1 2 3 4 au 2019 303,750 167,062 Note: Cells with a green background are the missing cells in the problem. 6,272 972 1,093 New Smyrna Surf Shop Income Statements For the Years 2019 and 2020 2020 5 Sales $ 378,565 $ 6 Cost of Goods Sold 208,208 7 Gross Profit 8 Depreciation Expense 9 Selling & Admin Expense 1,113 10 Net Operating Income 11 Interest Expense 1,376 12 Earnings Before Taxes 13 Taxes 14 Net Income 15 16 Notes: 17 Tax Rate 25.0% Shares Outstanding 19 Earnings per Share 20 Dividends per Share $6.00 21 Addition to RE per Share 22 23 25.0% 18 $5.00 2019 15,187 13.289 2 9,569 56,320 1 New Smyrna Surf Shop 2 Balance Sheets 3 For the Years 2019 and 2020 4 2020 5 Cash $ 20,966 $ 6 Accounts receivable 29,523 7 Inventories 8 Total Current Assets 9 Gross fixed assets 58,765 10 Accumulated depreciation 14,640 11 Net Fixed Assets 44,125 12 Total assets 116,179 13 14 Accounts payable $ 13,975 15 Notes payable 16 Total Current Liabilities 17 Long-term debt 12,125 18 Total Liabilities 29,150 19 Common stock 10,125 20 Additional paid in capital 21 Retained earnings 22 Total Equity 23 Total Liabilities & Equity 24 25 Notes: 26 Shares Outstanding 6,075 18,461 29,831 1,013 15,351 7,500 7,148 (11,248) (8.276) 1,589 (41,704) 1 New Smyrna Surf Shop 2 Statement of Cash Flows 3 For the Year 2020 4 Cash Flows from Operations 5 Net Income 6 Depreciation Expense 7 Change in Accounts Receivable 8 Change in Inventories 9 Change in Accounts Payable 10 Total Cash Flows from Operations 11 Cash Flows from Investing 12 Change in fixed assets 13 Total Cash Flows from Investing 14 Cash Flows from Financing 15 Change in Notes Payable 16 Change in Long-Term Debt 17 Change in Common Stock 18 Change in Paid-In Capital 19 Cash Dividends 20 Total Cash Flows from Financing 21 Net Change in Cash Balance 22 Check answer against Balance Sheet 23 Beginning Cash From Balance Sheet 24 Ending Cash From Balance Sheet 25 Net Change in Cash Balance S (41,704) (3,025) 755 26