Solution:
Total assets = Liabilities + Equity
$345,002 + $466,306 = $287,400 + Current liabilities + $100,000 + $187,570
Current liabilities = $236,338
ILILIULUI JUNI,UJU IIT 2017. It also hou expenses (excluding depreciation) $366,240, depreciation of $103,471, and interest...
The Castillo Company reported operating profits of $60,000, Depreciation expenses of $40,000, Interest expense of $10,000 and paid $10,000 in taxes in 2017. Following are the Company’s balance sheets for 2016 and 2017. C&B CASTILLO COMPANY 2016 2017 Cash $50,000 $5,000 Accounts Receivables 200,000 300,000 Inventories 400,000 480,000 Total Current Assets 650,000 785,000 Gross Fixed Assets 450,000 570,000 Accumulated Depreciation -100,000 -140,000 Net Fixed Assets ...
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Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount (Input all amounts as positive values): 2017 COUNTRY KETTLES, INC. Balance Sheets 2016 Assets Cash $ 31,800 Accounts receivable 71,300 Inventories 62,200 Property, plant, and 161,000 equipment Less: Accumulated 47,040 depreciation $ 31,030 74,560 64,625 172,600 51,300 Total assets $279,260 $ 291,515 Liabilities and Equity Accounts payable Accrued expenses Long-term debt...
Module 2 Assignment ABC Inc. 2020 sales are $1,000,000. Operating costs (excluding depreciation) are 65% of sales. Net fixed assets are $195,000. Depreciation amounted to 12% of net fixed assets. Interest expenses are $105,000. The tax bill must be calculated using the corporate income tax table in the text, and ABC Inc. paid 8% of net income in dividends. Prepare ABC Inc.’s income statement for 2018: ABC Inc. Income Statement 2020 Sales Operating costs (excluding depreciation) EBITDA Depreciation EBIT Interest...
Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount (Input all amounts as positive values): COUNTRY KETTLES, INC. Balance Sheets 2016 2017 Assets Cash $ 31,100 $ 30,260 Accounts receivable 70,600 73,720 Inventories 61,500 63,750 Property, plant, and equipment 154,000 164,200 Less: Accumulated depreciation 46,480 50,600 Total assets $ 270,720 $ 281,330 Liabilities and Equity Accounts payable $ 45,600 $...
Below are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount (Input all amounts as positive values): COUNTRY KETTLES, INC. Balance Sheet December 31 2013 2014 Assets Cash $ 31,600 $ 30,810 Accounts receivable 71,100 74,320 Inventories 62,000 64,375 Property, plant, and equipment 159,000 170,200 Less: Accumulated depreciation 46,880 51,100 Total assets $ 276,820 $ 288,605 Liabilities and Equity Accounts payable $...
The most recent financial statements for Crosby, Inc., follow. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Assume the firm is operating at full capacity and the debt-equity ratio is held constant. CROSBY, INC 2017 Income Statement Sales Costs Other expenses $757,000 613,000 26,000 Earnings before interest and taxes Interest paid $118,000 11,600 Taxable income Taxes (24%)...
The balance sheet and income statement for Cullumber Supply Company for the fiscal year ended June 30, 2017 is as follows Cullumber Supply Company Income Statement for the Fiscal Year Ended June 30, 2017($ thousands) Net sales Cost of goods sold Selling and administrative expenses Nonrecurring expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Depreciation Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (35%) Net income $2,133,900 1,459,400 313,000 27,600 $333,900 112,150 221,750 117,650...
Zandi's Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets 2018 $21,000 3.759 52 500 84.000 $161,259 218.400 $379,659 2017 $20,000 3,240 48.000 56.000 $127,240 200.000 $327,240 2016 $21,053 $3,411 $50.526 $58,947 $133,937 200.000 $333,937 Liabilities and equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained Earnings Total common equity Total liabilities and equity $33,600 12,600...
Income Statement Year Ended 12/31/18 Balance Sheet Sales Cost of Goods Sold Operating Expenses Depreciation Expense100,000 EBIT Interest Expense EBT Taxes Net Income 12/31/2018 12/31/2017 $60,000$45,000 880,000650,000 200,000Less Acc'd Depreciation 450,000350,000 350,000 $395,000 $1.400,000 Current Assets 750,000 Gross Fixed Assets Fixed Assets 430,000 $490,000 50,000 Total Assets 50,000 00,000 Current Liabilities 120,000Long-term Debt $35,000 330,000 5,000 $50,000 270,000 5,000 70,000 $395,000 180,000 Common Stock Retained Earnings Total Liabilities & Equity $490.000 110 $395.000 a) Prepare the 2018 common-sized income statement...