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please calculate the AFN (using the long formula) with the financial statements and sales below: Over the Rainbow Income 2019 Statement Sales Revenue $2,450 Less:
please calculate the AFN (using the long formula) with the financial statements and sales below:
Over the Rainbow Income 2019 Statement Sales Revenue $2,450 Less: CGS 1,380 Gross Profit 1,070 Operating Expenses 658 Depreciation 48 Operating Profit (EBIT) 364 Less: Interest Expense 92 272 Net Profit Before Taxes (EBT) Less: Taxes (40%) 109 Net Profit After Taxes (NI) 163 Less: Dividends 50 To Retained Earnings $113 Over the Rainbow Balance Sheet 2019 Assets Current Assets: Cash & Marketable Securities $845 Accounts Receivable 360 Inventory 525 Total Current Assets $1,730 360 Property, Plant & Equipment Less: Accumulated Depreciation 80 Net Property, Plant & Equipment 280 Total Assets $2,010 Liabilities & Owner's Equity Current Liabilities: Accounts Payable 350 Notes Payable 160 Accruals 185 Total Current Liabilities $695 Long-term Liabilities 265 Total Liabilities $960 Owner's Equity Preferred Stock 156 Owner's Equity: Preferred Stock 156 Common Stock, par value 125 Additional Paid-in Capital 354 Retained Earnings 415 Total Owner's Equity 1,050 Total Liabilities & Owner's Equity $2,010 Over the Rainbow Income 2019 Statement Sales Revenue $2,450 Less: CGS 1,380 Gross Profit 1,070 Operating Expenses 658 Depreciation 48 Operating Profit (EBIT) 364 Less: Interest Expense 92 272 Net Profit Before Taxes (EBT) Less: Taxes (40%) 109 Net Profit After Taxes (NI) 163 Less: Dividends 50 To Retained Earnings $113 Over the Rainbow Balance Sheet 2019 Assets Current Assets: Cash & Marketable Securities $845 Accounts Receivable 360 Inventory 525 Total Current Assets $1,730 360 Property, Plant & Equipment Less: Accumulated Depreciation 80 Net Property, Plant & Equipment 280 Total Assets $2,010 Liabilities & Owner's Equity Current Liabilities: Accounts Payable 350 Notes Payable 160 Accruals 185 Total Current Liabilities $695 Long-term Liabilities 265 Total Liabilities $960 Owner's Equity Preferred Stock 156 Owner's Equity: Preferred Stock 156 Common Stock, par value 125 Additional Paid-in Capital 354 Retained Earnings 415 Total Owner's Equity 1,050 Total Liabilities & Owner's Equity $2,010 Step by Step Solution
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