SP22 HRM Finance Class Exercise 1 - Income Statement and Balance Sheet DATA Lemons and Sugar and Cups Cash Biff owes us for his monthly tab The Stand and Equipment and License from the University Vendor Bills Loan from the bank $1,800 S300 $1,000 $2.000 $1,600 $1,000 DATA Sales 2018 Cost of the cups and lemons and sugar and stuff to make each cup General & Administrative Expenses Interest on S1,000 loan at 10% per year Tax rate $12.000 $8,300 S1,700 S100 35% 1 WORKING WITH INCOME STATEMENT Use the DATA provided below to prepare an Income Statement DATA Sales Unhide s A s Cost of goods sold General and administrative expenses Depreciation expenses Interest expense Income taxes 725,000 300,000 65,000 12,000 18,000 115.500 S S $ Solution Income Statement and Common-Sized Income Statement: Sales Cost of Goods sold Gross Profits General & Admin expenses Depreciation expense Total operating expense Operating income (EBIT) Interest expense Earnings before taxes Taxes Net Income 2 WORKING WITH BALANCE SHEET Use the DATA provided below to prepare a Balance Sheet DATA Cash S Account receivables 60,000 46,800 S DATA Cash Account receivables s 60,000 s $ $ S S S Accounts payable Short-term notes payable Inventories Gross fixed assets Other current assets Accumulated depreciation Long-term debt Common stock Others Retained camning 46,800 24,000 15,000 50,000 1.360,000 5.000 272.000 200.000 490,000 15,000 535.800 $ S S S $ Solution Balance Sheet S Accounts receivable Inventory Other current assets Total current sets Gross Buildings and equipotent Accumulated Depreciation Netized Othe Totalt Notepayable Accounts payable Tot current abilities Longe det T+7:07 24811 st SP22+HRM+Finan + Part A Part D WORKING WITH INCOME STATEMENT AND BALANCE SHEET Use the DATA provided below to prepare an Income Statement and Balance Sheet DATA S 650,000 190,000 S S 2 S $ $ 360,000 86,000 38,000 63.000 32,000 $ S Sales Accumulated depreciation Cash Cost of goods sold Account receivables Depreciation expenses Accounts payable Interest expense Short-term notes payable Income taxes Inventories General and administrative expenses Gross fixed assets Long-term debt Common stock Other assets Retained earnings S 28,500 61,250 $ $ $ S $ 47,000 45,000 675,000 420.000 150,000 18,000 138.500 S S $ Solution Income Statement: Sales Cost of Goods sold Gross Profits General & Admin expenses Depreciation expense Total operating expense Operating income (EBIT) Interest expense Earnings before taxes Taxes Net Income Balance Sheet Cash Accounts receivable Inventory Total current assets Gross Buildings and equipment Accumulated Depreciation Net fixed assets Other assets Total assets Accounts payable Notes payable Total current liabilities Long-term debt Total Liabilities Common Stock Retained camings Total equity Total liabilities and equity