blank balnce sheet attached.

Where there is no information provided, it will be 0.

Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent information and use it to fill in numbers on the Balance Sheet below. Not all information may be necessary to complete the statement. Leave any unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper. You will need these files to complete this: Wally Widget Income Statement Wally Widget Cash Flow Statement Balance Sheet blank forma Wally started a weekend widget stand on his landlord's front lawn with a $2000 inheritance (owner investment). He relied on his brightly-colored stand, drive-by traffic, and word-of-mouth to attract customers. The stand has a market value of $500. Wally paid his landlord $15 up front for a year of lawn space and spent another $150 on the stand, which has a lifespan of 4 years. The city heard about his scheme and charged him $30 for a permit. In his first year of business, Wally acquired 1000 widgets for $1.00 each and sold all but 50 of them at 80% markup. Due to a defect in some of the product, he discounted a total of $10. Additional costs included $30.00 in UPS bills and $10.00 for 1000 bags. Sales tax amounted to $106. The Marginal Tax Rate (MTR) is 25%. Based on the given Wally's Widgets scenario, fill in the numbers below. DO NOT use the dollar sign, numbers only, no decimals. Make sure to include parenthesis when necessary. Wally's Widgets Balance Sheet For the year ended December 31, 20xx 1,806 0 (354) 163 0 0 (126) (1.000) (650) Wally's Widgets Cash Flow Statement For the year ended December 31, 20xx Operating Activities Net Sales to Customers Accounts Receivable from Customers 20xx Payments for Total Operating Expenses Add Depreciation Expenses Taken Add Accounts Payable for Current Year Payments for prior year Income Taxes Payments for current year Income Taxes Payments for Inventory Net Cash Flows from Operating Activities Investing Activities Proceeds from the sale of property, plant, and equipment Purchased Property, Plant, and Equipment Net Cash Flows from Investing Activities Financing Activities Owner Investment Owner Withdrawals Repayment of Long-term Debt Net Cash Flows from Financing Activities Changes in Cash Balance Net Change in Cash for Current Year Add: Beginning Cash Balance Ending Cash Balance 0 (650) 1650) 2,000 0 2.000 1.839 0 1.839 Wally's Widgets Income Statements For the year ended December 31, 2016 Revenue Gross Sales Less: Sales returns and Discounts Net Sales 1,816 (10) 1,806 Cost of Goods Sold Beginning Inventory Purchas of Widgets Less: Ending Inventory Less: Cost of Goods Sold Gross Profit 0 1.000 50 1950) 856 30 0 0 0 10 106 146 Operating Expenses Selling Expenses Delivery Expenses Advertising Expenses Salaries Miscellaneous Expenses Sales Taxes Paid Total Selling Expenses General Admin. Expenses Rent Expenses Utilities Expenses Insurance Expenses Wages Permits and licenses Depreciation Expenses Total General and Admin. Expenses Less: Total Operating Expenses 15 0 0 30 163 208 354 Income Before Taxes Less: Income Taxes (25%) Net Income after Taxes 502 126 376 Wally's Widgets Balance Sheet As of December 31, 20XX Assets Current Assets Cash and Equivalents Accounts Receivable M Ending Inventory (at cost) Total Current Assets Long-term Assets Property, Plant and Equipment G Less Accumulated Depreciation B Other Assets Total Long-Term Assets Total Assets Liabilities and Owners' Equity Current Liabilities Accounts Payable D Employment Taxes Payable D Income Taxes Owed (2010) Notes Payable Total Current Liabilities Long-term Liabilities Long-term Debt Other Long-term Liabilities Total Long-term Liabilities Total Liabilities Owners' Equity Owner Capital (1/1/2010) Owner Capital Paid in 2010 H Net Income After Taxes for the Year N Less Owner Withdrawals Total Owners' Equity Total Liabilities and Owners' Equity