Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent...

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Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent information and use it to fill in numbers on the Balance Sheet below. Not all information may be necessary to complete the statement. Leave any unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper. You will need these files to complete this: • Wally Widget Income Statement a • Wally Widget Cash Flow Statement • Balance Sheet blank form Wally started a weekend widget stand on his landlord's front lawn with a $2000 inheritance (owner investment). He relied on his brightly-colored stand, drive-by traffic, and word-of-mouth to attract customers. The stand has a market value of $500. Wally paid his landlord $15 up front for a year of lawn space and spent another $150 on the stand, which has a lifespan of 4 years. The city heard about his scheme and charged him $30 for a permit. In his first year of business, Wally acquired 1000 widgets for $1.00 each and sold all but 50 of them at 80% markup. Due to a defect in some of the product, he discounted a total of $10. Additional costs included $30.00 in UPS bills and $10.00 for 1000 bags. Sales tax amounted to $106. The Marginal Tax Rate (MTR) is 25%, Based on the given Wally's Widgets scenario, fill in the numbers below. DO NOT use the dollar sign, numbers only, no decimals. Make sure to include parenthesis when necessary. Wally's Widgets Balance Sheet For the year ended December 31, 20xx Wally's Widgets Cash Flow Statement For the year ended December 31, 20xx Operating Activities Net Sales to Customers 1,806 Accounts Receivable from Customers 20xx Payments for Total Operating Expenses Add Depreciation Expenses Taken (354) 163 Add Accounts Payable for Current Year Payments for prior year Income Taxes Payments for current year Income Taxes Payments for Inventory Net Cash Flows from Operating Activities (126) (1,000) (650) Investing Activities Proceeds from the sale of property, plant, and equipment Purchased Property, Plant, and Equipment (650) Net Cash Flows from Investing Activities (650) Financing Activities Owner Investment 2,000 Owner Withdrawals Repayment of Long-term Debt Net Cash Flows from Financing Activities 2,000 Changes in Cash Balance Net Change in Cash for Current Year Add: Beginning Cash Balance Ending Cash Balance 1,839 1,839 Wally's Widgets Income Statements For the year ended December 31, 20x Revenue Gross Sales 1,816 Less: Sales returns and Discounts (10) 1,806 Net Sales Cost of Goods Sold Beginning Inventory Purchas of Widgets Less: Ending Inventory Less: Cost of Goods Sold 1,000 50 (950) Gross Profit 856 Operating Expenses Selling Expenses Delivery Expenses Advertising Expenses 30 Salaries Miscellaneous Expenses 10 Sales Taxes Paid 106 Total Selling Expenses 146 General Admin. Expenses Rent Expenses Utilities Expenses 15 Insurance Expenses Wages Permits and Licenses 30 Depreciation Expenses 163 Total General and Admin. Expenses 208 Less: Total Operating Expenses 354 Income Before Taxes 502 Less: Income Taxes (@25%) Net Income after Taxes 126 376 Wally's Widgets Balance Sheet As of December 31, 20XX Assets Current Assets Cash and Equivalents i Accounts Receivable M Ending Inventory (at cost) F Total Current Assets Long-term Assets Property, Plant and Equipment G Less Accumulated Depreciation B Other Assets Total Long-Term Assets Total Assets Liabilities and Owners' Equity Current Liabilities Accounts Payable D Employment Taxes Payable D Income Taxes Owed (2010) i Notes Payable Total Current Liabilities Long-term Liabilities Long-term Debt Other Long-term Liabilities Total Long-term Liabilities Total Liabilities Owners' Equity Owner Capital (1/1/2010) Owner Capital Paid in 2010 H Net Income After Taxes for the Year N Less Owner Withdrawals Total Owners' Equityi Total Liabilities and Owners' Equity Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent information and use it to fill in numbers on the Balance Sheet below. Not all information may be necessary to complete the statement. Leave any unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper. You will need these files to complete this: • Wally Widget Income Statement a • Wally Widget Cash Flow Statement • Balance Sheet blank form Wally started a weekend widget stand on his landlord's front lawn with a $2000 inheritance (owner investment). He relied on his brightly-colored stand, drive-by traffic, and word-of-mouth to attract customers. The stand has a market value of $500. Wally paid his landlord $15 up front for a year of lawn space and spent another $150 on the stand, which has a lifespan of 4 years. The city heard about his scheme and charged him $30 for a permit. In his first year of business, Wally acquired 1000 widgets for $1.00 each and sold all but 50 of them at 80% markup. Due to a defect in some of the product, he discounted a total of $10. Additional costs included $30.00 in UPS bills and $10.00 for 1000 bags. Sales tax amounted to $106. The Marginal Tax Rate (MTR) is 25%, Based on the given Wally's Widgets scenario, fill in the numbers below. DO NOT use the dollar sign, numbers only, no decimals. Make sure to include parenthesis when necessary. Wally's Widgets Balance Sheet For the year ended December 31, 20xx Wally's Widgets Cash Flow Statement For the year ended December 31, 20xx Operating Activities Net Sales to Customers 1,806 Accounts Receivable from Customers 20xx Payments for Total Operating Expenses Add Depreciation Expenses Taken (354) 163 Add Accounts Payable for Current Year Payments for prior year Income Taxes Payments for current year Income Taxes Payments for Inventory Net Cash Flows from Operating Activities (126) (1,000) (650) Investing Activities Proceeds from the sale of property, plant, and equipment Purchased Property, Plant, and Equipment (650) Net Cash Flows from Investing Activities (650) Financing Activities Owner Investment 2,000 Owner Withdrawals Repayment of Long-term Debt Net Cash Flows from Financing Activities 2,000 Changes in Cash Balance Net Change in Cash for Current Year Add: Beginning Cash Balance Ending Cash Balance 1,839 1,839 Wally's Widgets Income Statements For the year ended December 31, 20x Revenue Gross Sales 1,816 Less: Sales returns and Discounts (10) 1,806 Net Sales Cost of Goods Sold Beginning Inventory Purchas of Widgets Less: Ending Inventory Less: Cost of Goods Sold 1,000 50 (950) Gross Profit 856 Operating Expenses Selling Expenses Delivery Expenses Advertising Expenses 30 Salaries Miscellaneous Expenses 10 Sales Taxes Paid 106 Total Selling Expenses 146 General Admin. Expenses Rent Expenses Utilities Expenses 15 Insurance Expenses Wages Permits and Licenses 30 Depreciation Expenses 163 Total General and Admin. Expenses 208 Less: Total Operating Expenses 354 Income Before Taxes 502 Less: Income Taxes (@25%) Net Income after Taxes 126 376 Wally's Widgets Balance Sheet As of December 31, 20XX Assets Current Assets Cash and Equivalents i Accounts Receivable M Ending Inventory (at cost) F Total Current Assets Long-term Assets Property, Plant and Equipment G Less Accumulated Depreciation B Other Assets Total Long-Term Assets Total Assets Liabilities and Owners' Equity Current Liabilities Accounts Payable D Employment Taxes Payable D Income Taxes Owed (2010) i Notes Payable Total Current Liabilities Long-term Liabilities Long-term Debt Other Long-term Liabilities Total Long-term Liabilities Total Liabilities Owners' Equity Owner Capital (1/1/2010) Owner Capital Paid in 2010 H Net Income After Taxes for the Year N Less Owner Withdrawals Total Owners' Equityi Total Liabilities and Owners' Equity

Answer rating: 100% (QA)

Answer Wallys Widgets Balance Sheet as on Dec 31 20XX Assets Current Assets C... View the full answer