Below are Sinnohs financial statements: FY 2020 Sales 59,917.04 COGS 46,672.34 Depreciation & Amortization Expense 1,779.31 Gross
Question:
Below are Sinnoh’s financial statements:
| FY 2020 |
Sales | 59,917.04 |
COGS | 46,672.34 |
Depreciation & Amortization Expense | 1,779.31 |
Gross Income | 11,465.39 |
SG&A Expense | 6,727.03 |
EBIT (Operating Income) | 4,738.36 |
Nonoperating Income | 86.94 |
Interest Expense | 461.03 |
Pre-tax Income | 4,364.27 |
Income Taxes | 821.76 |
Net Income | 3,542.51 |
| FY 2020 |
31-Dec-20 | |
Assets |
|
Cash & Short-Term Investments | 3,727.23 |
Accounts Receivables | 2,309.45 |
Inventories | 2,174.50 |
Prepaid Expenses | 549.65 |
Property, Plant & Equipment (Net) | 17,148.00 |
Total Long-Term Investments | 824.00 |
Intangible Assets | 8,197.07 |
Total Assets | 34,929.90 |
|
|
Liabilities & Shareholders' Equity |
|
Short-term Debt & Current Portion Long-term Debt | 1,878.15 |
Accounts Payable | 3,362.38 |
Other Current Liabilities for operating purpose | 2,078.79 |
Long-Term Debt | 9,934.23 |
Other Long-term Liabilities (non-interesting bearing) | 2,692.42 |
Total Liabilities | 19,945.97 |
|
|
Common Stock | 824.97 |
Additional Paid-In Capital | 29.03 |
Retained Earnings | 14,129.93 |
Total Shareholders' Equity | 14,983.93 |
Requirement 3:
According to your calculation in Requirement 1, how much is Sinnoh’s Business Assets at the end of FY2020? Should this number be identical to, or different from, the amount of total assets reported on the company’s balance sheet? Explain why.
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain