ACC 32-C Lies Ce-10 poim Smyth Corporation had the Billowing bass 123 CASH INVESTMENTS-TRADING $2,200,000 3,750,000 ACCOUNTS RECEIVABLE (NET) 5,500,000 INVENTORIES 2,000,000 PROPERTY, ANT, & EQUIP (NET) 5,450,000 ACCOUNTS PAYABLE 4,530,000 INTEREST PAYABLE 90,000 ACCRUED VACATION PAY LIABILITY FOR PRODUCT WARRANTIES NOTES PAYABLE Ong tem 7,000 21.000 7,000,000 BONDS PAYABLE COMMON STOCK COMMON STOCK DIVIDENDS DISTRIBUTABLE RETAINED EARNINGS (1) SALES COST OF GOODS SOLD OPERATING EXPENSES 5,000,000 1,000,000 2,000 370,000 19,000,000 10,900,000 4,700,000 1,900,000 INTEREST EXPENSE Adilation. No abjuds have been made or any of the dial information No evening en w made at 1/11. (in Dent change "Cad Talents are a od uoni March of 2) Smyth has a policy that allows employees ally. The vacation days vest after an A employee has been employed for six months Smyth has a world of 20 employees each of whom has been with the company for at least three yes. The wally salary is $1,000 (me a five day work week) During the year employees took vacation housing days. The bookkeeper debted Wage Expenses the employers wore paid for these des Opis pontas) Sales includes sales ex at The bookkeeper debity Sales Tax Expense when sales taxes are paid to the state. At year end, sales as $21,000 the Sales Tax Poble at 1/1/xl was zero. Warranty costs are estimated at L6% of witing pris Actual waraty cods incund during the year totaled $245,000. The bookkeeper debits way exp at the corts a incu d The corporate tax rate is 40% a K L Required The cosgay president moves a bonus based o $1,000,000 of the bonds mature 630 The of the last bosed meeting state that the company plan to refinance the bonds on a long-term basis when they mat You have determined that the company has to comis fees wey lander to take cw of these boods $1,000,000 of the bonds matured 13152 212 They was extinguished by ising common stock. (Today's dat Saytda 2 year, 590,000, it bearing 12311 for the purchase of a machine. The markets of interest in 10% Cash dividends of $15,000 were dead on 12/15xto be paid to sockholders of recond on 1/152 to be 10162 The aneys believe that Smyth will win the S000 The atomeys believe Smyth will probably receive The company is sing a competir for panting law The settlement y $40,000 The company is being and by believe that Smith may but while visiting the corporate office. They $100.00, be the customer will probably settle for $10,000. Prepare a balance sheet and income statement for Sayth Compay. Show lesions late addional information 1 2 L Calculate the following financial Working capital Quick ratio