Homework Answers
a. Income Statement for the FY 2020
| Particulars | Calculation | Amount |
| Sales | 4% (115,450+4%) | 120,068 |
| COGS | (42,500/115,450)*120,068 | 44,425.16 |
| SGA | (38,000/115,450)*120,068 | 39,622.44 |
| Depreciation | (15,000/115,450)*120,068 | 15,608.84 |
| EBIT | 20,411.56 | |
| Interest expense | (3,550/115,450)*120,068 | 3,602.04 |
| EBT | 16,809.52 | |
| Taxes | (3444/16,400)*16,809.52 | 3,530 |
| Net Income | 13,279.52 | |
| Dividends | (6000/12956)*13279.52 | 6,108.58 |
| Addition to Retained Earnings | 7,170.94 |
Balance Sheet
| Particulars | Calculation | Amount |
| Cash | (147,145/115,450)*120,068 | 152,486.36 |
| Acct. Receivable | (29,129/115,450)*120,068 | 30,017 |
| Inventory | (2,928/115,450)*120,068 | 3,602.04 |
| Other Current Assets | (7,409/115,450)*120,068 | 7,204.08 |
| Net Fixed Assets | (103,910/115,450)*120,068 | 108,061.20 |
| Total Assets | 301,370.68 | |
| Accts. Payable | (9,479/42,500)*44,425.16 | 9,773.54 |
| Long term Debt | Bal.Figure | 187,630.20 |
| Common Stock | 78,345 | |
| Retained Earnings | 18,451+ 7,170.94 | 25.621.94 |
| Total Lia. & Equity | 301,370.68 |
External Financing Needed for the firm = 187,630.20 - 184,246 = 3,384.20
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