Question

i need answers to both 1 and 2

1. From the following balance sheet accounts, a. construct a classified balance sheet for 2018 and 2017 b. list all working capital accounts (names, not amounts) c. find the networking capital for the years ended 2018 and 2017 d. is there an increase or decrease in networking capital? Balance Sheet accounts of UMPI Corporation Balance Account 12/31/18 Accumulated depreciation 4,866 Accounts payable 3,210 Accounts receivable 3,644 Cash 1,490 Common stock 7,278 Inventory 5,166 Long-term debt 2,430 Plant, property, and equipment 9,840 Retained Earnings 2,356 Balance 12/31/17 4,234 2,900 3,160 1,210 4,778 4,347 3,600 8,675 1.880 2. From the Income Statement accounts, a. produce a mulitple step income statement for the year Income Statement accounts for the Year Ending 2018 Account Balance Cost of goods sold 1,419,000 Interest expense 288,000 Taxes 318,000 Revenue 2,984,000 Selling, general, and admin expenses 454,000 Depreciation expense 258,000

Answer 1

Answer

Answer la Umpi Corporation Balance Sheet At December At December 31, 2018 31, 2017 1,490 3,644 5,166 10,300 1,210 3,160 4,347 8,717 9,840 8,675 At December 31, 2018 Assets Current assets: Cash and cash equivalents Accounts receivable, net of allowance Inventories Total current assets Property, plant, and equipment: Property, plant, and equipment Buildings Less: Accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Total current liabilities Long-term liabilities: Long term Debt Total long-term liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity (4,866) 4,974 15,274 (4,234) 4,441 13,158 3,210 3,210 2,900 2,900 2,430 2,430 3,600 3,600 7,278 2,356 9,634 $15,274 4,778 1,880 6,658 $13,158 Answer 1 b Working capital Accounts (names only) Cash and cash equivalents Accounts receivable, net of allowance Inventories Accounts payable At December At December 31, 2018 31, 2017 10,300 2,900 7,090 5,817 Answer 1c Total current assets Total current liabilities Net Working Capital 8,717 3,210 Answer 1d Increase in net working capital 1,273

Amount $ 29,84,000 $ 14,19,000 $ 15,65,000 Multi Step Format Income Statement for the period ending 2018 Particulars Amount Sales Revenue Cost of Merchandise Sold Gross Profit Operating Expenses Selling & Admin expenses 4,54,000 Depreciation Expense 2,58,000 Total Operating Expenses Total Operating Income/(Loss) EBIT Interest Income Interest Expense Earning Before tax Income Tax expense Net Income/(loss) 7,12,000 8,53,000 $ $ $ $ $ $ $ 2,88,000 5,65,000 3,18,000 2,47,000