Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Summarized versions of Heartsong Corporation's financial statements for two recent years are as follows (Click the icon to view the financial statements) Requirement 1.
Summarized versions of Heartsong Corporation's financial statements for two recent years are as follows (Click the icon to view the financial statements) Requirement 1. Complete Heartsong Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar (Round the tax calculation to the nearest thousand dollars Use parentheses or a minus sign when entering a net decrease in cash) Data table 2022 2021 Income Statement (in Thousands) 2022 2021 Income Statement (in Thousands) Revenues 13900 S 16.275 Revenues Sk$ 16.275 Cost of goods sold 11.090 12965 1.230 1210 Cost of goods sold 11.090 " Other expenses 1.230 1210 Income before income taxes Other expenses 1,580 2,100 Income before income taxes 1.500 2.100 553 735 Income taxes (35%) 1 735 Income taxes (35%) 1027 1365 Net income Sm Sb Net income Statement of Retained Earnings Statement of Retained Earnings Beginning balance S 2.750 1027 1365 Beginning balance SnS 2,750 Net income Net income (00) (110) Dividends (80) (110) Dividends declared Sp $d Ending balance Balance Sheet Assets Cash Property, plant, and equipment 1.567 1346 12.004 Other assets 14,695 Total assets Ending balance Balance Sheet Assets Cash Sq Se Property, plant, and equipment 1.567 1.346 12.004 Other assets $ $ 14.695 Liabilities Current abilities Long-term debt Other Kabilties Total assets Liabilities $ 5.700 Curent abilities $15 5700 4.400 3390 1,015 1.160 Long-term debt 4,400 3.390 1.015 1.360 Total liabilities $ 5.300 Other abilities Total abilities S 9.300 $1 Stockholders' equity: Stockholders' equity Common stock S 250 $ 250 Common stack $ 2505 250 Retained earnings 100 190 Rednings IM 9 Other stockholders' equity 100 190 Other stockholders' equity Total stockholders' equity 4.445 4445 Total stockholders equity Total liabilities and stockholders' equity sw Sh Tatal abides and stockholders equity Cash Flow Statement Net cash provided by operating activities $ 1.100 Net cash used in investing activities 010) (525) Net cash used in financing activities Increase (decrease) in cash (530) (530) Print Done 210) Clear all Check answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started