Create an Excel spreadsheet to organize your answers to the following problem, and submit your Excel file as an attachment by clicking on the appropriate button on this page.
[Hint: I recommend you copy this problem to a Word document or Excel document and print it out so that you can work with it in a reasonable manner.]
XYZ Corporation published the following information in its financial statements for its 2018 annual report:
Income Statement Items: |
||
Sales |
$76,000 |
|
- Cost of goods sold |
49,000 |
|
Gross profit |
27,000 |
|
- Cash Operating expenses |
$9,000 |
|
- Depreciation |
2,000 |
|
Total Operating Expenses |
11,000 |
|
EBIT |
16,000 |
|
- Interest expense |
840 |
|
EBT |
15,160 |
|
- Income tax expense |
5,306 |
|
Net Income |
$9,854 |
Balance Sheet Items: |
|
Cash |
$9,000 |
Marketable securities |
2,000 |
Accounts receivable |
11,000 |
Inventories |
7,000 |
Fixed Assets, net |
24,000 |
Total Assets |
$53,000 |
Accounts payable |
$8,000 |
Accrued payables |
3,000 |
Bonds payable |
12,000 |
Common stock |
16,000 |
Retained earnings |
14,000 |
Total Liabilities and Equity |
$53,000 |
Required:
Prepare the pro-forma 2019 income statement and balance sheet for XYZ Corporation.
Income Statement | ||
For 2019 | ||
($) | Calculation | |
Sales Revenue | 90,000 | |
Less: COGS | 58,026 | =49000*90000/76000 |
Gross Profit | 31,974 | |
Less: Cash Operating Expenses | 9,921 | =(5000*90000/76000)+4000 |
Less: Depreciation | 2,000 | |
Total Operating Expenses | 11,921 | |
EBIT | 20,053 | |
Less: Interest expense | 490 | =(12000-5000)*7% |
EBT | 19,563 | |
Less: Income Tax expense | 6,847 | =19563*35% |
Net Income | 12,716 |
XYZ Corporation | ||
Balance Sheet | ||
For 2019 | ||
($) | Calculation | |
Assets | ||
Current Assets | ||
Cash | 15,116 | Balancing figure |
Marketable Securities | 2,000 | |
Accounts Receivables | 11,000 | |
Inventories | 7,000 | |
Total Current Assets | 35,116 | |
Fixed Assets (Net) | 25,600 | =24000+3600-2000 |
Total Assets | 60,716 | |
Liabilities and Shareholders' Equity | ||
Current Liabilities | ||
Accounts Payable | 8,000 | |
Accrued Payable | 3,000 | |
Total Current Liabilities | 11,000 | |
Non Current Liabilities | ||
Bond Payable | 7,000 | =12000-5000 |
Total Non Current Liabilities | 7,000 | |
Shareholders equity | ||
Common Stock | 16,000 | |
Retained earnings | 26,716 | =14000+12716 |
Total Shareholders equity | 42,716 | |
Total liabilities and Shareholders equity | 60,716 |
It has been assumed that Marketable Securities, accounts receivable, inventories, accounts payable, and accrued payables remain the same.
Create an Excel spreadsheet to organize your answers to the following problem, and submit your Excel...
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued...
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