Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Summarized versions of Ramirez Corporation's financial statements for two recent years are as follows. (Click the icon to view the financial statements.) Requirement 1. Complete

image text in transcribed

image text in transcribed

Summarized versions of Ramirez Corporation's financial statements for two recent years are as follows. (Click the icon to view the financial statements.) Requirement 1. Complete Ramirez 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) 2019 2018 (in Thousands) Income Statement Revenues $ 14,500 Cost of goods sold 11,040 1,260 1,190 Other expenses Income before income taxes 1,650 1,800 630 Income taxes (35%) Net income Statement of Retained Earnings Beginning balance Net income $ 2,700 Dividends (82) (60) Ending balance Balance Sheet Assets Cash Property, plant, and equipment 1,587 1,346 11,859 Other assets 14,540 Total assets Liabilities Current liabilities 5,600 3.390 Lana-term debt 4.750 Long-term debt 4,750 985 3,390 1,130 Other liabilities Total liabilities $ 9,300 Stockholders' equity: Common stock 400 $ 400 Retained earnings 110 Other stockholders' equity 210 4,420 Total stockholders' equity Total liabilities and stockholders' equity Cash Flow Statement 1,100 Net cash provided by operating activities Net cash used in investing activities (230) (580) (525) (530) Net cash used in financing activities Increase (decrease) in cash (90) 290 Cash at beginning of year Cash at end of year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Keys To Reading An Annual Report

Authors: George T. Friedlob, Ralph E. Welton

4th Edition

0764139150, 978-0764139154

More Books

Students also viewed these Accounting questions

Question

Why does an inventory error affect two periods?

Answered: 1 week ago