Homework Answers
| Balance Sheet | |||
| Notes payable | 600 | Cash | 5000 |
| Accounts payable | 4025 | Inventory | 9555 |
| Current liabilities | 4625 |
Accounts receivable (Current assets-cash-inventory) |
5892 |
| Long term debt | 15435 | Current assets | 20447 |
| Equity (balancing figure) | 33678 | Net fixed assets | 33291 |
| TOTAL | 53738 | TOTAL | 53738 |
| Income Statement | |
| Sales | 8085 |
| COGS | 1942 |
| Gross income | 6143 |
| Depreciation | 1085 |
| Other expenses | 515 |
| EBIT | 4543 |
| Interest | 579 |
| Net Income | 3964 |
| Dividend | 1011 |
| Amount transferred to Retained earnings | 2953 |
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Problem 8 (6 Marks) For BZ Inc. the following information is given to you from their...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018 Assets Current assets $6,500 $5,000 Cash $31,500 $42,000 30,000 Accounts receivable 40,000 Inventory $75,000 $80,000 Total Fixed assets $393,750 Net plant and equipment 375,000 Total assets $450,000 $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 $80,000 Total $75,000 Long-term debt Owners' equity $85,000 $89,250 Common stock Accumulated retained carnings $63,000 $60,000 230,000 241,500 Total $290,000 $304,500 Total...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $ 18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24.961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24,961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do not...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 20%. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales $ 751,000 Costs 586,000 Other expenses 22,000 Earnings...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 20%. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales $ 751,000 Costs 586,000 Other expenses 22,000 Earnings...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25%. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales Costs Other expenses Earnings before interest and taxes...
Question 5. (20 marks) The most recent financial statements for Fleury, Inc., follow. Sales for 2012...
Question 5. (20 marks) The most recent financial statements for Fleury, Inc., follow. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided below. Surround Sound, Inc. Income Statement For the Year Ended December 31, 2018 Revenues Gain on sale of land $4,500,000 15,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 2.800,000 650,000 75,000 280,000 3.805.000 $710,000 Surround Sound, Inc. Balance Sheets December 31 2018 2017 Increase (or Decrease (D) Assets Current Assets: Cash Accounts receivable Inventory Long-Term...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($ 000s) 2016 2017 2018 2016 2017 2018 Assets Current assets Cash Accounts receivable Inventory 36,349 193,387 219,568 449,304 41,086 187,147 237,785 466,018 37,416 184,659 244,002 466,077 Fixed assets Net plant and equipment Sales Cost of goods sold Other expenses Depreciation EBIT Interest Taxable income Taxes (21%) Net income Dividends Additions to retained earnings 2,378,654 1,427,192 475,731 190,292 285,439 40,913 244,526 46,878 197,648 89,200 108,448...
Problem 6 (16 Marks) Consider the following financial statements for Yahi Inc. Balance Sheet 2017 2018 Assets Current assets $6,500 $5,000 Cash $31,500 $42,000 30,000 Accounts receivable 40,000 Inventory $75,000 $80,000 Total Fixed assets $393,750 Net plant and equipment 375,000 Total assets $450,000 $473,750 Liabilities and Owners Equity Current liabilities Accounts payable $50,000 $53,750 Notes payable 25,000 $26,250 $80,000 Total $75,000 Long-term debt Owners' equity $85,000 $89,250 Common stock Accumulated retained carnings $63,000 $60,000 230,000 241,500 Total $290,000 $304,500 Total...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $ 18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24.961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24,961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do not...
Question CAR2: 8 Marks The financial statements of Star Corporation appear below: Star Corporation Comparative Balance Sheets December 31, 2018 - 19 Assets 2019 2018 Cash Short-term investments Accounts receivable (net) Inventory Property, plant and equipment (net) Total assets S 50,000 50,000 100,000 150,000 650.000 $1.000.000 $ 100,000 150,000 75,000 175,000 750,000 $1.250,000 Liabilities and stockholders' equity Accounts payable Short-term notes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 50,000 100,000 200,000 375,000 275.000 $1.000.000...
The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 25%. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales Costs Other expenses Earnings before interest and taxes...
Question 5. (20 marks) The most recent financial statements for Fleury, Inc., follow. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 20 percent...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided below. Surround Sound, Inc. Income Statement For the Year Ended December 31, 2018 Revenues Gain on sale of land $4,500,000 15,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 2.800,000 650,000 75,000 280,000 3.805.000 $710,000 Surround Sound, Inc. Balance Sheets December 31 2018 2017 Increase (or Decrease (D) Assets Current Assets: Cash Accounts receivable Inventory Long-Term...
PROBLEM SET 2 Bentley Corporation, Inc. Balance Sheets ($ 000s) Bentley Corporation, Inc. Income Statements ($ 000s) 2016 2017 2018 2016 2017 2018 Assets Current assets Cash Accounts receivable Inventory 36,349 193,387 219,568 449,304 41,086 187,147 237,785 466,018 37,416 184,659 244,002 466,077 Fixed assets Net plant and equipment Sales Cost of goods sold Other expenses Depreciation EBIT Interest Taxable income Taxes (21%) Net income Dividends Additions to retained earnings 2,378,654 1,427,192 475,731 190,292 285,439 40,913 244,526 46,878 197,648 89,200 108,448...
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