Here are the abbreviated financial statements for Planner’s
Peanuts:
INCOME STATEMENT, 2019
Sales
$
3,000
Cost...
Here are the abbreviated financial statements for Planner’s
Peanuts:
INCOME STATEMENT, 2019
Sales
$
3,000
Cost
2,300
Net income
$
700
BALANCE SHEET, YEAR-END
2018
2019
2018
2019
Assets
$
3,500
$
4,200
Debt
$
833
$
2,000
Equity
2,667
2,200
Total
$
3,500
$
4,200
Total
$
3,500
$
4,200
a. If sales increase by 20% in 2020 and the
company uses a strict percentage of sales planning model (meaning
that all items on the income and balance sheet...
Consider these abbreviated financial statements for Tomkat
LLC:
Income Statement
2013
Sales (all credit)
2,000,000
Cost...
Consider these abbreviated financial statements for Tomkat
LLC:
Income Statement
2013
Sales (all credit)
2,000,000
Cost of Goods Sold
1,360,000
Cash Expenses
300,000
Depreciation
120,000
Taxes
120,000
Net Income
100,000
Balance Sheet
2012
2013
Cash
10,000
12,000
Accounts Receivable
300,000
320,000
Inventory
410,000
430,000
Total Current Assets
720,000
762,000
Net Fixed Assets
1,200,000
1,320,000
Total Assets
1,920,000
2,082,000
Accounts Payable
44,000
48,000
Long Term Debt
666,000
724,000
Owners Equity
1,210,000
1,310,000
Total Debt and Equity
1,920,000
2,082,000
(a) Prepare a...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total L&E
$5,240,000...
Eagle Sports Supply
has the following financial statements. Assume that Eagle’s assets
are proportional to its...
Eagle Sports Supply
has the following financial statements. Assume that Eagle’s assets
are proportional to its sales.
INCOME STATEMENT, 2019
Sales
$
1,100
Costs
210
Interest
90
Taxes
160
Net income
$
640
BALANCE SHEET, YEAR-END
2018
2019
2018
2019
Assets
$
3,100
$
3,400
Debt
$
1,300
$
1,400
Equity
1,800
2,000
Total
$
3,100
$
3,400
Total
$
3,100
$
3,400
a.
Find Eagle’s required external funds if it maintains a dividend
payout ratio of 60% and...
Consider the following income statement for the Heir Jordan
Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales...
Consider the following income statement for the Heir Jordan
Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales
$
45,900
Costs
35,400
Taxable income
$
10,500
Taxes (22%)
2,310
Net income
$
8,190
Dividends
$
2,510
Addition to retained
earnings
5,680
HEIR JORDAN CORPORATION
Balance Sheet
Assets
Liabilities and Owners’ Equity
Current assets
Current liabilities
Cash
$
2,300
Accounts payable
$
4,000
Accounts receivable
5,200
Notes payable
8,100
Inventory
8,000
Total
$
12,100
Total
$
15,500
Long-term debt
$
21,000
Owners’ equity...
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...
Abbreviated financial statements for Archimedes Levers are shown
in the table below. Assume sales and expenses...
Abbreviated financial statements for Archimedes Levers are shown
in the table below. Assume sales and expenses increase by 10% in
2017 and all assets and liabilities increase correspondingly. Also
assume no new equity is issued and none is repurchased.
Income Statement
Sales
$
4,000
Costs, including interest
3,500
Net income
$
500
Balance
Sheet, Year-End
2016
2015
2016
2015
Net assets
$
3,200
$
2,700
Debt
$
1,200
$
1,033
Equity
2,000
1,667
Total
$
3,200
$
2,700
Total
$...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31,...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31,...
Financing Deficit Garlington Technologies Inc.'s 2019 financial
statements are shown below:
Income Statement for December 31, 2019
Sales $4,000,000
Operating costs 3,200,000
EBIT $ 800,000
Interest 120,000
Pre-tax earnings $ 680,000
Taxes (25%) 170,000
Net income 510,000
Dividends $ 190,000
Balance Sheet as of December 31, 2019
Cash $ 160,000
Accounts payable $ 360,000
Receivables 360,000
Line of credit 0
Inventories 720,000
Accruals 200,000
Total CA $1,240,000
Total CL $ 560,000
Fixed assets 4,000,000
Long-term bonds 1,000,000
Total Assets $5,240,000...
Income Statement
Sales
$ 15,000
Operating expenses
COGS
$ 11,000
Depreciation
Income Statement
Sales
$ 15,000
Operating expenses
COGS
$ 11,000
Depreciation
800
Admin expenses
1,500
Total operating
expense
13,300
Operating income
1,700
Interest revenue
200
Gain on disposal of
equipment
400
Income before
taxes
2,300
Income tax
920
Net income
$ 1,380
Balance sheet
Assets
This year
Last year
Cash
$ 3,000
$ 1,100
A/R
500
530
Inventory
850
820
Prepaid Ins
150
200
Equipment...