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.

2018 2019
Revenue $ 4,900 $ 5,000
Cost of goods sold 1,800 1,900
Depreciation 480 500
Inventories 300 330
Administrative expenses 510 560
Interest expense 140 140
Federal and state taxes* 590 610
Accounts payable 280 320
Accounts receivable 350 385
Net fixed assets 4,600 5,340
Long-term debt 2,800 3,150
Notes payable 853 530
Dividends paid 470 470
Cash and marketable securities 850 450

* Taxes are paid in their entirety in the year that the tax obligation is incurred.

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.)

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_2

Step: 3

blur-text-image_3

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

Funded The Entrepreneurs Guide To Raising Your First Round

Authors: Katherine Hague

1st Edition

1491940263, 9781491940266

More Books

Students also viewed these Accounting questions