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Here is XYZ Companys balance sheet as of beginning 2019 Physical assets $700MM Cash $20MM Owners equity $600MM XYZ produced revenue of $240MM during 2019

Here is XYZ Companys balance sheet as of beginning 2019

Physical assets $700MM

Cash $20MM

Owners equity $600MM

XYZ produced revenue of $240MM during 2019

Operating (variable plus fixed) costs of $162MM

No depreciation

Interest rate on debt 5%

Tax rate 25%

Distributed $65MM to its owners

Show the initial balance sheet.
Calculate before and after-tax profits
Follow the cash, including the distribution
Show the end-of-year balance sheet

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