b) Here are the simplified financial statements of X Corp. from a recent year:

Prepare Income Statement & Balance Sheet at the beginning of the year and the end of the year from the information below: (12 Marks)

Net Sales 13,194

Other Expenses 4,060

Cost of Goods Sold - 4,060

Depreciation - 2,518

Interest Exp 685

Taxes 570

Dividend - 856

Beginning and End of the year:

Cash & marketable securities 89, 158

Receivables 2,382 & 2,490

Inventories 187 & 238

Other Current Assets- 867 & 932

Property Plants 19,973 & 19,915

Other long term assets 4,216 & 3,770

Payables 2,564 & 3,040

Short Term Debt 1,419 &1,573

Other current liabilities 811 & 787

Long Term Debts & Leases 7,018 & 6,833

Other LT Liabilities 6,177 & 6,150

Share Holders Equity -