Question
In: Accounting
Based on the chart below, prepare the following: Prepare the following: -An income statement for 2015...
Based on the chart below, prepare the following:
Prepare the following:
-An income statement for 2015 and 2016
-A balance sheet for 2015 and 2016
-Operating cash flows for the two years
-Cash flows from assets in 2016
-Cash flows to creditors for 2016
-Cash flows to stockholders for 2016
| 2015 | 2016 | |||||
| Cost of Goods Sold | 235,942 | 297,915 | ||||
| Cash | 36,542 | 51,940 | ||||
| Depreciation | 61,056 | 69,011 | ||||
| Interest Expense | 13,877 | 15,905 | ||||
| Selling and Admin Exp | 40,952 | 58,569 | ||||
| Accounts Payable | 32,194 | 33,999 | ||||
| Net Fixed Assets | 269,369 | 328,185 | ||||
| Sales | 482,155 | 587,715 | ||||
| Accounts Receivable | 24,120 | 24,089 | ||||
| Notes Payable | 24,866 | 26,972 | ||||
| Long-Term Debt | 142,148 | 161,000 | ||||
| Inventory | 32,766 | 58,798 | ||||
| New Equity | 0 | 16,000 | ||||
Solutions
Expert Solution
1)
| Income statement | ||
| 2015 | 2016 | |
| Revenue | 482155 | 587715 |
| less:cost of goods sold | (235942) | (297915) |
| Gross margin | 246213 | 289800 |
| less:Operating expense | ||
| Depreciation expense | (61056) | (69011) |
| Selling and Admin Exp | (40952) | (58569) |
| Earning before Interest and tax | 144205 | 162220 |
| Less:Interest expense | (13877) | (15905) |
| Earning before tax | 130328 | 146315 |
2)
| Balance sheet | ||
| 2015 | 2016 | |
| Asset | ||
| current asset | ||
| cash | 36542 | 51940 |
| Accounts receivable | 24120 | 24089 |
| Inventory | 32766 | 58798 |
| Total current asset | 93428 | 134827 |
| Net fixed asset | 269369 | 328185 |
| Total asset | 362797 | 463012 |
| Liabilities and stockholders equity | ||
| currentLiabilities | ||
| Accounts payable | 32194 | 33999 |
| Note payable | 24866 | 26972 |
| Long term debt | 142148 | 161000 |
| Total liabilities | 199208 | 221971 |
| Total equity [ | 163589 [362797Total asset-199208] | 241041 [463012-221971] |
| Total liabilities and equity | 362797 | 463012 |
**Total equity =Total asset -total liabilities
3)Operating cash flow =EBIT +Depreciation -taxes
**since nO tax rate is given ,tax amount cannot be calculates
2015 :OCF = 144205+61056-0
=205261
2016 :OCF = 162220+69011-0 =231231
4)**capital spending = ending fixed asset+ depreciation 2016 -beginning FA
= 328185+69011-269369=127827
Working capital beginning = current asset -current liabilites
= 93428-32194-24866
= 36368
Ending working capital = 134827-33999-26972=73856
Addition to NWC = 73856-36368 = 37488
Cash flows from assets in 2016 :operating cash Flow 2016 - Capital spending -addition to NWC
= 231231 - 127827 - 37488
= $ 65916
5)Cash flows to creditors for 2016 =Interest - [ending long term debt -beginning LTD]
= 15905-[ 161000-142148]
= 15905 -18852
- 2947
6)Cash flows to stockholders for 2016 = cash flow from asset -cash flow to creditors
= 65916 - (-2947)
= 65916 +2947
= $ 68863
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