7. The following information is available on the Vanier Corporation. Assuming sales and production are steady throughout
Question:
7. The following information is available on the Vanier Corporation. Assuming sales and production are steady throughout the year and a 360-day year, complete the balance sheet and income statement for Vanier Corporation.
378 Part IV Tools of Financial A n a l y s i s a n d C o n t r o l Balance Sheet, December 31,20x2 fin thousands)
Cash and marketable securities $500 Accounts payable 5 400 - ~
Accounts receivable ? Bank loan ?
Inventories -? Accruals 200 Current assets ? Current liabilities ?
Long-term debt ?
Net fixed assets ? Common stock and retained earnings 3,750 Total assets - Total liabilities and equity =?
Income Statement for 20x2 (in thousands)
Credit sales $8,000 Cost of goods sold ?
Gross profit ?
Selling and administrative expenses ?
Interest expense 400 Profit before taxes ?
Taxes, at 44% ?
Profit after taxes ?
Other information Current ratio 3 to 1 Depreciation $500 Net profit and depreciation to long-term debt .40 Net profit margin 7%
Total liabilities to net worth 1 to 1 Average collection period 45 days Inventory turnover ratio 3 to 1
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