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Question 3: Based on the financial metrics, and select income statement and balance sheet accounts from below, forecast the missing balance sheet accounts (accounts marked
Question 3: Based on the financial metrics, and select income statement and balance sheet accounts from below, forecast the missing balance sheet accounts (accounts marked with "?") for year 2. There are four accounts balances that are missing. Fill in the box in the $xxx,xxx or $xx,xxx format. Remember Accumulated Depreciation is a contra account and needs to be inputed in the box as a negative number. Part A: Inventory = Part B: Accumulated Depreciation = Part C: Accounts Payable = Part D: Retained Earnings = Select Financial Metrics Inventory Turnover is 10X The company pays its Account Payable every 25 days 25% dividends are paid on net income \begin{tabular}{|l|r|r|} \hline Select Income Statement Accounts & \multicolumn{1}{|c|}{ Year 1 } & \multicolumn{1}{|c|}{Year2} \\ \hline Revenue & $350,000 & $750,000 \\ \hline Cost of Goods Sold & $150,000 & $400,000 \\ \hline Depreciation & $50,000 & $40,000 \\ \hline Net Income & $65,000 & $130,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|c|} \hline Select Balance Sheet Accounts & & \\ \hline Assets & Year 1 & Year 2 \\ \hline Cash & $88,202 & $168,801 \\ \hline Accounts Receivable & $19,178 & $41,096 \\ \hline Inventory & $12,329 & ? \\ \hline Fixed Assets & $500,000 & $500,000 \\ \hline Accumulated Depreciation & $(50,000) & ? \\ \hline Total Assets & $568,647 & $659,897 \\ \hline Liabilities & Year 1 & Year 2 \\ \hline \end{tabular} [5es/1889096/quizzes/securedtlockdown \begin{tabular}{|l|r|r|} \hline Select Income Statement Accounts & Year 1 & \multicolumn{1}{|c|}{ Year 2 } \\ \hline Revenue & $350,000 & $750,000 \\ \hline Cost of Goods Sold & $150,000 & $400,000 \\ \hline Depreciation & $50,000 & $40,000 \\ \hline Net Income & $65,000 & $130,000 \\ \hline \end{tabular} Select Balance Sheet Accounts
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