Draw up an income statement and balance sheet for this company for 2020 and 2021. If the balance sheet does not balance based on the current information, add a new item “other shareholder equity” with appropriate value in the equity component.

For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders.

 (assume the tax rate is 25%): 

Transcribed Image Text:

Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $21,050 3,080 7,440 1,805 1,401 11,320 14,909 2,111 37,726 94,687 8,151 26,559 2,580 2021 $24,030 3,207 8,750 1,543 1,703 12,014 17,500 2,106 45,869 100,800 8,613 28,412 3,010 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 $21,050 3,080 7,440 1,805 1,401 11,320 14,909 2,111 37,726 94,687 8,151 26,559 2,580 2021 $24,030 3,207 8,750 1,543 1,703 12,014 17,500 2,106 45,869 100,800 8,613 28,412 3,010

Answer rating: 100% (QA)

To create an income statement and balance sheet for the company for 2020 and 2021 we can use the given information Lets start with the income statemen... View the full answer