Question

The accounts related to the Balance Sheet as well as Income Statement for a company are given in 2017. below as of Dec 31st 2017. Company Y does not distribute any dividends and had no depreciation Accounts in $ Sales Common Stock Cost of Goods Sold Accumulated Retained Earnings Interest Long Term Debt Taxes 2017 2,000 1,776 1,400 224 320 3,200 56 200 3,600 600 1,200 880 320 Notes Payable Net Fixed Assets Accounts Payable Inventory Accounts Receivable Cash

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Answer 1

Accounts	Amount in $
	2017	2018	2019
Sales	2000	2200	2420
Common Stock	1776	1776	1776
Cost of goods sold	1400	1540	1694
Accumulated retained earnings	224	496	821
Interest	320	320	320
Long term Debt	3200	3200	3200
Taxes	56	68	81
Notes payable	200	200	200
Net Fixed Assets	3600	3600	3960
Accounts Payable	600	660	726
Inventory	1200	1200	1200
Accounts receivable	880	880	880
Cash	320	652	683
Income Statement for 2018 and 2019
	2,018	2,019
Sales	2,200	2,420
Cost of goods sold	1,540	1,694
Gross Profit	660	726
Less: Interest	320	320
Profit before tax	340	406
Taxes	68	81
Net Profit	272	325
Tax rate is 20% for year 2017
Sales	2000
Cost of goods sold	1400
Gross Profit	600
Less: Interest	320
Profit before tax	280
Taxes	56
Rate	20%
Balance sheet for 2018 and 2019
	2,018	2,019
ASSETS
Current Assets:
Cash	652	683
Accounts receivable	880	880
Inventory	1200	1200
Total Current Assets	2732	2763
Net Fixed Assets	3600	3960
Total Assets	6332	6723
LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
Accounts payable	660	726
Long term Liabilities
Notes Payable	200	200
Long term debt	3200	3200
Total Long term debt	3400	3400
Stockholders Equity
Common Stock	1776	1776
Retained Earnings	496	821
Total Stockholders Equity	2272	2597
Total Liabilities and Stockholders Equity	6332	6723