A partially completed balance sheet for Blue Co. Inc. as of October 31, 2019, is presented. Where amounts are shown for various items, the amounts are correct. Required: Using the following data, complete the balance sheet. a. Blue Co.'s records show that current and former customers owe the firm a total of $4,200; $690 of this amount has been due for more than a year from two customers who are now bankrupt. b. The automobile, which is still being used in the business, cost $16,500 new, a used car dealer's Blue Book shows that it is now worth $10,000. Management estimates that the car has been used for one-third of its total potential use. (The car is being depreciated using the straight-line method.) c. The land cost Blue Co. $15,000; it was recently assessed for real estate tax purposes at a value of $19,000. d. Blue Co.'s president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Co. was formed, net income has totaled $31,000, and dividends to stockholders have totaled $20,500. (Enter decreases with a minus sign to indicate a negative financial statement effect.) (Enter decreases with a minus sign to indicate a negative financial statement effect.) BLUE CO. INC. Balance Sheet October 31, 2019 Liabilities and Stockholders' Equity $ 800 Note payable Accounts payable Total liabilities Assets Cash Accounts receivable Land Automobile Less: Accumulated depreciation 3,650 6,000 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets (Enter decreases with a minus sign to indicate a negative financial statement effect.) BLUE CO. INC. Balance Sheet October 31, 2019 Liabilities and Stockholders' Equity $ 800 Note payable Accounts payable Total liabilities Assets Cash Accounts receivable Land Automobile Less: Accumulated depreciation 3,650 6,000 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net income for the year ended December 31, 2019, was $52. Dividends paid during the year ended December 31, 2019, were $16. Cash increased $16 during the year ended December 31, 2019. The cost of new equipment acquired during 2019 was $30; no equipment was disposed of. There were no transactions affecting the land account during 2019, but it is estimated that the fair market value of the land at December 31, 2019, is $84. Required: Complete the balance sheet at December 31, 2019. (Enter decreases with a minus sign to indicate a negative financial statement effect.) 2019 2019 2018 $ 80 Assets Current assets Cash Accounts receivable Inventory Total current assets 252 482 EPSICO INC. Balance Sheets December 31, 2019 and 2018 (Amounts in thousands) 2018 Liabilities and Stockholders' Equity Current liabilities $ 60 Note payable 2 40 Accounts payable 460 Total current liabilities $ 760 Long-term debt Total liabilities $ 50 Stockholders' Equity 750 Common stock (320) Retained earnings $ 480 Total stockholders' equity $ 1,240 Total liabilities & stockholders' equity $ 98 $ 246 344 $ $ $ 160 460 $ 400 $ Land Equipment Less: Accumulated depreciation Total land & equipment Total assets (360) 400 380 780 1,240 $ $ The following selected data are adapted from the November 26, 2017, and November 27, 2016, consolidated balance sheets and income statements for the years then ended for Levi Strauss & Co. and Subsidiaries. All amounts are reported in thousands. Required: Calculate the missing amounts for each year. (Enter your answers in thousands of dollars.) 2016 2017 4,904,030 $ 2,562,729 2,223,727 2,329,012 1,866,805 Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense and other expenses, net Income before income taxes Income tax expense Net income 54,947 118,388 348,781| 116,051 291,209 $ 284,556 $ $ 3,354,692 As at November 26 and 27, respectively: Total assets Total liabilities Total stockholders' equity 2,395,975 591,121 Selected data from the September 30, 2017, and September 24, 2016, consolidated balance sheets and income statements for the years then ended for Apple Inc. follow. All amounts are reported in millions. 2017 $229,234 141, 048 11,581 15,261 2016 $215,639 131,376 10,045 14,194 Net sales Cost of sales Research and development expenses Selling, general, and administrative expenses Operating income Other income, net Provision for income taxes Net income 1,348 15,738 $ 48,351 $ 45,687 Required: a. Calculate the amount of Apple's gross profit for each year. Has gross profit as a percentage of sales changed significantly during the past year? b. Calculate the amount of Apple's operating income for each year. Has operating income as a percentage of sales changed significantly during the past year? c. After completing requirements a and b, calculate the other missing amounts for each year. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the amount of Apple's gross profit for each year. Has gross profit as a percentage of sales changed significantly during the past year? (Enter your answers in millions of dollars.) Gross profit for 2017 Gross profit for 2016 Is the change in gross profit ratio significant? Required A Required B > Check my work Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the amount of Apple's operating income for each year. Has operating income as a percentage of sales changed significantly during the past year? (Enter your answers in millions of dollars.) Operating income for 2017 Operating income for 2016 Is the change in operating income as a percentage of net sales significant? Complete this question by entering your answers in the tabs below. Required A Required B Required C After completing requirements a and b, calculate the other missing amounts for each year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answer in millions of dollars.) 2017 2016 1,348 Operating income Other income, net Income before taxes Provision for income taxes Net income (15,738) 48,351 $ $ 45,687 (Required B Required c > The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (20,000 shares) Income tax expense Cash Retained earnings, 1/1/19 Accrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 $ 139,500 155,000 465,000 279,000 46,500 69,750 220,000 30,150 256,866 135,300 9,300 279,000 125,550 39,000 46,500 16,884 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year. Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a balance sheet at December 31, 2019, for Shae Inc. Based on the financial statements that you have prepared for part a, answer the questions in parts b-e. b. What is the company's average income tax rate? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? Reg A1 Req, A2 Req A3 Req B to E Prepare an income statement for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) $ SHAE INC. Income Statement For the Year Ended December 31, 2019 Net sales Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense Earning before taxes Income tax expense Net income 465,000 (279,000) 186,000 46,500 139,500 39,000 100,500 30,150 70,350 $ CIGLK My WUIK Reg A1 Reg A2 Reg A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) $ 220,000 SHAE INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Paid-in capital | Common stock Retained earnings Beginning balance ce $ Net income Less: Dividends declared and paid Ending balance Total stockholders' equity 135,300 70,350 16,884 188,766 408,766 $ Assets Cash $ Accounts receivable Merchandise inventory 256,866 69,750 139,500 Total current assets $ 466,116 Total assets $ 466,116 Liabilities $ (46,500) Accounts payable Accounts payable Total liabilities $ (46,500) Stockholders' Equity Reg A1 Reg A2 Reg A3 Req B to E b. What is the company's average income tax rate? (Round your final answer to the nearest whole percentage.) c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. (Round your final answer to the nearest whole percentage.) d. What is the par value per share of common stock? (Round your final answer to the nearest whole Dollars.) e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? (Round your final answer to the nearest whole percentage.) Show less b. Average income tax rate C. Interest rate d. Par value per share e. Dividend Req A3 Req B to E )