Question based on modified problems $4\mathrm{.}3$ from the reference text $[$Flynn $(2009)]$ from page $135$ of the textbook:

Fill a balance sheet for the company at the end of two years of operation:

a$.$ The company has gross sales of $$48$ million per year and the pattern of sales is even, i$.$e$.$ there is no cyclical pattern to sales.

b$.$ Customers are large firms with a typical payment pattern of every $45$ days.

c$.$ COGS covers material only and takes $60\%$; labour costs are in SG&A;

d$.$ Monthly payroll is $$250000,$ paid biweekly.

e$.$ There are enough raw materials on hand to support one month of manufacturing; two months of actual production of finished goods are in the warehouse.

f$.$ The company pays its suppliers $30$ days after goods are received.

g$.$ The owners started the business with an initial capital injection of $$5\mathrm{.}6$ million $25$ months ago.

h$.$ The owners borrowed $$5\mathrm{.}5$ million of long$-$term debt with the principal repayment in $10$ equal annual payments $($assume the principal repayment on debt has been made for year $2).$

i$.$ The company purchased $$8$ million assets with a straightline depreciation period of $10$ years.

j$.$ In the first two years of the business, the company had a cumulative net income of $$1,800,000$ and paid dividends of $$300,000($ $$150,000$ per year$)$ to the owners.

k$.$ The company has a short$-$term credit line that runs positive or negative based on the fluctuations of the business.

Notes:

Use the information provided in the problem statement to assign the quantities for the various accounts in the balance sheet below.

Calculate the required quantities to indicate the correct amount on each of blanks in the balance sheet for those accounts.

Express your quantities in your answer in thousands $($ $$000).$

If needed, round your answer to $2$ decimal places.

Answer the questions regarding the hypothetical scenario presented after the balance sheet.

Balance Sheet $-$ $$(000)$