Answered step by step
Verified Expert Solution
Question
1 Approved Answer
----------------------------------- 2017 --- 2018 Cash 9,000 196,418 Accounts Receivable 8,000 8,800 Inventory 7,000 7,700 Prepaid Assets 9,000 9,900 Other Assets 3,000 3,300 Total Current Assets
----------------------------------- 2017 --- 2018
Cash | 9,000 | 196,418 |
Accounts Receivable | 8,000 | 8,800 |
Inventory | 7,000 | 7,700 |
Prepaid Assets | 9,000 | 9,900 |
Other Assets | 3,000 | 3,300 |
Total Current Assets | 36,000 | 226,118 |
Net PPE | 10,000 | 6,000 |
Intangibles | 7,000 | 7,000 |
Total Assets | 53,000 | 239,118 |
Accounts Payable | 3,000 | 3,300 |
Salary Payable | 10,000 | 11,000 |
Notes Payable | 7,000 | 7,000 |
Total Current Liabilities | 20,000 | 21,300 |
Long-Term Debt | 30,000 | 30,000 |
Total Liabilities | 50,000 | 51,300 |
Common Stock | 60,000 | 60,000 |
Retained Earnings | -57,000 | 127,818 |
total equity | 3,000 | 187,818 |
2018 | |
---|---|
Sales | 975,000 |
COGS | 653,250 |
Gross Profit | 321,750 |
SG&A | 23,000 |
Other Operating Expenses | 9,000 |
Depreciation | 1,000 |
Interest | 1,633 |
Taxes | 61,730 |
Net Income | 225,387 |
dividends | 40,570 |
Calculate the Cash Flow to Creditors.
Step 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