Using the table below create SinCo\'s Income Statement for 2013 and 2014. (Do no
ID: 2818455 • Letter: U
Question
Using the table below create SinCo's Income Statement for 2013 and 2014.(Do not round intermediate calculations. Round your answer to 2 decimal places.)
Now uses the above table to create a Balance Sheet for 2013 and 2014
2017 2018 Revenue $4,000 4053 Cost of Good Sold 1,600 1,702 Depreciation 500 505 Inventory 300 352 SG&A 500 545 Interest Expenses 150 160 Common Stock and Paid-in Capital 2,200 2,200 Federal and State Taxes (35% of EBT) 400 Accounts Payable 300 315 Accounts Receivable 400 437 Net Fixed Assets 5,000 5269 Retained Earnings (Balance Sheet) 1,000 Long-Term Debt 2,000 2338 Notes Payable 1,000 855 Dividends Paid 410 410 Cash 800Explanation / Answer
It is assumed that Question ask the income statement for the year 2018. It is mistakely reprint in Question like 2014.
EBITDA for 2018 is = 2436
EBIT for 2018 is = 1931
Net Income after Dividend = 1246.15
Retained Earning for 2018 is = 1246.15
Total Liabilities = Common stock + Accounts Payable + Notes Payable + Retained Earning + Long term Debt
Total Liabilities = 2200 + 315 + 855 + 1246.15 + 2338
Total Liabilities = 6954.15
Share Holders Equity = 2200 + 1246.15 = 3446.15
Total Assets = Inventory + Common stock + Accounts Recievable + Net fixed Assets + cash
6954.15 = 352 + 2200 + 437 + 5269 + Cash
Cash = 1303.85
Total Assets = 6954.15
Total current Assets = Inventry + Accounts Recievables + Cash
Total Current Assests = 352 + 437 + 1303.85
Total Current Assets = 2092.85
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Income statement for the year 2018 Revenue 4053 Less: Cost of Goods sold -1072 Less: Selling, Gnereal & Administration Exp -545 EBITDA 2436 Less: Depreciation -505 EBIT 1931 Less: Interest Expense -160 EBT 1771 Less: Tax @ 35% -619.85 EAT 1151.15 Add: Depreciation 505 EATand Depreciation 1656.15 Lees: Dividend Paid -410 Retained Earning 1246.15Related Questions
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