Golden cu case stud You were provided with the following balance sheet for Golden Cup firm for the year ended Dec 31st, 2018. Assets Current Assets Cash Accounts Receivables Inventory Total Current Assets Fixed Assets Property, Plant, and Equipment Goodwill Total Fixed Assets Total Assets Consolidated Balance sheet Golden Cup. As of Dec ISt 2018 Liabilities + Owners Equity 40,000 4,000 14,000 8 ooo 56,000 24,000 80 ooo 8 ooo Current Liabilities Accounts Payable Notes Payable Accrue Wages Total Current Liabilities Lon term debt Common Shares Retained Earnings Total Owners equity Liabilities + O.E 12,000 6,000 1000 1 ooo o ooo 40,000 39,000 79,000 1 8 ooo In addition to that, you know the following facts about firm's operations throughout the year: Golden Cup revenues for the year includes the following: Domestic revenues $160,000. International revenues $80,000. Out of Golden Cup's sales, cost of sales and direct labor is 50% of annual revenues. Because of the strong competition that it faces, Golden Cup has a generous marketing plan. Golden Cup signed a contract with the marketing planet Inc. by which the marketing agency will be responsible for Golden Cup marketing for five years period started this year. The contract costs Golden Cup $100,000 that were paid up front, however the company thinks this plan will affect its sales evenly over the five years period. Golden Cup also spends $30,000 in the form of general and administrative expenses per year. Golden Cup depreciable assets historical value is $40,000 and is depreciated on a straight-line basis over 10 years. Golden Cup pays interest rate of 10% on its Long-term debt outstanding. Out of the year's net income, Golden Cup is planning to repay $30,000 to its shareholders in the form of cash dividends. The company currently has 60,000 shares outstanding