Question

The following represents a condensed version of a firm's current and projected balance sheets, as well...

The following represents a condensed version of a firm's current and projected balance sheets, as well as a condensed version

of their projected income statement. From the information given, please prepare a “formal” Statement of Cash Flows” projected for the firm as of December 31, 2020.

                                                                                                    2020                         2019                                               2020

                                          Cash                                              $ 2,000                  $ 1,600               Sales               $100,000

                                          Accts. Receivable                      12,000                      5,200               CGS                  80,000

                                          Inventory                                    14,000                   15,600               Gross Profit       20,000

                                          Total Current Assets                    28,000                   22,400                Cash Expenses   8,000

                                          Fixed Assets                               27,000                   20,000               Depreciation       1,600

                                          Accum. Depreciation                (16,000)                 (14,400)              Amortization      1,500

                                          Goodwill                                         20,500                    22,000               EBIT                   8,900

                                          Total Assets                                $59,500                  $50,000               Less-Interest          900

                                                                                                                                                                EBT                     8,000

                                          Accounts Payable                       $ 3,000                  $ 2,500               Less – Taxes       3,200

                                          Accrued Expense                            1,000                      1,500               Net Income     $ 4,800

                                          Notes Payable - Currently Due    4,000                       3,000              

                                          Total Current Liabilities                8,000                      7,000

                                          Notes Payable – Non-Current       7,700                      2,000              

                                          Common Stock                               9,000                      9,000

                                          Retained Earnings                        34,800                   32,000

                                          Total Liabilities & Capital       $59,500                  $50,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year...
Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 1,000 Notes payable $ 1,500 Accruals $ 1,600     Total current liabilities $ 4,100 Long-term bonds $ 2,000     Total liabilities $ 6,100 Common stock $ 1,500 Retained earnings $ 2,500     Total common equity $ 4,000   Total liabilities & equity $ 10,100 Sales are expected to grow by 12% next year. Assuming no change in operations from...
Continuing Venture, Inc. has the following balance sheet, with negative owner’s equity.  Are they solvent?  Why or why...
Continuing Venture, Inc. has the following balance sheet, with negative owner’s equity.  Are they solvent?  Why or why not? [Hint:  identify elements of the balance sheet that indicate they are solvent, and ones which indicate trouble] ASSETS Cash $5,000 Receivables $60,000 Inventories $70,000 Total Current Assets $135,000 Gross Property, Plant & Equipment $205,000 Less Accum Deprec $28,000 Net Plant & Equip $177,000 Total Assets $312,000 LIABILITIES & EQUITY Accts Payable $47,000 S/T bank loan $40,000 Accrued liabilities $8,000 Total Current Liabilities $95,000 Long-term  debt...
Sunland Inc., had the following condensed balance sheet at the end of operations for 2016. SUNLAND...
Sunland Inc., had the following condensed balance sheet at the end of operations for 2016. SUNLAND INC. BALANCE SHEET DECEMBER 31, 201 6 Cash $8,400 Current liabilities $14,900 Current assets other than cash 28,900 Long-term notes payable 25,700 Equity investments 20,000 Bonds payable 25,000 Plant assets (net) 67,400 Common stock 75,000 Land 39,600 Retained earnings 23,700 $164,300 $164,300 During 2017, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000...
Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year...
Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 2,000 Notes payable $ 2,000 Accruals $ 1,000     Total current liabilities $ 5,000 Long-term bonds $ 2,000     Total liabilities $ 7,000 Common stock $ 2,000 Retained earnings $ 2,500     Total common equity $ 4,500   Total liabilities & equity $ 11,500 Sales are expected to grow by 12% next year. Assuming no change in operations from...
2.Berman & Jaccor Corporation's current sales and partial balance sheet are shown below. This year Sales               ...
2.Berman & Jaccor Corporation's current sales and partial balance sheet are shown below. This year Sales                $          1,000   Balance Sheet: Assets                                     Cash                $          200      Short-term investments                     $          135      Accounts receivable               $          100      Inventories                  $          200          Total current assets            $          635      Net fixed assets                      $          450          Total assets             $          1,085   Sales are expected to grow by 10% next year. Assuming no change in operations from this year to next year, what are the projected total operating assets? Do not...
On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows:    Park...
On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows:    Park Strand   Current assets $ 94,750      $ 28,100      Noncurrent assets 99,500      41,900             Total assets $ 194,250     $ 70,000         Current liabilities $ 39,000      $ 20,000      Long-term debt 51,250      —      Stockholders' equity 104,000      50,000             Total liabilities and equities $ 194,250     $ 70,000          On January 2, Park borrowed $64,000 and...
SHOW YOUR WORK FOR CALCULATION PROBLEMS Given the following information, calculate: (a) current ratio, (b) quick/acid-test...
SHOW YOUR WORK FOR CALCULATION PROBLEMS Given the following information, calculate: (a) current ratio, (b) quick/acid-test ratio, (c) Total debt or leverage ratio, (d) Return on Assets, (e) Net Margin, (f) Return on Equity, (g) Asset Turnover, (h) Earnings Retention Ratio SUMMARY BALANCE SHEET ASSETS                                   LIABILITIES & SH EQUITY Cash & Equivalents $2,000    Accounts Payable $6,000 Accounts Receivable 7,000    Notes Payable         4,000 Inventory                  5,000     Current Liabilities $10,000 Current Assets      $14,000      Prepaid Expense $2,000         Long-term Debt   $9,000      P, P & E (net)     $20,000        SH Equity           $17,000           Total Assets        $36,000       Total Liab & SH Eq...
Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000...
Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 1,500 Notes payable $ 2,000 Accruals $ 1,000     Total current liabilities $ 4,500 Long-term bonds $ 2,000     Total liabilities $ 6,500 Common stock $ 1,500 Retained earnings $ 2,500     Total common equity $ 4,000   Total liabilities & equity $ 10,500 Sales are expected to grow by 12% next year. Assuming no change in operations from this year to...
The balance sheet and income statement for the A. Thiel Mfg. Company are as follows: Balance...
The balance sheet and income statement for the A. Thiel Mfg. Company are as follows: Balance Sheet ($000) Cash $ 500 Accounts receivable 2,000 Inventories 1,000 Current assets $3,500 Net fixed assets 4,500 Total assets $8,000 Accounts payable $1,100 Accrued expenses 600 Short-term notes payable 300 Current liabilities $2,000 Long-term debt 2,000 Owners’ equity 4,000 Total liabilities and owners’ equity $8,000 Income Statement ($000) Sales (all credit) $8,000 Cost of goods sold (3,300) Gross profit $4,700 Operating expenses (includes $500...
QS 16-26B Direct: Computing operating cash outflows LO P5 CRUZ, INC. Comparative Balance Sheets December 31,...
QS 16-26B Direct: Computing operating cash outflows LO P5 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 62,700 $ 15,700 Accounts receivable, net 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 Total current assets 149,800 114,400 Furniture 70,500 82,200 Accum. depreciation—Furniture (10,900 ) (6,200 ) Total assets $ 209,400 $ 190,400 Liabilities and Equity Accounts payable $ 9,900 $ 14,000 Wages payable 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities 16,800 19,100...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT