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please help prepare the statements #1-6 or as many as able Cash Flows and Financial Statements at Sunset Boards Inc. unset Boards is a small
please help prepare the statements #1-6 or as many as able
Cash Flows and Financial Statements at Sunset Boards Inc. unset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks, the founder of the company, is in charge of the design and sale of the surfboards, but his background is in surfing, not business. As a result, the company's financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small, and the company has made surfboards only for its own store, the investors haven't required detailed financial statements from Tad. But thanks to word of mouth among professional surfers, sales have picked up recently, and Tad is considering a major expansion. His plans include opening another surfboard store in Hawaii, as well as supplying his sticks" (surfer lingo for boards) to other sellers Tad's expansion plans require a significant investment, which he plans to finance with a combination of additional funds from outsiders plus some money borrowed from banks. Naturally the new investors and creditors require more organized and detailed financial statements than Tad has previously prepared. At the urging of his investors, Tad has hired financial analyst Jameson Reid to evaluate the performance of the company over the past year After rooting through old bank statements, sales receipts, tax returns, and other records, Jameson has assembled the following information 2015 2016 Cost of goods sold Cash Depreciation Interest expense Selling and administrative $203,963 $257,528 29,429 31,267 57,576 65,076 12,530 14,34 40,110 52,351 expenses Accounts payable Net fixed assets Sales Accounts receiva Notes payable Long-term debt Inventory New equity 52,015 57,708 254,017 316,825 400,111 487,712 0,854 27,050 23,708 25,885 128,218 143,971 43,884 60,222 0 24,192 Sunset Boards currently pays out 50 percent of net income as dividends to Tad and the other original investors, and has a 20 percent tax rate. You are Jameson's assistant, and he has asked you to prepare the following 1. An income statement for 2015 and 2016 2. A balance sheet for 2015 and 2016 3. Operating cash flow for each year 4. Cash flow from assets for 2016 5. Cash flow to creditors for 2016 6. Cash flow to stockholders for 2016Step by Step Solution
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