Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars.image text in transcribedimage text in transcribed

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. 2018 2019 Revenue $4,100 $4,200 Cost of goods sold 1,700 1,800 Depreciation 470 490 Inventories 270 335 Administrative expenses 520 570 Interest expense 240 240 Federal and state taxes* 340 360 Accounts payable 320 355 350 395 Accounts receivable. Net fixed assets + Long-term debt 4,800 5,540 2,400 2,860 Notes payable 687 540 Dividends paid 380 380 Cash and marketable securities 760 480 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a balance sheet for Fincorp for 2018 and 2019. (Enter your answers in thousands of dollars.) Fincorp Inc. Balance Sheet Assets 2018 Liabilities and Shareholders' Equity Total assets $ 0 $ 2019 Total liabilities 0 Total liabilities and shareholders' equity $ $ 2018 0 0 $ $ 2019 0 0

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

Contemporary Issues In Behavioral Finance

Authors: Simon Grima

1st Edition

1787698823, 978-1787698826

More Books

Students also viewed these Finance questions

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

4. Describe the factors that influence self-disclosure

Answered: 1 week ago

Question

1. Explain key aspects of interpersonal relationships

Answered: 1 week ago