Question
2019 2020 Sales $1,145 $1,200 Depreciation 128 128 Cost of goods sold 450 537 Other expenses 110 98 Interest 85 96 Cash 640 735
2019 2020 Sales $1,145 $1,200 Depreciation 128 128 Cost of goods sold 450 537 Other expenses 110 98 Interest 85 96 Cash 640 735 Receivables 912 967 Notes payable 122 103 Long-term debt 2,349 2,666 Net fixed assets 5,556 5,637 Accounts payable 664 659 Dividends 100 110 Inventory 1,440 1,489 I Draw up an income statement and a balance sheet for NearPerfect for 2019 and 2020. The tax rate is 34%. Hint: work out the income statement first, and then balance sheet. Retained Earnings (RE) in the Balance sheet should include both previous year's RE and this year's addition to RE, therefore RE in 2010 = 146+115=261, 146 is from 2009 income statement, 115 is from 2010 income statement. For balance sheet, Total assets-Total claims. Please adjust Common stocks and paid in surplus to make sure this equality holds.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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