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2 years ago

Milea Inc. experienced the following events in Year 1, its first year of operations:

Business

1 answer:

Ostrovityanka [42]2 years ago

7 0

Answer:

1. Net income = $35,750

2. Stockholders' equity = $48,200

3. Total assets = Total Equity and Liabilities = $56,300

4. Net cash generated = $47,840

Explanation:

1. Prepare the income statement

Milea Inc.

Income Statement

For the Year ended 31 December Year 1

Details Amount ($)

Revenue:

Service income 45,000

Expenses:

Utility expense (1,150)

Accrued salaries (8,100)

Net income 35,750

Dividend paid (1,050)

Retained earnings  34,700 

2. Prepare the statement of changes in stockholders' equity

Milea Inc.

Statement of changes in stockholders' equity

For the Year ended 31 December Year 1

Details Amount ($)

Common stock 13,500

Retained earnings 34,700

Stockholders' equity  48,200 

3. Prepare the balance sheet as of December 31.

Milea Inc.

Balance Sheet

As of 31 December Year 1

Details $

Assets

Current Assets

Ending cash balance 47,840

Accounts receivable ($45,000 - $36,540) 8,460

Total assets  56,300 

Equity and Liabilities

Stockholders' equity 48,200

Liabilities

Current liabilities

Accrued salaries 8,100

Total Equity and Liabilities  56,300 

4. Prepare the statement of cash flows for the Year 1 accounting period.

Milea Inc.

Statement of Cash Flows

For the Year ended 31 December Year 1

Details $ $

Net income 35,750

Adjustment to reconcile net income:

(Increase) decrease in current assets:

Accounts receivable ($45,000 - $36,540) (8,460)

Increase (decrease) in current liabilities:

Accrued salaries 8,100

Net cash from operating activities 35,390

Cash flow from financing activities:

Common stock 13,500

Dividend paid (1,050)

Net cash from financing activities 12,450

Net cash generated 47,840

Beginning cash balance 0

Ending cash balance  47,840 

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1. Last year's margin is:

= 20%

2. Last year's turnover is:

= $1,800,000

3. Last year's ROI is:

= 30%

4. The margin related to this year's investment opportunity is:

= 10%

5. The turnover related to this year's investment opportunity is:

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9. The ROI that it will earn this year is:

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Explanation:

a) Data and Calculations:

Last Year's This Year's Total

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Variable expenses 435,000 108,000 543,000

Contribution margin 1,365,000 252,000 $1,617,000

Fixed expenses 1,005,000 216,000 1,221,000

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Average operating assets $1,200,000 $300,000 $1,500,000

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2. Last year's turnover = $1,800,000

3. Last year's ROI = 30% ($360,000/$1,200,000) * 100

4. The margin related to this year's investment opportunity is:

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5. The turnover related to this year's investment opportunity is $360,000.

6. The ROI related to this year's investment opportunity is:

12% ($36,000/$300,000)

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8. The turnover that it will earn this year = $2,160,000

9. The ROI that it will earn this year = 26.4% ($396,000/$1,500,000) * 100

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