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Complete Heartstring Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round
Complete Heartstring Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round the tax calculation to the nearest thousand dollars. Use parentheses or a minus sign when entering a net decrease in cash)
2019 2018 Income Statement (in Thousands) Revenues $ 14,250 Cost of goods sold 11,090 1,260 Other expenses 1,170 Income before income taxes 1,560 1,890 662 Income taxes (35%) Net income Statement of Retained Earnings Beginning balance $ 2,660 Net income Dividends (78) (120) Dividends (78) (120) Ending balance Balance Sheet Assets Cash Property, plant, and equipment 1,497 1,336 11,902 Other assets $ 14,303 Total assets Liabilities Current liabilities $ 5,690 Long-term debt 4,400 3,320 1,130 985 Other liabilities Total liabilities $ 9,000 Stockholders' equity: Common stock $ 275 $ 275 Retained earnings 100 120 Other stockholders' equity Total stockholders' equity 4,163 Total liabilities and stockholders' equity Cash Flow Statement $ 800 Net cash provided by operating activities Net cash used in investing activities (300) (610) (475) (480) Net cash used in financing activities Increase (decrease) in cash (170) Cash at beginning of year 1,220 Cash at end of year 2019 2018 Income Statement (in Thousands) $ k $ 14,250 Revenues Cost of goods sold a 11,090 1,260 Other expenses 1,170 Income before income taxes 1,560 1,890 I 662 Income taxes (35%) $ m $ b Net income Statement of Retained Earnings Beginning balance $ n$ 2,660 Net income Dividends declared (78) (120) $p $ d Ending balance Balance Sheet Assets Assets $ 9 $ e Cash Property, plant, and equipment 1,497 1,336 r Other assets 11,902 $s $ 14,303 Total assets Liabilities $t $ 5,690 Current liabilities Long-term debt 4,400 3,320 1,130 985 Other liabilities Total liabilities $ 9,000 $f Stockholders' equity: Common stock $ 275 $ 275 Retained earnings u g 100 120 Other stockholders' equity V Total stockholders' equity 4,163 V Total stockholders' equity 4,163 $ w $ h Total liabilities and stockholders' equity Cash Flow Statement $ x $ 800 Net cash provided by operating activities Net cash used in investing activities (300) (610) (475) (480) Net cash used in financing activities Increase (decrease) in cash (170) i Cash at beginning of year 1,220 $ z $j Cash at end of yearStep by Step Solution
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