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(20 points) Determine the unknown balance sheet items for XS Corp. for 20Y6. Show all calculations....

2. Refer to the following partial financial statements for XS Corp. Some balance sheet items for 2046 are not provided. Some

(20 points) Determine the unknown balance sheet items for XS Corp. for 20Y6. Show all calculations. Please write your final answers in the table below. Please note that the ordering of the items in the table below does not suggest the order in which you should do your calculations.

2016 Balance Sheet Item: Cash and cash equivalents Total current assets Net fixed assets Total assets Common stock (paid in c

2. Refer to the following partial financial statements for XS Corp. Some balance sheet items for 2046 are not provided. Some additional data is provided at the bottom of the page. Income Statements Sales Operating expenses (excluding depreciation) Other expenses Depreciation EBIT Interest expense Pre-tax earnings Taxes (40%) Net income 2015 $ 42,000 25,480 4,150 2,900 $ 9,470 2,320 7,150 2,860 $ 4,290 2016 $ 47,250 28,940 4,680 3,250 10,380 2,330 $ 8,050 3,220 $ 4,830 Common dividends paid 1,350 1,400 2015 2016 $ 1,900 7,500 4,220 4,560 $ 18,180 $ 61,800 $ 79,980 ? 7,500 4,790 5,120 ? ? $ $ $ ? Balance Sheets Assets Cash and cash equivalents Short-term investments Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock (paid in capital) Retained earnings Total equity Total liabilities and equity 2,650 10,000 2,290 $ 14,940 15,500 $ 30,440 10,000 39,540 $ 49,540 $ 79,980 2,690 7,860 2,360 $ 12,910 16,500 $ 29,410 ? ? $ ? $ ? The following additional information is available: • XS Corp. did not issue any additional shares of common stock in 2016 Capital spending in 2016 for XS Corp. was $4,400 .
2016 Balance Sheet Item: Cash and cash equivalents Total current assets Net fixed assets Total assets Common stock (paid in capital) Retained earnings Total equity Total liabilities and equity
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ReportAnswer #1

XS Corp. did not issue any additional shares of common stock in 20Y6. so, Common stock (paid in capital) will be $10,000 same as 20Y5.

Retained earnings 20Y6 = Retained earnings 20Y5 + Net Income 20Y6 - Common dividends paid 20Y6 = $39,540 + $4,830 - $1,400 = $42,970

Total equity 20Y6 = Common stock (paid in capital) 20Y6 + Retained earnings 20Y6 = $10,000 + $42,970 = $52,970

Total liabilities and equity 20Y6 = Total liabilities 20Y6 + Total equity 20Y6 = $29,410 + $52,970 = $82,380

Net Fixed assets 20Y6 = Net Fixed assets 20Y5 + Capital spending 20Y6 - Depreciation 20Y6 = $61,800 + $4,400 - $3,250 = $62,950

Total assets 20Y6 is $82,380 because Total liabilities & equity and Total assets are always equal. so, $82,380 of Total liabilities & equity is also Total assets for 20Y6.

Total current assets 20Y6 = Total assets 20Y6 - Net Fixed assets 20Y6 = $82,380 - $62,950 = $19,430

Cash and Cash equivalents 20Y6 = Total current assets 20Y6 - Short-term investments 20Y6 - Accounts receivable 20Y6 - Inventories 20Y6 = $19,430 - $7,500 - $4,790 - $5,120 = $2,020

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(20 points) Determine the unknown balance sheet items for XS Corp. for 20Y6. Show all calculations....
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