Question

Summarized versions of Burritos Corporation's financial statements for two recent years are as follows. E: (Click the icon to view the financial statements.) Requirement 1. Complete Burritos Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round the tax calculation to the nearest thousand dollars. Use parentheses or a minus sign when entering a net decrease in cash) 2019 2018 Income Statement (in Thousands) Revenues 16,275 Cost of goods sold $ 11,110 1,260 Other expenses 1,220 Income before income taxes 1,590 1,880 658 Income taxes (35%) Net income

Answer 1

			Calculation	Sequence		Calculation	Sequence
	Income Statement	2019			2018
	Revenues	$13,960	(11,110+1260+1590)	3rd	$16,275
	Cost of goods sold	$11,110			$13,175	(16,275-1,220-1,880)	2nd
	Other expenses	$1,260			$1,220
	Income before income taxes	$1,590			$1,880
	Income Tax(35%)	$557	(1,590*35%)	1st	$658
	Net income	$1,033		2nd	$1,222	(1880-658)	1st
	Statement of Retained Earnings
	Beginning balance	$3,782	from 2018 data	4th	$2,660
	Net Income	$1,033	from income statement	5th	$1,222	from income statement	3rd
	Dividends	-$90			-$100
	Ending balance	$4,725		6th	$3,782		4th
	Balance sheet
	Assets
	Cash	$1,100	from cash flow statemetnt	12th	$1,310	(14,407-1,406-11,691)	5th
	Property, plant and equipment	$1,477			$1,406
	Other assets	$11,883	(14460-1100-1477)	14th	$11,691
	Total assets	$14,460	liabilities and equity total	13th	$14,407
	Liabilities
	Current liabilities	$3,645	(9250-4600-1005)	7th	$5,650
	Long term debt	$4,600			$3,390
	Other liabilities	$1,005			$1,150
	Total liabilities	$9,250			$10,190		6th
	Stockholders' equity
	Common stock	$275			$275
	Retained earnigs	$4,725	From statement of R.E.	8th	$3,782	(4217-275-160)	7th
	Other stockholders' equity	$210			$160
	Total stockholders' equity	$5,210		9th	$4,217
	Total liabilities and Stockholders' equity	$14,460			$14,407
	Cash flow Statement
	Net cash provided by Operating Activities	$580	(540+250-210)	10th	$1,025
	Net Cash used in Investing Activities	-$250			-$475
	Net Cash used in financing Activities	-$540			-$460
	Increase/(decrease) in cash	-$210			$90
	Cash at begin. Of year	$1,310			$1,220
	cash at end of year	$1,100		11th	$1,310

Notes:

*Please follow the sequence of calculation for better understanding of the calculations.

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