Buffet Company Balance Sheets Cash Accounts receivable Inventories 2023 2022 $225,000 $250,000 $475,000 $450,000 $350,000 $275,000...

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Buffet Company Balance Sheets Cash Accounts receivable Inventories 2023 2022 $225,000 $250,000 $475,000 $450,000 $350,000 $275,000 Total current assets $1,050,000 $975,000 Fixed assets $1,750,000 $1,425,000 Total assets $2,800,000 $2,400,000 Accounts Payable $280,000 $380,000 Bank Loan $590,000 $450,000 Total Current liabilities $870,000 $830,000 Bonds Payable $690,000 $490,000 Total liabilities: $1,560,000 $1,320,000 Common stock (30.000 shares) Retained Earnings Total liabilities and equity Note: The common shares are trading in the stock market for $36 each. $700,000 $600,000 $540,000 $480,000 $2,800,000 $2,400,000 Buffet Company Income Statement 2023 Sales $2,200,000 Cost of goods sold ($1,300,000) Gross profit $900,000 Selling and Admn. Exp. ($480,000) Net operating profit $420,000 Interest expense ($160,000) Net income before taxes $260,000 Taxes (40%) ($104,000) $156,000 Net income many (3 Buffet Company Balance Sheets Cash Accounts receivable Inventories 2023 2022 $225,000 $250,000 $475,000 $450,000 $350,000 $275,000 Total current assets $1,050,000 $975,000 Fixed assets $1,750,000 $1,425,000 Total assets $2,800,000 $2,400,000 Accounts Payable $280,000 $380,000 Bank Loan $590,000 $450,000 Total Current liabilities $870,000 $830,000 Bonds Payable $690,000 $490,000 Total liabilities: $1,560,000 $1,320,000 Common stock (30.000 shares) Retained Earnings Total liabilities and equity Note: The common shares are trading in the stock market for $36 each. $700,000 $600,000 $540,000 $480,000 $2,800,000 $2,400,000 Buffet Company Income Statement 2023 Sales $2,200,000 Cost of goods sold ($1,300,000) Gross profit $900,000 Selling and Admn. Exp. ($480,000) Net operating profit $420,000 Interest expense ($160,000) Net income before taxes $260,000 Taxes (40%) ($104,000) $156,000 Net income many (3

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Here are the steps to solve this problem 1 Calculate net working capital for 2023 and 2022 Current a... View the full answer