Question 27 Refer to the balance sheets and income statement below. Balance Sheet as of December...
Question 27
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Refer to the balance sheets and income statement below.
Balance Sheet as of December 31,
2016 2017 2016 2017
Cash $4,251,500 $12,703,000 Acct. Payable $2,000,000 $1,000,000
Acct. Receivable $3,800,000 $3,600,000 Notes Payable $3,727,400 $4,330,800
Inventory $1,500,000 $200,000 Current Liabilities $5,727,400 $5,330,800
Current Asset $9,551,500 $16,503,000
Long Term Debt $1,509,000 $1,700,000
Total Liabilities $7,236,400 $7,030,800
Common Stock (0.50 par) $4,500,000 $6,000,000
Net Fixed Assets $5,530,000 $6,900,000 Capital Surplus $1,392,000 $7,067,200
Retained Earnings $1,953,100 $3,305,000
Total Assets $15,081,500 $23,403,000 Total Liabilities & Equity $15,081,500 $23,403,000
Income Statement for 2017
Sales $11,000,000
Less COGS ($6,300,000)
Gross Profit $4,700,000
Less Gen & Adm. Expenses ($900,000)
Less Depreciation ($500,000)
EBIT $3,300,000
Less Interest Expense ($90,000)
Taxable Income $3,210,000
Less Taxes Paid (35 percent rate) ($1,123,500)
Net Income $2,086,500
Determine the net cash flow to stockholders in 2017.
A. $3,921,030
B. −$6,440,600
C. −$5,675,200
D. $734,600
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Question 27
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