Question

Prepare a 2017 balance sheet for Jarrow Corp. based on the following information: cash = $146,000; patents and copyrights = $630,000; accounts payable = $222,500; accounts receivable = $165,000; tangible net fixed assets = $1,665,000; inventory = $302,500; notes payable = $135,000; accumulated retained earnings = $1,240,000; long-term debt = $864,000

Sales Costs Other expenses EBIT Interest expense Taxable income Taxes Net income 743.000 578.000 15.200 149.800 11.200 138.600 48.510 90.090 Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment 20.240 32.560 69.520 122,320 All S S 330,400 Dividends Add to retained earnings 27.027 63.063 Total assets S Sales increase Tax rate 452.720 20.00% 35%

Complete the following analysis. Do not hard core values in your answers meaning: a calculation using cells, not numbers, is needed.  

Answer 1

ANSWER:

Balance Sheet
Assets:
Cash	146,000
Accounts receivable	165,000
Inventory	302,500
Current assets	613,500
Tangible net fixed assets	1,665,000
Intangible net fixed assets	630,000
Total assets	2,908,500
Liabilities
Accounts payable	222,500
Notes payable	135,000
Current liabilities	357,500
Long-term debt	864,000
Total liabilities	1,221,500
Common stock	447,000
Accumulated retained earnings	1,240,000
Total liabilities & owners' equity	2,908,500

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