Question

Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar. Income Statement year ending 2016 Sales Revenues $100,000 Cost of goods sold 50,000 Fixed costs 12,000 Selling, general, and administrative expenses 14,667 Depreciation 10,000 EBIT 18,333 Interest expense 5,000 Taxable Income 13,333 Taxes 3,333 Net Income 10,000

Answer 1

Answer:

1.- current 20,000 + non-current 150,000 = total assets 170,000

2.- Assets = Liab + Equity

Thus 170,000

3.- 10,000 net income less 2,000 dividends = 8,000

4.- 20,000 beginning + 8,000 increase = 28,000

7.- First we solve for long-term debt 2015

(liab + equity) 150,000

                       - 70,000 equity

                         - 8,000 current liabilities

                          72,000 non-current

6.- Now we solve for Equity in 2016

170,000 - 72,000 non-current liab - 8,000 current liab=  90,000 equity

6.- 90,000 equity - 28,00 RE = 72,000 common stock

Explanation:

MISSING INFORMATION

(attahced balance sheet)

Questions:

1. What is the amount for Total Assets in 2016?

2. What is amount for Total Liabilities &Owner's Equity for 2016?

3. What is the change in retained earnings from 2015 to 2016?

4. What is the amount for Retained Earnings in the Balance Sheet in 2016?

5. What is the amount for Common Stock in the Balance Sheet in 2016?

6. What is the amount for Total Owner's Equity in the Balance Sheet for 2016?

7. What is the amount of Long-term debt in the Balance Sheet in 2016