Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need answer please Hearth and Home Income Statements (in $000s) Years Ended June 30: 201 20Y3 202 $ $ 3,000 2,500 3,570 Sales 1,773 2,467
Need answer please
Hearth and Home Income Statements (in $000s) Years Ended June 30: 201 20Y3 202 $ $ 3,000 2,500 3,570 Sales 1,773 2,467 2,093 Cost of goods sold 727 907 Gross profit 1,103 33 36 36 Interest expense 52 50 60 Depreciation expense 586 477 371 Operating expense 270 421 345 Profit before taxes 108 149 188 Taxes 196 162 $ 233 Net profit after taxes 84 65 95 Dividends $ $ 138 112 97 Earnings retained How did the change in Hearth and Home's collection period only during 20Y3 affect its financing need? Financing need increased by approximately $15,000. Financing need increased by approximately $28,000 Financing need increased by approximately $73,000. Financing need increased by approximately $96,000. Hearth and Home Balance Sheets (in $000s) As At June 30: 20Y3 20Y2 20Y1 ASSETS Current assets 123 100 Cash 66 Accounts receivable 376 303 240 547 461 417 Inventory 107 70 117 Other current assets Total current assets 1,096 957 874 245 313 257 Fixed assets 107 71 Trademarks and goodwill 71 $ $ $ TOTAL ASSET: 1,516 1,285 1,190 LIABILITIES AND OWNERS' EQUITY Current liabilities $ $ 67 67 Current portion-LTD 67 101 5 Notes payable 244 148 204 Accounts payable Accrued expenses 69 64 57 47 46 28 Other current liabilities 527 368 319 Total current liabilities 330 397 464 Long-term debt 20 18 19 Other noncurrent liabilities Owners' equity 639 501 389 1,516 1.285 $ $ 1,190 TOTAL LIABILITIES AND OWNERS' EQUITY $ $ 452 610 496 Working investmentStep 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