For Year 2011 For Year 2012 Cost of Goods Sold $168,200 $199,500 Cash $22,900 as
ID: 2649443 • Letter: F
Question
For Year 2011 For Year 2012
Cost of Goods Sold $168,200 $199,500
Cash $22,900 as of 12/31 $28,137 as of 12/31
Interest Paid $9,899 $11,704
Selling & Gen Admin Expenses $22,100 28,800
Fixed Assets net of Depreciation $150,750 as of 12/31 $197,115 as of 12/31
Annual Net Sales $290,000 $332,500
Depreciation $31,400 $41,000
Accounts Receivable $12,712 $17,308
Accounts Payable $26,725 $31,003
Notes Payable $11,270 $12,305
Inventory $25,877 $31,667
Long term Debt $64,950 $77,150
New Equity $0 $15,636
Dividend Payout Percentage 20% 20%
Tax rate 30% 30%
Number of days in the year 365 365
Prepare the following Statements
1) Income Statement for both the years
2) Balance sheet as of 12/31 for both the years
3) Statement of Cash Flows for 2012
Explanation / Answer
Income statement for both the years Particulars Year 2011 Year 2012 Sales 2,90,000 3,32,500 Less: Cost of goods sold 1,68,200 1,99,500 Gross Profit 1,21,800 1,33,000 Less: Selling and general administration expenses 22,100 28,800 Less: Depreciation 31,400 41,000 Earning before interest and tax 68,300 63,200 Less: Interest paid 9,899 11,704 Earning before tax 58,401 51,496 Less: Tax rate @ 30% 17,520 15,449 Profit available for equity 40,881 36,047 Less : Dividend paid @ 20% 8,176 7,209 Balance carried to balance sheet 32,705 28,838 Balance sheet for both the years Particulars Year 2011 Year 2012 Liabilities and equities Equity 76589 92226 Reserves and surplus 32705 61543 Long term debt 64950 77150 Notes payable 11270 12305 Accounts payable 26725 31003 Total 212239 274227 Assets Fixed assets 150750 197115 Cash 22900 28137 Inventory 25877 31667 Accounts receivable 12712 17308 Total 212239 274227
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