Question

The table below contains data on Fincorp Inc. The balance sheet items correspond to values at year-end 2018 and 2019, while the income statement items correspond to revenues or expenses during the year ending in either 2018 or 2019. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assetst Long-term debt Notes payable Dividends paid Cash and marketable securities 2018 $4,400 1,500 480 290 530 210 530 280 440 4,500 2,800 896 440 870 2019 $4,500 1,600 500 320 580 210 550 340 480 5,270 3,240 610 440 510 * Taxes are paid in their entirety in the year that the tax obligation is incurred. T Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct a balance sheet for Fincorp for 2018 and 2019. (Enter your answers in thousands of dollars.)

Answer 1

Fincorp In, Balance sheet
Assets	2018	2019	Liabilities and Shareholders Equity	2018	2019
Cash and marketable Securities	870	510	Accounts Payable	280	340
Inventories	290	320	Long term Debt	2800	3240
Accounts Receivable	440	480	Notes payable	896	610
Net Fixed Assets	4500	5270	Total Liabilities	3976	4190
			Shareholders Equity	4142	4409
Totals Assets	8118	8599	Liabilities and Shareholders Equity	8118	8599
Share holder Equity = Total assets - Total liabilities
2018	=8118 -3976 = 4142
2019	= 8599-4190= 4409