P1-68B. (Learning Objective 4: Analyzing a company’s financial statements) Summarized versions of Espinola Corporation’s financial statements for two recent years follow.

Requirement 1. Complete Espinola Corporation’s financial statements by determining the missing amounts as denoted by the letters.

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1 A1 10 11 12 Shares bought back 13 Net income 14 Dividends 15 Ending balance 2 20X7 20X6 3 Income Statement (in thousands) 4 Revenues k 15,300 5 Cost of goods sold 11.010 6 Other expenses 1300 1,200 7 Income before income taxes 1,600 1,800 8 9 Income taxes (35% tax rate) 630 Net income m b Statement of Changes in Equity Beginning balance n 3,430 (100) 0 c (121) (200) p d 16 Balance Sheet 17 Assets 18. Cash 9 e 19 Property, plant and equipment 2,006 1,830 20 Other assets 10.500 21 Total assets S 13,565 22 Liabilities 23 Current liabilities t 5,800 24 Notes payable and long-term debt 4.600 3.300 25 Other liabilities 60 65 26 Total liabilities 8,986 f 27 Shareholders' Equity: 28 Share capital 479 556 29 Retained earnings U 30 31 33 34 35 36 37 38 39 Total shareholders' equity Total liabilities and shareholders' equity 32 Cash Flows Statement Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Increase (decrease) in cash Cash at beginning of year Cash at end of year V 4,400 W h X 840 (230) (330) (480) (475) (80) V 1.200 Z