Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(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.
(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.
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 equityStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started