Question

A company collects the financial information for the past two years (2018 and 2019). The fiscal...

A company collects the financial information for the past two years (2018 and 2019). The fiscal year of this company is consistent with the calendar year. Please use the information below to build an income statement and balance sheet for 2018 and 2019 (assume the tax rate of the company is 30 percent). (5 pts.) 2018 2019 Sales $18,804 $20,182 Depreciation 2,700 2,702 Cost of goods sold 6,470 7,344 Selling, general, and administrative expenses 1,534 1,282 Interest expense 1,260 1,448 Cash 9,862 12,488 Accounts receivable 13,054 14,704 Accrued expenses 1,906 1,790 Long-term debt 32,304 38,520 Net fixed assets 82,692 84,664 Owners’ equity 84,248 85,354 Accounts payable 10,358 10,044 Inventory 23,208 23,852

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Answer #1

Income statement

2018 2019
Sales $18,804 $20,182
Cost of goods sold $6,470 $7,344
Selling, general and administrative expenses $1,534 $1,282
Depreciation $2,700 $2,702
EBIT $8,100 $8,854
Interest expense $1,260 $1,448
EBT $6,840 $7,406
Taxes@30% $2,052 $2,222
Net income $4,788 $5,148

Balance sheet

Assets 2018 2019
Cash $9,862 $12,488
Accounts receivables $13,054 $14,704
Inventory $23,208 $23,852
current assets $46,124 $51,044
Net fixed assets $82,692 $84,664
Total assets $128,816 $135,708
Accounts payable $10,358 $10,044
Accrued expenses $1,906 $1,790
current liabilities $12,264 $11,834
Long term debt $32,304 38,520
Owner's equity $84,248 $85,354
Total liabilities and shareholder's equity $128,816 $135,708
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