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(Working with financial statements) Based on the balance sheet, and income statement, 6. for T. P. Jarmon Company for the year ended December 31, 2018: a. How much is the firm's net working capital and what is the debt ratio? b. Complete a statement of cash flows for the period. c. Compute the changes in the balance sheets from 2017 to 2018. T. P. Jarmon Company Balance Sheet for 12/31/2017 and 12/31/2018 Assets 2017 2018 Cash $ $ 13,800 15,000 6,000 Marketable securities 6,000 Accounts receivable 33,200 Inventory 42,000 51,000 1,200 84,040 1,000 Prepaid rent Total current assets $ 115,200 $ 138,040 Net plant and equipment $ 286,000 $ 269,800 Total assets $ 401,200 $ 407,840 Liabilities and Equity 2017 2018 Accounts payable $ 48,000 $ 57,200 Accruals 4,900 6,000 15,000 Notes payable 13,200 Marketable securities 6,000 6,000 Accounts receivable 42,000 33,200 Inventory 51,000 1,200 84,040 1,000 Prepaid rent $ 115,200 $ 138,040 Total current assets $ 286,000 $ 269,800 Net plant and equipment $ 401,200 $ 407,840 Total assets Liabilities and Equity 2017 2018 Accounts payable $ 48,000 $ 57,200 Accruals 6,000 15,000 4,900 13,200 Notes payable Total current liabilities $ 69,000 $ 75,300 Long-term debt $ 160,000 $ 149,700 Common stockholders' equity $ 172,200 $ 182,840 Total liabilities and equity $ 401,200 $ 407,840 T. P. Jarmon Company Income Statement for Years Ended 12/31/2018 Sales $ 600,400 459,600 $ 140,800 Less cost of goods sold Gross profit Operating and interest expenses General and administrative Interest $ 30,200 10,100 30,100 Depreciation $ 70,400 Total operating and interest expenses Earnings before taxes $ 70,400 28,160 Taxes Net income available to common stockholders $ 42,240 31,600 Cash dividends $ 10,640 Change in retained earnings a. How much is the firm's net working capital and what is the debt ratio? The net working capital is $ 62740. (Round to the nearest dollar.) The debt ratio is 55.2 %. (Round to one decimal place.) b. Complete a statement of cash flows for the period. Complete the operating activities part of the statement of cash flows: (Round to the nearest Statement of Cash Flows Cash flows from Operating Activities Net income $ 42,240 $ 30,100 0 Adjustments Depreciation Increase in marketable securities Decrease in accounts receivable Prepaid expenses Increase in inventaries (less A/P) 8,800 200 (23.840) a. How much is the firm's net working capital and what is the debt ratio? b. Complete a statement of cash flows for the period. c. Compute the changes in the balance sheets from 2017 to 2018. Net income 42,240 $ $ 30,100 Adjustments Depreciation Increase in marketable securities Decrease in accounts receivable 0 8,800 200 Prepaid expenses Increase in inventories (less A/P) (23,840) (1,100) Decrease in accruals Net cash provided by operating activities $ 56,400 Complete the investing activities part of the statement of cash flows: (Round to the nearest dollar. NOTE: Statement of Cash Flows (Cont'd) Cash Flows from Investing Activities Increase in gross plant and equipment Net cash provided (consumed) by Investing activities (13,900) (13,900) Statement of Cash Flows (Cont'd) Cash Flows from Financing Activities Decrease in notes payable Decrease in debt (1,800) (10,300) (31,600) Dividends Net cash provided by financing activities (43,700) Net decrease in cash (1,200) 15,000 Cash, January 1, 2018 Cash, December 31, 2018 $ 13,800 c. Compute the changes in the balance sheets from 2017 to 2018. Complete the changes in the assets section of the balance sheets from 2017 to 2018: (Round Balance Sheet Changes from 2017 to 2018: Enter any number in the edit fields and then click Check Answer. Balance Sheet Changes from 2017 to 2018: ASSETS Cash $ (1,200) 0 Marketable securities Accounts receivable Inventory Prepaid rent (8,800) 33,040 (200) 22,840 13,900 Total current assets Gross plant and equipment Less: Accumulated depreciation Net plant and equipment (30,100) (16,200) Total assets 6,640 Complete the changes in the liabilities and owners' equity section of the balance sheets from 20 Balance Sheet Changes from 2017 to 2018: (Cont'd) I IA DILITICE ANN IAINEDO COLIITV Total current assets c. Compute the changes in the balance sheets from 2017 to 2018. GO Gross plant and equipment $ 13,900 Less: Accumulated depreciation (30,100) Net plant and equipment (16,200) Total assets 6,640 Complete the changes in the liabilities and owners' equity section of the balance sheets from 2017 to 2018: (Round CA Balance Sheet Changes from 2017 to 2018: (Cont'd) LIABILITIES AND OWNERS' EQUITY Accounts payable Accruals Notes payable Total current liabilities Long-term debt Common stockholders' equity Total liabilities and equity