Complete common -size statements (balance sheets) using the data below. You will be required to create a
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Balance Sheets Assets Cash 2015 2014 Accounts receivable Inventories $ 52,000 $ 57,600 402,000 351,200 836,000 715,200 Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets $ 360,800 $1,650,800 $1,290,000 527,000 (166,200) $1,124,000 491,000 (146,200) $ 344,800 $1,468,800 Liabilities and Equity Accounts payable $ 175,200 $ 145,600 Notes payable 225,000 140,000 200,000 136,000 Accruals Total current liabilities Long-term debt Common stock (100,000 shares) Retained earnings Total equity Total liabilities and equity $ 540,200 $ 481,600 424,612 323,432 460,000 460,000 225,988 203,768 $ 685,988 $ 663,768 $1,650,800 $1,468,800 Income Statements Sales Cost of goods sold Other expenses Depreciation Total operating costs 2015 $3,850,000 (3,250,000) ( 430,300) (20,000) $3,700,300 2014 $3,432,000 (2,864,000) ( 340,000) ( 18,900) $3,222,900 $ 209,100 EBIT Interest expense EBT Taxes (40%) Net income EPS $ 149,700 ( 76,000) ( 62,500) $ 73,700 $ 146,600 ( 29,480) 58,640) $ 44,220 $ 87,960 $ 0.442 $ 0.880 Balance Sheets Assets Cash 2015 2014 Accounts receivable Inventories $ 52,000 $ 57,600 402,000 351,200 836,000 715,200 Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets $ 360,800 $1,650,800 $1,290,000 527,000 (166,200) $1,124,000 491,000 (146,200) $ 344,800 $1,468,800 Liabilities and Equity Accounts payable $ 175,200 $ 145,600 Notes payable 225,000 140,000 200,000 136,000 Accruals Total current liabilities Long-term debt Common stock (100,000 shares) Retained earnings Total equity Total liabilities and equity $ 540,200 $ 481,600 424,612 323,432 460,000 460,000 225,988 203,768 $ 685,988 $ 663,768 $1,650,800 $1,468,800 Income Statements Sales Cost of goods sold Other expenses Depreciation Total operating costs 2015 $3,850,000 (3,250,000) ( 430,300) (20,000) $3,700,300 2014 $3,432,000 (2,864,000) ( 340,000) ( 18,900) $3,222,900 $ 209,100 EBIT Interest expense EBT Taxes (40%) Net income EPS $ 149,700 ( 76,000) ( 62,500) $ 73,700 $ 146,600 ( 29,480) 58,640) $ 44,220 $ 87,960 $ 0.442 $ 0.880
Expert Answer:
Answer rating: 100% (QA)
To create commonsize statements balance sheets we need to express each item as a percentage of the total assets or total liabilities and equity Here a... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these finance questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Complete common -size statements (balance sheets) using the data below on page 246. You will be required to create a spreadsheet in MS Excel to display the statements (balance sheets).? In a 1 to 2...
-
5. a. Economists sometimes refer to the attempt by countries to fix their exchange rates, control their money supplies, and operate with open capital accounts in their balance of payments (that is,...
-
Case Study 1?1 Amazon in 2019 Answer the five questions at the end of the case. Thepurpose of this case, and others you will be assigned, is toillustrate the application of the concepts covered in...
-
Why is it incorrect for couples who postpone childbearing until age 35 or later to conclude that medical advances can overcome fertility problems?
-
Rubber has a negative average coefficient of linear expansion. What happens to the size of a piece of rubber as it is warmed?
-
What is general management?
-
The following balance sheet is presented for J.D.F. Company as of December 31, 2017. During 2018, J.D.F. entered into the following transactions. 1. Made credit sales of $1,350,000 and cash sales of...
-
A Hong Kong economist was quoted at the time as saying that these requiredreserve increases were not binding on banks capabilities to lend. Explain whatreserve policy on the part of Chinese banks...
-
Primary factors in evaluating the quality of working capital include: Multiple Select Question earnings per share. the nature of the current assets. the length of a company's operating cycle. the...
-
Conceptual Example 4-13 depicts the following scenario with the accompanying figure. Two cats are sitting side-by-side on a fence when they're startled by a dog. The cats jump off the fence with...
-
The following information is provided for FairDeal furniture ltd.The information will be used to determine the total cost incurred for Job-FD800 which entailed production of sofa sets.The company has...
-
Personal action plan based on skills you learned in this course and in the MBA program. Your response should address the following: Identify twokey skills from this coursethat you will apply in your...
-
List and explain 3 Leader characteristics. Offer an example of each. Discuss the difference between the autocratic and democratic behavior approach.
-
Assume that if PY = 10, then QdX=2400, and if PY=5, then QdX=2300. Use these two prices of good Y (PY) and the two quantities demanded of good X (QDX) to calculate the cross-price elasticity of the...
-
. Problem 21-13 (LG 21-6) Metrobank offers one??year loans with a 10 percent stated rate, charges a 1e'2 percent loan origination fee, imposes a 6 percent compensating balance requirement. and must...
-
Controls can be identified based on their function. The functions are preventive, detective, and corrective. A. True B. False
-
Darden Restaurants Contingent Liabilities The following excerpts are from the footnotes of Darden Restaurants financial statements of May 29, 2005: In March 2003 and March 2002, two purported class...
-
Current Ratio Loan Provision Assume that you are the controller of a small, growing sporting goods company. The prospects for your firm in the future are quite good; but like many other firms, it has...
-
Alternative Payment Options Kathy Clark owns a small company that makes ice machines for restaurants and food-service facilities. Kathy knows a great deal about producing ice machines but is less...
Study smarter with the SolutionInn App