Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with forecasting the Net Income, Retained Earnings. and Total Assets for 2013 using the following information: Income Statement December 31, 2012 (in
I need help with forecasting the Net Income, Retained Earnings. and Total Assets for 2013 using the following information:
Income Statement December 31, 2012 (in thousands) Balance Sheet December 31, 2012 (in thousands) Salcs COGS $40,000 18,200 21,800 Assets: Total Current Assets Net Plant & Equipment Total Assets $100,000 0,000 $170,000 Selling Expenses Depreciation Fixed Expenses 4,000 3,000 4,000 Liabilities & Equity: Accounts Payable Notes Payable Accrued Expenses $40,000 10,000 10,000 EBIT Taxes (40%) 10,800 4.320 Bonds Payable Common Stock Paid-in-Surplus Retained Earnings 40,000 40,000 20,000 Net Income 6,480 Common Stock Div. 1,200 S 5,280 Total Liabilities &Equity $170,000 Sales for 2013 are projected to be $60,000; the firm currently uses straight line depreciation. No new equipment purchases are planned for 2013, There will be a 10% earnings distribution for 2013. Notes Payable will be paid off at the end of 2012
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started