Question: Pls solve Asap Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that


Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year ending 2016 Sales Revenues $500,000 Cost of goods sold 355,000 Fixed costs 58,000 Selling, general, and administrative expenses 25,334 Depreciation 20,000 EBIT Interest expense Taxable Income Taxes Net Income 25,000 *Tax rate 40% Dividens paid 5,000 Partial Balance Sheet 12/31/2015 ASSETS LIABILITIES Current Assets Current Liabilities. Cash 15,000 Notes payable 10,000 Accounts receivable 35,000 Accounts payable 17.000 Inventories 25.000 Total current liabilities Total current assets Long-term debt 118,000 Gross Fixed assets Total Liabilities OWNERS' EQUITY Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 15,000 Notes payable 35,000 Accounts payable i 25.000 Total current liabilities Long-term debt ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS These are cumulative retained earnings but textbook simply calls it retained earnings Partial Balance Sheet 12/31/2016. ASSETS LIABILITIES Current Assets Current Liabilities Cash 2,000 Notes payable Accounts receivable 20,000 Accounts payable Inventories 28.000 Total current liabilities Total current assets Long-term debt Gross Fixed assets Accumulated depreciation Net Fixed Assets. Intangible assets Total long-term assets TOTAL ASSETS Total Liabilities OWNERS' EQUITY 100.000 Retained earnings (1) Common stock 0 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY Total liabilities OWNERS' EQUITY Retained earnings 0 Common stock Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY 10,000 17.000 118.000 70,000 200.000 20,000 20.000 60,000 200.000 Total current assets Gross Fixed assets Total liabilities Accumulated depreciation OWNERS' EQUITY Net Fixed Assets Retained earnings Intangible assets Common stock Total long-term assets Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. 1. What is the EBIT in 2016? A 2. What is amount for Total Liabilities & Owner's Equity for 2016? A 3. What is the current assets in 2015? A 4. What A 5. is the amount for Retained Earnings in the Balance Sheet in 2016? What is the amount for Gross Fixed Assets in the Balance Sheet in 2015? A 6. What is the amount for Total Owner's Equity in the Balance Sheet for 2015? A 7. What is the amount of total liabilities in the Balance Sheet in 2015? Long-term debt 60,000 200.000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
