Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the 2019 financial statements of Flextuff Rotomolding, Inc. were to be expressed as common size financial statements, what would be the common size income

image text in transcribed
If the 2019 financial statements of Flextuff Rotomolding, Inc. were to be expressed as common size financial statements, what would be the common size income statement entry for Other Expenses? Flextuff Rotomolding, Inc. Balance Sheet 12/31/2019 Cash 56,000 Receivables 115,000 Inventory 302,000 Total Current Assets 473,000 Net Fixed Assets 627,000 Total Assets 1.100.000 125,000 Accounts Payable Notes Payable 125,000 Total Current Liabilities 250,000 Long-term Debt 432,000 Com Stock & Paid in Surplus 223,000 Retained Earnings 195,000 Total Liabilities & Equity 1.100.000 Income Statement 12/31/2019 Sales 1,364,500 Cost of Sales 985,000 Gross Profit 379,500 Other Expenses 194,887 EBIT 184,613 Interest Expense 55,000 EBT 129,613 Taxes (40%) 51,845 Net Income 77.768 Dividends 19,442 Additions to Ret. Earn 58,326

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Bible Of Cryptocurrency

Authors: Giannis Andreou

1st Edition

979-8363050039

More Books

Students also viewed these Finance questions

Question

Example. Evaluate 5n+7 lim 7-00 3n-5

Answered: 1 week ago