Recast Frosty Footwear's balance sheet for the last year, considering the balance sheet adjustments for the asset approach to business value. Recommend a business value using the asset approach.
Ans.
Particulars | Amount (in $) | |
Leasehold Improvements | 5,120 | |
Furniture & Fixture | 33,075 | |
Machinery & Equipment | 263,045 | |
Vehicles | 24,109 | |
Patent & Trademark | 15,262 | |
Non-compete Agreement | 189,000 | |
Loan Fees | 4,375 | |
Account Receivables | 613,485 | |
Cash | 503,443 | |
Inventory | 852,343 | |
Total (A) | 2,503,257 | |
Accumulated Depreciation | 305,296 | |
Accumulated Amortization | 80,850 | |
Accounts Payable | 80,937 | |
Sales Tax Payable | 17,972 | |
Accrued Commission | 21,639 | |
Accrued Interest | 90,156 | |
Line of Credit Payable | 200,000 | |
Note Payable- Bank | 425,000 | |
Shareholder's Loan | 637,193 | |
Total (B) | 1,859,043 | |
Business Value (A-B) | 644,214 |
Recast Frosty Footwear's balance sheet for the last year, considering the balance sheet adjustments for the...
Recast Frosty Footwear's balance sheet for the last year,
considering the balance sheet adjustments for the asset approach to
business value. Recommend a business value using the asset
approach.
10. In reviewing Frosty Footwear's 2007 balance sheet with the owners, Gary identified $25,000 of scrap inventory still on the books. 11. Accelerated depreciation had been used for income tax purposes (Internal Revenue Code $ 168) but straight-linc depreciation would have been $198,845 less over the years of fixed assets' ownership....
Use the private company transactions method to fill out the
yellow highlighted area and explain the value for P:
Frosty Footwear, Inc. Recasted Income Statements for 2006 & 2007 2007 79,139 2006 19,578 Operating Profit $ $ Recasting Adjustments: Owners/Mgt Compensation CEO Bonus Compensation Salaries & Wages Professional Fees Rent Allocation Commissions Bad Debts Advertising & Promotion Trade Shows Research Depreciation Allocation Amortization--Purchase Debt Interest Other Expense 80,000 7,914 8,331 10,422 23,912 122,089 22,485 104,310 25,162 4,008 1,995 12.600 107,534...
Recast Frosty Footwear's income statements for the last two
years considering the potential income statement adjustments under
the income approach to business value. Calculate the Non-Recasted
and Recasted EBITDA.
Exhibit 1: Frosty Footwear Inc. Income Statements for Years 2005-2007 2007 2006 2005 $ 2,248,511 41,300 $ 1,789,429 30,172 $ 2,050,742 31,800 Sales Units Sold Cost of Goods Sold 596,194 185,736 26,921 12,434 62,723 Material 771,007 251,120 25,719 693,945 207,823 18,374 19,110 95,798 Direct Labor Rent Allocation 11,131 77,157 Depreciation Allocation...
Given the following Year 12 balance sheet data for a footwear company: Balance Sheet Data Cash on Hand Total Current Assets Total Fixed Assets Total Assets Accounts Payable Overdraft Loan Payable 1-Year Bank Loan Payable Current Portion of Long-Term Bank Loans Total Current Liabilities Long-Term Bank Loans Outstanding Total Liabilities Year 11 Year 12 Shareholder Equity: Balance Change Common Stock 20,000 Additional Capital 120,000 0 Retained Earnings 60,000 20,000 Total Shareholder Equity 200,000 +20,000 Total Liabilities and Shareholder Equity $...
Balance Sheet: Use the following financial information to prepare a balance sheet: Burger Shack, Inc.; Balance Sheet Inventory 335,000 Accounts Receivable Accounts Payable 40.000 Buildings Furniture and Fixtures 16,000 Trademark Mortgage 325,000 Note Payable (6 month) Equipment and Vehicles 40,000 Retained Earnings Notes Receivable (3 month) 50,000 Land Common Stock (1,000,000 shares) 100,000 Cash Salaries Payable 90,000 192,000 110,000 20,000 150,000 113,000 40,000 15,000 Assets Current Assets Total Current Assets Fixed Assets Total Fixed Assets Intangible Assets Total Intangible Assets...
Terry Co. Balance Sheet As of 12/31/Year 3 Year 3 Assets Year 2 Current Assets Cash $526.500 $729.000 ($40.500) S972 000 S80.750 S101,250 $2,349,000 $405.000 SEBA, 500 (S202,500) $1.134.000 $121,500 $81.000 $2,227.500 5486,000 $81.000 $121,500 $101.250 S40,500 $830,250 $324.000 $41,420 $365.420 $324.000 $41,420 $365,420 Allowance for Bad Debts Inventory Prepaid Insurance Prepaid Rent Total Current Assets Long-term investments Loans to other businesses Expansion Fund Total Long-term Investments PPE Land Building Equipment Accumulated Depreciation Total PPE Intangible Assets Patents, net Total...
Please fill in the grey spaces
for the 2020 Balance Sheet.
Dec. 31, 2019 Dec. 31, 2018 Balance in TL enda Current assets. Cash and cash equivalents Accounts receivable, net Inventory Prepaid expenses and other current assets Income tax receivable Investments Total current assets Leasehold improvements, property and equipment, Restricted cash Operating lease assets Other assets Goodwill Total assets $ 480,626 80,545 26,096 57,076 27,705 400,156 1,072,204 1,458,690 27,855 2,505,466 18,450 21.939 5,104,604 $249,953 62,312 21,555 54,129 0 426,845 814,794...
We were unable to transcribe this imageBalance Sheet Feb. 26, 2011 Feb. 27, 2010 (S millions) Cash and cash equivalents Short-term investments Receivables 1,103 1,826 90 2,020 2,348 5,897 1,103 10,473 Merchandise inventories Other current assets Total current assets Property and equipment Land and buildings Leasehold improvements Fixtures and equipment Property under capital lease Gross property and equipment Less accumulated depreciation Net property and equipment 5,486 1,144 10,566 766 2,318 4,701 120 7,905 4,082 3,823 2,454 133 203 328 435...
Acme Auto Supplies Balance Sheet December 31, 2007 AS Assets Cash - $60,000 S Prepaid Insurance - $40,000 Accounts Receivable - $50,000 Inventory - $70,000 Land held for investment - $80,000 Land - $95,000 Building - $100,000 Less: Accumulated Depreciation - ($30,000) Trademark - $70,000 Total Assets - $535,000 Liabilities Accounts Payable - $65,000 Salaries Payable - $10,000 Mortgage Payable - $90,000 Total Liabilities - $165,000 Stockholders' Equity Common Stock - $120,000 Retained Earnings - $250,000 Total Stockholders' Equity -...
Balance It! Match the following words/numbers with the numbered blanks in the balance sheet on the next page. The first two have been done for you. (Ignore upper and lower-case spellings and whether numbers are shown as currency or not.) Equity Receivable _2_Accounts Common Accumulated Fixed Payable Less Total Intangible Current Notes Long-term Assets Doubtful 142,000 18,000 25,000 62,000 32,000 Balance Sheet December 31, 2000 $ 31,000 Cach 2 receivable Less allowance for 3 accounts Notes Inventory Prepaid expenses Assets...