Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Asking if this correct and includes what it needs for an Income Statement, the information I used is on the right. Thank you for checking
Asking if this correct and includes what it needs for an Income Statement, the information I used is on the right. Thank you for checking my work!
B C D E F G Income Statement Jigsaw Management 2019 Total Net Sales/Annual Net Sales Cost of Goods Gross Profit/Gross Income $503,800.00 $ 180,300.00 $323,500.00 Operating Expenses: Selling General and Administrative Expenses Depreciation Total Operating Expenses Operating Income Other Income $ 30,600.00 $ 39,500.00 $70,100.00 $253,400.00 For Year 2019 Cost of Goods Sold $180,300 Cash $35,300 as of 12/31 Interest Paid $18,900 Selling & Gen Admin Expenses $30,600 Fixed Assets net of Depreciatio $224,800 as of 12/31 (i.e., Net Fixed Assets) Annual Net Sales $503,800 Annual Depreciation $39,500 Accounts Receivable $44,600 as of 12/31 Accounts Payable $11,700 as of 12/31 Notes Payable $12,800 as of 12/31 Inventory $37,300 as of 12/31 Long term Debt $82,000 as of 12/31 New Equity $14,388 for this year Dividend Payout Percentage 25% 1% of Earnings Avilable to comman Shareholder Tax Rate 30% Number of days in the year 365 - Earnings before Income and Taxes Interest Expenses 5 Pretax Income 5 Taxes Current @ 40% (Deferred) $253,400.00 $ 18,900.00 $234,500.00 $ 70,350.00 7 $164,150.00 3 Net Income Addition to retained earnings Dividends 1 Retained Earnings $49,245.00 $114,905.00 Income Statement 2018 Income Statement 2019 Balance Sheet 2018 Balance Sheet 2019
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