Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help with C24. please help by showing formulas. thank you C Balance Sheet and P&L statement Sales growth 10% Costs of goods sold/Sales 25%
need help with C24. please help by showing formulas. thank you C Balance Sheet and P&L statement Sales growth 10% Costs of goods sold/Sales 25% Current assets/Sales 20% Net fixed assets/Sales 120% Current liabilities/Sales 15% Depreciation rate (of the average of the fixed assets at cost) SX Interest eamed on cash balances S% Tax rate 36% Cash balance every year $ 130,000 Debt is the PLUG variable No new common stock to be issued Number of shares outstantding 100,000 0 1 2 3 4 5 Year Income statement Sales Costs of goods sold Depreciation Interest earned on cash Profit before tax Taxes Profit after tax Retained earnings 150,000 (37,500) (20,000) 7,000 99,500 (35,820) 63,680 63,680 165,000 (41,250) (15,141) 11,281 119,890 (43,160) 76,730 130,000 10,000 321,250 33,000 Balance sheet Cash Current assets Fixed assets At cost Depreciation Net fixed assets Total assets 400,000 205,641 (240,000) (255,141) 180,000 (49,500) 320,000 559,891 Current liabilities Debt 20,000 10,000 24,750 (10,000) D E F G H B 150,000 (37,500) (20,000) 7,000 99,500 (35,820) 63,680 63,680 165,000 (41,250) (15,141) 11,281 119,890 (43,160) 76,730 130,000 10,000 321,250 33,000 + 17 Sales 18 Costs of goods sold 19 Depreciation 20 Interest earned on cash 21 Profit before tax 22 Taxes 23 Profit after tax 24 Retained earnings 25 26 Balance sheet 27 Cash 28 Current assets 29 Fixed assets 30 At cost 31 Depreciation 32 Net fixed assets 33 Total assets 34 35 Current liabilities 36 Debt 37 Stock 38 Accumulated retained earnings 39 Total liabilities and equity 40 41 400,000 205,641 (240,000) (255,141) 180,000 (49,500) 320,000 559,891 20,000 10,000 275,000 15,000 320,000 24,750 (10,000) 275,000 15,000 304,750
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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