ili HdDDLCE IE Heading 1 Normal No Spacing Heading Assignment 1: Financial Statement Analysis This Assignment is due on September 10. You need to submit the answers by 6:00 PM. For Question 1 through 4, see the following financial information (Income Statement and balance Sheet) for Thornton Company for the years ending December 31, 1998 and 1999. 1998 1999 Notes Payable $250,000 $220,000 Inventories $430,000 $390,000 Long-term Investment $70,000 580,000 Sales $2,500,000 $2,900,000 Corporate Bond $580,000 $650,000 Annual Depreciation $100,000 $110,000 Excess Paid in Capital $100,000 $130,000 Taxes $70,000 $90,000 Cash 72 7? Accumulated Depreciation $200,000 $310,000 Accounts Payable $540,000 $500,000 Costs of Good Sold $1,800,000 $2,000,000 Interest Expenses $80,000 590,000 Retained Earnings $180,000 $210,000 Common Stock (S1 par) $100,000 $150,000 Gross Plant & Equipment $1,100,000 $1.410,000 Selling & Administrative Expense $400,000 $500,000 Accounts Receivable $180,000 $230,000 Marketable Securities $20,000 $20,000 Accrued Expenses $70,000 $50,000 RAD Expense 598,000 $165,000 cates) 21 AaBbCeDe Acade A.DE Heading ABCDE AaBbc No Spacing Heading 2 Tide 1. What is firm's Net Income in 19997 2. What is the balance of Cashoutin 1998 and 1999 3. What is the total amount of firm's current and current is in 1998 1999 1 4. What is the total equity in 1998 od 1999 cates Focus For Questions, see the following information. Balance Shest information for 1993 Cash $500,000 Account Payable 5600,000 Long-term Debt $1,500,000 Account Receivable $700,000 Inventory $1,000,000 Common Stock $1,900,000 Net Fixed Assets $2,500,000 Retained Earnings $700,000 5. Calculate firm's total assets and total equity? I O Focus