Homework Answers
| Calculation of percentage increase in sales | |||
| % increase in sales | (2000000-1600000)/1600000 | ||
| % increase in sales | 25.00% | ||
| 1 | |||
| Projected current assets for 2018 | 890000*1.25 | ||
| Projected current assets for 2018 | $1,112,500 | ||
| 2 | |||
| Projected fixed assets for 2018 | 1000000*1.25 | ||
| Projected fixed assets for 2018 | $1,250,000 | ||
| 3 | |||
| Projected accounts payable for 2018 | 160000*1.25 | ||
| Projected accounts payable for 2018 | $200,000 | ||
| 4. | |||
| Projected accrued expense for 2018 | 100000*1.25 | ||
| Projected accrued expense for 2018 | $125,000 | ||
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Use the following information and the percent-of-sales method to answer the following question(s). Below is the...
Use the following information and the percent-of-sales method to answer the following question(s) Below is the...
Use the following information and the percent-of-sales method to answer the following question(s) Below is the 2017 year-end balance sheet for Smith, Inc. Sales for 2017 were $1,600,000 and are expected to be $2,000,000 during 2018. In addition, we know that Smith plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.) 3 Smith, Ine. Balance Sheet December 31, 2017...
1023 Use the following information and the percent-of-sales method to answer the following question(s). Below is...
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Use the following information for Taco Swell, Inc., (assume the tax rate is 23 percent) 2017...
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Use the following information for Ingersoll, Inc. Assume the tax rate is 24 percent. 2018 Sales...
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Use the following information and the percent-of-sales method to answer the following question(s) Below is the 2017 year-end balance sheet for Smith, Inc. Sales for 2017 were $1,600,000 and are expected to be $2,000,000 during 2018. In addition, we know that Smith plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.) 3 Smith, Ine. Balance Sheet December 31, 2017...
1023 Use the following information and the percent-of-sales method to answer the following question(s). Below is the 2017 year-end balance sheet for Smith, Inc. Sales for 2017 were $1,600,000 and are expected to be $2,000,000 during 2018. In addition, we know that Smith plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.) Smith, Inc. Balance Sheet December 31, 2017...
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Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2017 2018 $ 19,573 $ 17,736 1,821 1,896 4,779 4,867 1,026 904 875 1,006 6,307 6,946 8,200 9,907 1,330 1,307 20,800 25,036 51,240 54,753 4,640 5,124 14,555 15,448 1,750 1,778 Prepare a balance sheet for this company for 2017 and 2018....
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Use the following information for Taco Swel, Inc., (assume the tax rate is 22 percent): 2017 2018 $ 14,573 $ 14,736 1,721 ,796 Sales Depreciation Cost of goods sold 4,279 4,767 Other expenses Interest Cash Accounts receivable 8,100 9,607 Short-term notes 854 956 6,157 6,646 976 825 1,230 1,207 payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 20,500 24,786 51,020 54,453 4,480 4,824 14,385 15,348 ,250 1,678 Prepare a balance sheet for this company for 2017 and 2018....
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