Download the file named Chapter 2 Problem 3.xlsx from the text support Web site. Data from Chapter

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Download the file named “Chapter 2 Problem 3.xlsx” from the text support Web site.

Data from Chapter 2 Problem 3.xlsx

New Smyrna Surf Shop
Income Statements
For the Years 2019 and 2020

20202019
Sales $ 378,565 $ 303,750
Cost of Goods Sold 208,208 167,062
Gross Profit

Depreciation Expense
 6,272
Selling & Admin Expense 1,113 972
Net Operating Income

Interest Expense 1,376 1,093
Earnings Before Taxes

Taxes

Net Income




Notes:

Tax Rate25.0%25.0%
Shares Outstanding

Earnings per Share

Dividends per Share$6.00$5.00
Addition to RE per Share

a. Fill in the blanks on the financial statements for New Smyrna Surf Shop with formulas. Some of the formulas will require links to data given in other worksheets in the workbook.

b. Create a common-size income statement and balance sheet using your answers from above. Using the techniques you have learned in this chapter, you should be able to do these statements in less than one minute with formatting that is identical to the original worksheets.

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