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please help , thanks alot . 3-7 Mohammed and Maitha Al Falasi founded the Middle East Time Company back in 2010. Today, as a profitable
please help , thanks alot
. 3-7 Mohammed and Maitha Al Falasi founded the Middle East Time Company back in 2010. Today, as a profitable and successful business, the company manufactures a wide variety of components for high- quality watches and clocks. In 2018, the firm's operating profit was $152. This is when the corporate taxation rate was 34.31%. Further information about the company's financial performance and position can be obtained from the its income statement and balance sheet extracts for years 2017 and 2018, which are provided below: 2018 2017 55 $ 50 70 $ 65 15 20 24 $ Statement of Financial Position as of 31 December in milions of dollars) Balance Sheet: Accounts payable $ Accounts receivable $ Accruals $ Cash $ Common stock $ Gross Fixed Assets $ Inventory $ Depreciation $ Long-term debt $ Net Fixed Assets $ Notes payable $ Retained earnings $ 25 45 45 $ 418 $ 111 $ 53 350 100 40 $ 195 $ 365 $ 190 310 45 $ 45 210 $ 155 Statement of Financial Performance for the year ended 31 December in millions of dollars) 2018 300 $ $ $ $ $ (115) 185 (20) 165 Income Statement: Sales Cost of goods sold Gross profit Selling and general expenses EBITDA Depreciation & Amortization EBIT Interest expense EBT Taxes Net income $ (15) 137 $ a. Fill in the blanks in the company's income statement for year 2018 above. Show all workings, formulas and calculations. b. Present the company's balance sheet (starting from the least liquid assets) for year 2018. Show all workings, formulas and calculations. c. Prepare the company's statement of cash flow for year 2018 Show all workings, formulas and calculationsStep by Step Solution
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