total Debt and Total Assets                _________      Stockholders’ Equity ________ Total Asset Turnover                    2.5             ACP                            30 days...
Income Statement and Classified Balance sheet
    Harvey Specter started his own firm, Specter Co. on .July I, 2011. The list of different Account titles with respective balance  (each account has a normal balance) at September 30, 20l3 as follows                                        Specter Co.                                            List or Accounls                                                              ...
I am having trouble making an income statement, Statement of owner's equity, and Balance sheet out...
I am having trouble making an income statement, Statement of owner's equity, and Balance sheet out of this information Chapter 3 Assignment 10-01-2018 1.00 1.00 0.99 Hide or show questions Progress:3/3 items eBook Calculator Adjusting Entries and Adjusted Trial Balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services’ accounting clerk prepared the following unadjusted trial balance at July 31, 2019: Reece Financial Services Co. Unadjusted Trial Balance July...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of Whole Foods Market Inc. WHOLE FOODS MARKET INC. Consolidated Statement of Operations Fiscal Years Ended (in millions) Sept 25, 2016 Sept 27, 2015 Sales $15,724 $15,389 Cost of goods sold and occupancy costs 10,313 9,973 Gross profit 5,411 5,416 Selling, general and administrative expenses 4,477 4,472 Pre-opening expenses 64 67 Relocation, store closures and lease termination costs 13 16 Operating income 857...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance...
Analyzing, Forecast, and Interpret Income Statement and Balance Sheet Following are the income statement and balance sheet of Whole Foods Market Inc. WHOLE FOODS MARKET INC. Consolidated Statement of Operations Fiscal Years Ended (in millions) Sept 25, 2016 Sept 27, 2015 Sales $15,724 $15,389 Cost of goods sold and occupancy costs 10,313 9,973 Gross profit 5,411 5,416 Selling, general and administrative expenses 4,477 4,472 Pre-opening expenses 64 67 Relocation, store closures and lease termination costs 13 16 Operating income 857...
Berry Corp. has the following balance sheet and income statement data for the fiscal year 2018:...
Berry Corp. has the following balance sheet and income statement data for the fiscal year 2018: Cash   $ 61,680      Accounts payable   $ 144,118 Receivables   $ 57,379      Other current liab.   2,798 Inventories   14,000      Total CL   $ 146,916 Total CA   $133,059      Long-term debt   391,786 Net fixed assets   1,442,708      Common equity   1,037,065 Total assets   $1,575,767      Total liab. and equity   $1,575,767 Sales   $378,452      EBIT   $225,785 Net income   $ 147,102            a. Calculate Current ratio, Basic...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT