Question

Baresse Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2019 2018 Sales $11,000...

Baresse Corporation: Income Statements for Year Ending December 31

(Millions of Dollars)

2019

2018

Sales

$11,000

$10,000

Operating costs excluding depreciation

9,360

8,500

Depreciation and amortization

380

360

Earnings before interest and taxes

$1,260

$1,140

Less interest

120

100

Pre-tax income

$1,140

$1,040

Taxes (40%)

$456

$416

Net income available to common shareholders

$684

$624

Common dividends

$220

$200

Baresse Corporation: Balance Sheets as of December 31 (Millions of Dollars)

2019

2018

Assets

Cash

$550

$500

Short term investments

110

100

Accounts receivable

2,750

2,500

Inventories

1,650

1,500

Total current assets

$5,060

$4,600

Net plant and equipment

3,850

3,500

Total assets

$8,910

$8,100

Liabilities and Equity

Accounts payable

$1,100

$1,000

Accruals

550

500

Notes payable

384

200

Total current liabilities

$2,034

$1,700

Long term debt

1,100

1,000

Total liabilities

$3,134

$2,700

Common stock

4,312

4,400

Retained earnings

1,464

1,000

Total common equity

5,776

5,400

Total liabilities and equity

$8,910

$8,100

2.Construct a common-sized balance sheet for 2018 and 2019. Comment on any changes you see.

Please show work used to solve in excel! Thank you.

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