Using the table below create SinCo's Income Statement and Balance Sheet for the Prior Year and Current Year, and then answer the questions that are below. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Homework Answers
| Income Statement | |
| Particulars | CY |
| Sales | 5419 |
| Less : | |
| Cost of Goods Sold | 2439 |
| Gross Profit | 2980 |
| Less: | |
| SG & A | 535 |
| EBIDTA | 2445 |
| Less : | |
| Depreciation | 503 |
| EBIT | 1942 |
| Less : | |
| Interest | 172 |
| EBT | 1770 |
| Less : Taxes @35% | 620 |
| Net Income | 1151 |
| Less : Dividend | 410 |
| Addition to Retained Earnings | 741 |
1. EBIDTA = 2445
2. EBIT = 1942
3. Net Income = 1151
|
BALANCE SHEET |
||
|
Assets |
CY |
|
|
1387 |
|
|
Accounts receivable |
422 |
|
|
Inventory |
335 |
|
|
Fixed Assets |
5560 |
|
|
Total Assets |
7704 |
|
|
Accounts paybale |
322 |
|
|
Notes Payable |
758 |
|
|
Long term debt |
2683 |
|
|
Total Liabilities |
3763 |
|
|
Equity |
||
|
Capital Stock |
||
|
Retained Earnings |
1741 |
|
|
Common Stock |
2200 |
|
|
Total Liabilities & Stock Holder's Equity |
7704 |
|
1. Current Year Retained Earning's = 1000+741 = $1741 (last year balance+current year transfer)
2. Current Year Total Liabilities & Stock Holder's Equity = $7704
3. Current Year Total Assets = $7704
4. Current Year Cash Balance = $1387
5. Current Year Total Current Assets = $2144
|
1387 |
|
|
Accounts receivable |
422 |
|
|
Inventory |
335 |
|
(Hope you will understand this, please give your valuable feedback and kindly mention in the comment section any queries regarding this)
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