Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(You'll use this information for SIX questions.) Complete the financial statements below for the Little Stone Candy Co. Which of the following values is correct
(You'll use this information for SIX questions.) Complete the financial statements below for the Little Stone Candy Co. Which of the following values is correct for cell C56? Little Stone Candy Co. 2020 2019 Income Statement Revenue $ 102,007 $ 118,086 COGS $ 39,023 $ 48,004 Gross Profit $ 62,984 $ 70,082 Expenses Salaries and Benefits $ 26,427 $ 22,658 Rent and Overhead $ 10,963 $ 10,125 Depreciation & Amortization $ 19,500 $ 18,150 Interest $ 2,500 $ 2,500 Total Expenses $ 59,390 $ 53,433 EBT $ 3,594 $ 16,649 Taxes $ 1,120 $ 4,858 Net Income $ 2,474 $ 11,791 Balance Sheet Assets Cash Accounts Receivable Inventory Gross PP&E Accumulated Depreciation Net PP&E Total Assets $ $ $ 167,971 5,100 $ 7,805 $ $ C23 $ 45,500 $ 226,376 $ D19 5,904 9,601 50,820 8,470 42,350 239,065 $ $ $ $ $ 3,902 $ 35,735 $ 39,637 $ 4,800 50,000 54,800 Liabilities Accounts Payable Debt Total Liabilities Shareholder's Equity Capital Stock at Par Additional Paid in Capital Retained Earnings Total Shareholders Equity Total Liabilities and Equity C34 $ $ $ $ $ 70,000 100,000 14,265 184,265 239,065 Cash Flow Statement Operating Cash Flow Net Income Depreciation Change In Accounts Receivable Change In Inventory Change In Accounts Payable Cash from Operations $ $ $ $ $ $ 2,474 19,500 804 1,796 (898) 23,676 Investing Cash Flow Investments in PP&E Cash from Investing C48 Financing Cash Flow Issuance/Repayment of debt Issuance/Repurchase of equity Cash from Financing C54 C56 Net change in cash $64,957 $39,098 $ 14,137 $13,239 $64,059
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