EcoFan Inc. 2020 fiscal year started January 1st, 2020 and ended December 31st, 2020. During the...

 

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EcoFan Inc. 2020 fiscal year started January 1st, 2020 and ended December 31st, 2020. During the year, total revenues were $934,400 with a gross margin of (exactly) 42%. Expenses during the year included $149,504 in Selling, General and Administrative (SG&A), $56,064 in Research & Development (R&D), and $84,096 in interest payments. EcoFan's tax rate for the year was (exactly) 27%. a) Construct a complete Income Statement for EcoFans's 2020 fiscal year, using the information provided above. Make sure to include the followings in your statement; Net revenue, Cost of goods sold, Gross margin, Expenses (SG&A, R&D, Interest). Earning before income taxes, Income taxes, and Net earning. You may round all values to the nearest dollar. b) The table below shows a portion of EcoFans's Balance Sheets for the 2019 and 2020 fiscal years. Find the EcoFan's Change in Net Working Capital for the 2020 fiscal year. (Partial) Balance Sheet Dec 31, 2019 Dec 31, 2020 Assets Current 303,860 $ 245,908 53,922 $ Cash and cash equivalents Accounts receivable 2$ 44,608 Total current assets 357,782 $ 290,516 Long-term investments Capital assets $ 518,244 $ 602,909 Total assets $ 876,026 $ 893,425 Liabilities Current Accounts payable $ 73,578 $ 73,578 $ 81,115 Total current liabilities $ 81,115 EcoFan Inc. 2020 fiscal year started January 1st, 2020 and ended December 31st, 2020. During the year, total revenues were $934,400 with a gross margin of (exactly) 42%. Expenses during the year included $149,504 in Selling, General and Administrative (SG&A), $56,064 in Research & Development (R&D), and $84,096 in interest payments. EcoFan's tax rate for the year was (exactly) 27%. a) Construct a complete Income Statement for EcoFans's 2020 fiscal year, using the information provided above. Make sure to include the followings in your statement; Net revenue, Cost of goods sold, Gross margin, Expenses (SG&A, R&D, Interest). Earning before income taxes, Income taxes, and Net earning. You may round all values to the nearest dollar. b) The table below shows a portion of EcoFans's Balance Sheets for the 2019 and 2020 fiscal years. Find the EcoFan's Change in Net Working Capital for the 2020 fiscal year. (Partial) Balance Sheet Dec 31, 2019 Dec 31, 2020 Assets Current 303,860 $ 245,908 53,922 $ Cash and cash equivalents Accounts receivable 2$ 44,608 Total current assets 357,782 $ 290,516 Long-term investments Capital assets $ 518,244 $ 602,909 Total assets $ 876,026 $ 893,425 Liabilities Current Accounts payable $ 73,578 $ 73,578 $ 81,115 Total current liabilities $ 81,115

Answer rating: 100% (QA)

aIncome Statement for Ecofans 2020 fiscal year Net Revenue 934400 cost of go... View the full answer