Please complete the following:

Prepare Net Income Statements for both years
Prepare Balance Sheets for both years
Prepare Cash Flow Statement for Next Year

 

Transcribed Image Text:

Account Cost of Goods Sold Cash Current Yr $96,952.00 $13,990.00 $27,370.00 Depreciation Expense Interest Expense Other Fixed Expenses Accounts Payable Net Fixed Assets Sales Accounts Receivable Short-Term Notes Payable $11,270.00 Long-Term Debt Inventory Existing Common Stock $38,569.00 $5,950.00 $19,067.00 $24,725.00 $120,750.00 $190,199.00 $9,913.00 $60,950.00 $20,861.00 $12,305.00 1/1 Retained Earnings Balance $13,656 $0.00 New Common Stock Issue $0.00 Next Yr $122,418.00 $21,137.00 $30,936.00 $6,820.00 $24,886.00 $28,003.00 $147,115.00 $231,840.00 $12,859.00 Other Information: • % Net Income paid out in dividends: 50% • Tax Rate: 20% $70,150.00 $28,628.00 $0.00 $12,000.00 Account Cost of Goods Sold Cash Current Yr $96,952.00 $13,990.00 $27,370.00 Depreciation Expense Interest Expense Other Fixed Expenses Accounts Payable Net Fixed Assets Sales Accounts Receivable Short-Term Notes Payable $11,270.00 Long-Term Debt Inventory Existing Common Stock $38,569.00 $5,950.00 $19,067.00 $24,725.00 $120,750.00 $190,199.00 $9,913.00 $60,950.00 $20,861.00 $12,305.00 1/1 Retained Earnings Balance $13,656 $0.00 New Common Stock Issue $0.00 Next Yr $122,418.00 $21,137.00 $30,936.00 $6,820.00 $24,886.00 $28,003.00 $147,115.00 $231,840.00 $12,859.00 Other Information: • % Net Income paid out in dividends: 50% • Tax Rate: 20% $70,150.00 $28,628.00 $0.00 $12,000.00

Answer rating: 100% (QA)

1 Net Income Statements For the Current Year Sales 19019900 Cost of Goods Sold 9695200 Depreciation Expense 2737000 Interest Expense 595000 Other Fixe... View the full answer