Assignment 1-5 Worksheet (1) (1)

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Indiana Wesleyan University, Marion *

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320

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Finance

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Jan 9, 2024

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Assignment 1.5 Exercises Problem 1: Building an Income Statement 5 Points Complete the full Income Statement for Viola's Medical Supplies. What is Use the Template Provided Below to Create Your Solution - Pay close Input area: Product Sales ($) $ 817,000 Rental Sales ($) 121,000 Cost of Goods Sold ($) 389,000 Wages Expense ($) 143,000 Utilities Expense ($) 14,000 Warehouse Lease ($) 83,000 Management Salaries ($) 85,000 Depreciation expense ($) 51,000 Interest expense ($) 38,000 Tax rate (%) 21% Output area: Viola's Medical Supplies, Inc. Income Statement For Year Ended Dec 31st, 2019 Product Sales Revenue $ 817,000 Rental Sales Revenue 121,000 Total Revenue $ 938,000 Expenses: Costs of Goods Sold $ 389,000 Wages Expense 143,000 Utilities Expense 14,000 Viola's Medical Supplies, Inc., had product sales of $817,000 and rental sa cost of the products sold was $389,000. In addition, the company incurred workers, $14,000 for utilities, and $83,000 to lease its warehouse space. V management of the business. The company purchased $80,000 of new eq Depreciation of warehouse equipment was $51,000, and interest expense $38,000. The company has an effective tax rate of 21 percent.
Warehouse Expense 83,000 Management Salaries 85,000 Depreciation expense 51,000 EBIT $ 173,000 Interest expense 38,000 EBT $ 135,000 Taxes (21%) 28,350 Net income $ 106,650
the Net Income for this firm? e attention to the formulas and formatting of the inputs. ales of $121,000 for 2019. The d $143,000 in expense for its Viola was paid $85,000 for his quipment during the year. on the company's credit line was
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Assignment 1.5 Exercises Problem 2: Building a Balance Sheet 5 P Complete the full Balance Sheet for Spooner Company. W Use the Template Provided Below to Create Your Solut Input area: Accounts Payable ($) $ 1,070 Wages Payable ($) 1,420 Cash ($) 8,400 Inventory ($) 5,470 Net Fixed Assets ($) 27,000 Bank Loan ($) 15,000 Output area: Spoone Balan Januar Current Assets: Cash $ 8,400 Inventory 5,470 Total Current Assets $ 13,870 Net Fixed Assets 27,000 Total Assets $ 40,870 As of January 31st, 2020, Spooner Company owes its supp $8400 in cash on hand and is storing $5470 of inventory. E operation. The company also has an outstanding loan to it
Points What is the Owner's Equity for this firm? tion - Pay close attention to the formulas and formatting of the inputs. er Company nce Sheet ry 31st, 2020 Current Liabilities: Accounts Payable $ 1,070 Wages Payable 1,420 Total Current Liabilities $ 2,490 Long-Term Debt 15,000 Owner's Equity $ 23,380 Total Liabilities and Equity 40,870 pliers $1070, and owes its employees $1420 in future wages. The company has Equipment worth $27,000, net of accumulated depreciation, is supporting the ts local bank of $15,000. Sales in 2019 was $432,000.
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Assignment 1.5 Exercises Problem 3: Building an Income Sheet 10 Points The following financial data has been provided for Twanger Building Supply, Inc.: Cost of goods sold $ 983,095 Cash 141,860 Depreciation 277,530 Interest expense 60,335 Selling & Administrative Expenses 193,340 Accounts payable 100,715 Net fixed assets 1,224,405 Sales 1,928,620 Accounts receivable 100,520 Short-term Notes payable 114,275 Long-term debt 618,035 Inventory 193,530 Intangible Assets 223,450 Wages Payable 21,780 Common Stock 1,750 Additional Paid-In Capital 291,680 Retained Earnings 735,530 Tax Rate (average) 30% All data is for the year ended Dec 31st, 2019. Create your Original Solution Below - Be sure to show all calculations and cl Twanger Building Supply, Inc. Income Statement For Year Ended Dec 31st, 2019 Cost of goods sold $ 193,530 Total Revenue $ 193,530 Expenses: Costs of Goods Sold $ 983,095 Selling & Administrative Expenses 193,340 Depreciation 277,530 ------------------------- Complete the full Income Statement for Twanger Building Supply. What is the Net
Total Expense 1,453,965 EBIT $ 474,655 Interest expense 60,335 EBT $ 414,320 Taxes (30%) 124,296 Net income $ 290,024
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learly indicate answers. t Income for this firm?
Assignment 1.5 Exercises Problem 4: Building a Balance Sheet 10 Points The following financial data has been provided for Twanger Building Supply, Inc.: Cost of goods sold $ 983,095 Cash 141,860 Depreciation 277,530 Interest expense 60,335 Selling & Administrative Expenses 193,340 Accounts payable 100,715 Net fixed assets 1,224,405 Sales 1,928,620 Accounts receivable 100,520 Short-term Notes payable 114,275 Long-term debt 618,035 Inventory 193,530 Intangible Assets 223,450 Wages Payable 21,780 Common Stock 1,750 Additional Paid-In Capital 291,680 Retained Earnings 735,530 Tax Rate (average) 30% All data is for the year ended Dec 31st, 2019. Complete the full Balance Sheet for Twanger Building Supply. What is the total O Create your Original Solution Below - Be sure to show all calculations and c Twanger Building Balance Sh December 31, Current Assets: Cash $ 141,860 Account receivable $ 100,520 Inventory 193,530 Total Current Assets $ 435,910 Intangible Assets 223,450 Net Fixed Assets 1,224,405 1,447,855
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Total Assets $ 1,883,765
Owner's Equity for this firm? clearly indicate answers. g Supply heet , 2019 Current Liabilities: Accounts Payable $ 100,715 Short term Payable $ 114,275 Wages Payable 21,780 Total Current Liabilities $ 236,770 Long-Term Debt 618,035
Owner's Equity $ 1,028,960 Total Liabilities and Equity 1,883,765
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Assignment 1.5 Exercises Problem 5: Sources and Uses 5 Points Summary data for Hummer Corp.'s Assets, Liabilities, and Equity is given below (in $ m 2018 2019 Current Assets $ 2,866 $ 3,228 Fixed Assets 1,855 1,863 Current Liabilities 1,065 1,618 Long Term Debt 1,992 1,610 Shareholders’ Equity 1,664 1,863 All data is for the fiscal year ending Dec 31st. Complete a Sources and Uses Statement for Hummer Corp. Use the Template Provided Below to Create Your Solution - Pay close attention t Input area: Hummer Corp. Balance Sheet ($ millions) 2018 2019 Change Current Assets $ 2,866 $ 3,228 $ 362 Fixed Assets 1,855 1,863 8 Total Assets 4,721 5,091 370 Current Liabilities 1,065 1,618 553 Long Term Debt 1,992 1,610 (382) Shareholders’ Equity 1,664 1,863 199 Total Liabilities and Equity 4,721 5,091 370 Output area: Hummer Corp. Sources and Uses Statement December 31st, 2019 ($ millions) Sources: Increase in Current Liabilties $ 553
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Increase in Shareholder's Equity 199 Total Sources 752 Uses: Increase in Current Assets 362 Increase in Fixed Assets 8 Decrease in Long-Term Debt 382 Total Uses 752
millions): to the formulas and formatting of the inputs.
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Assignment 1.5 Exercises Problem 6: Sources and Uses 5 Points A Balance Sheet for Whistler Corp. is given below: Whistler Corporation Balance Sheets For Years Ended December 31st 2018 2019 Cash $ 47,500 $ 76,700 Accounts receivable $ - $ 43,100 Inventories $ 49,000 $ 36,500 Total Current Assets $ 96,500 $ 156,300 Land $ 15,800 $ 15,800 Buildings $ 103,600 $ 164,600 Equipment $ 52,400 $ 53,300 Patents $ 5,200 $ 5,200 Total Long-Term Assets $ 177,000 $ 238,900 Total assets $ 273,500 $ 395,200 Accounts payable to suppliers $ 48,000 $ 25,900 Income taxes payable $ - $ 10,700 Total current liabilities $ 48,000 $ 36,600 Long term debt $ 100,100 $ 134,000 Total liabilities $ 148,100 $ 170,600 Common stock $ 125,400 $ 177,400 Retained earnings $ - $ 47,200 Total shareholders’ equity $ 125,400 $ 224,600 Total Liabilities and Equity $ 273,500 $ 395,200 Complete a Sources and Uses Statement for Whistler Corp. Create your Original Solution Below - Be sure to show all calculations Whistler Corp
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Sources and Uses Statement December 31st, 2019 Sources: Decrease in inventories $ 12,500 Increase in Retained earning $ 47,200 Increase in common stock $ 52,000 Increase in income taxes payable $ 10,700 Increase in long term debt 33,900 Total Sources 156,300 Uses: Increase in Cash 29,200 Increase in equipments 900 Increase in building 61,000 Increase in Accounts receivable 43,100 Decrease in accounts payable (suppliers) 22,100 Total Uses 156,300
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Change $ 29,200 $ 43,100 $ (12,500) $ 59,800 $ - $ 61,000 $ 900 $ - $ 61,900 $ 121,700 $ (22,100) $ 10,700 $ (11,400) $ 33,900 $ 22,500 $ 52,000 $ 47,200 $ 99,200 $ 121,700 and clearly indicate answers.
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Assignment 1.5 Exercises Problem 7: Cash Flow Statement Balance Sheets and an Income Statement for Bongo Company are provide Bongo Company Balance Sheet ($ millions) December 31st 2018 Cash $ 1,270 Accounts Receivable 1,584 Other Current Assets 872 Total Current Assets 3,726 Property, Plant, & Equipment 1,275 Intangible Assets 1,136 Less: Accumulated Depreciation 240 Total Fixed Assets 2,171 Total Assets 5,897 Accounts Payable 313 Other Short-Term Debt 831 Total Current Liabilities 1,144 Long Term Debt 2,590 Common Stock 210 Retained Earnings 1,953 Shareholders’ Equity 2,163 Total Liabilities and Equity 5,897 Create a Cash Flow Statement for Bongo Company. Be careful of the dir Use the Template Provided Below to Create Your Solution - Pay close Input / Output area: Bongo Company Statement of Cash Flows ($ millions)
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For Year Ended December 31st, 2019 Cash Flows from Operating Activities Net Income $ 585 Add Back Depreciation 202 (Increase) Decrease in Accounts Receivable 599 (Increase) Decrease in Other Current Assets 58 Increase (Decrease) in Accounts Payable 103 Increase (Decrease) in Short-Term Debt 415 Cash Flow from Operations 1,962 Cash Flows from Investing Activities (Increase) Decrease in Property, Plant, Equipment 85 (Increase) Decrease in Intangible Assets 74 Cash Flow from Investing 159 Cash Flows from Financing Activities Increase (Decrease) in Long-Term Debt 497 Increase (Decrease) in Common Stock 30 Subtract Dividends Paid 154 Cash Flow from Financing 681 Net Increase (Decrease) in Cash 2,802 Cash at Beginning of Year 1,270 Cash at End of Year 1,869 Net Change in Cash 599
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5 Points ed below (in $ millions): Bongo Company Income Statement ($ m For Year Ended December 2019 Change $ 1,869 $ 599 Net Sales 1,716 132 Cost of Goods Sold 814 (58) Selling and Admin Expenses 4,399 673 Depreciation EBIT (Operating Income) 1,360 85 1,062 (74) Interest Expense 442 202 Other Non-Operating Expenses 1,980 (191) EBT (Taxable Income) 6,379 482 Income Taxes Net Income 416 103 1,246 415 Dividends Paid 1,662 518 Addition to Retained Earnings 2,093 (497) 240 30 2,384 431 2,624 461 6,379 482 rection of the cash flows (source or use). e attention to the formulas and formatting of the inputs.
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y millions) r 31st, 2019 $ 6,526 2,900 2,359 202 1,065 126 78 861 276 585 154 431
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Assignment 1.5 Exercises Problem 8: Cash Flow Statement Balance Sheets and an Income Statement for Whistler Corporation are provided bel Whistler Corporation Balance Sheet ($ thousands) December 31st 2018 Cash $ 47,500 Accounts Receivable - Inventories 49,000 Total Current Assets 96,500 Land 15,800 Buildings 103,600 Equipment 63,200 Patents 5,200 Less: Accumulated Depreciation 10,800 Total Fixed Assets 177,000 Total Assets 273,500 Accounts Payable 48,000 Income Taxes Payable - Total Current Liabilities 48,000 Long Term Debt 100,100 Common Stock 125,400 Retained Earnings - Shareholders’ Equity 125,400 Total Liabilities and Equity 273,500 Create a Cash Flow Statement for Whistler Corporation. Create your Original Solution Below - Be sure to show all calculations and clea
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Whistler Corporation . Statement of Cash Flows ($ thousands) For Year Ended December 31st Cash Flows from Operating Activities Net Income $ 69,200 Add Back Depreciation 1,400 Increase in Accounts Receivable 43,100 Decrease in Inventories -12,500 Decrease in Accounts Payable -22,100 Increase in Income Taxes Payable 10,700 Cash Flow from Operations 95,400 Cash Flows from Investing Activities Purchase of Equipment 2,300 Purchase of Buildings and Land 61,000 Cash Flow from Investing 63,300 Cash Flows from Financing Activities Increase in Long-Term Debt 33,900 Increase (Decrease) in Common Stock 52,000 Increase in Retained earning 47,200 Subtract Dividends Paid -22,000 Cash Flow from Financing 111,100 Cash at Beginning of Year 47,500 Cash at End of Year 190,700 Net Change in Cash 143,200
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5 Points low (in $ thousands): Whistler Corporati Income Statement ($ tho For Year Ended December 2019 Change $ 76,700 $ 29,200 Net Sales 43,100 43,100 Cost of Goods Sold 36,500 (12,500) Depreciation 156,300 59,800 EBIT (Operating Income) 15,800 - Interest Expense 164,600 61,000 Other Non-Operating Expenses 65,500 2,300 EBT (Taxable Income) 5,200 - 12,200 1,400 Income Taxes 238,900 61,900 Net Income 395,200 121,700 Dividends Paid Addition to Retained Earnings 25,900 (22,100) 10,700 10,700 36,600 (11,400) 134,000 33,900 177,400 52,000 47,200 47,200 224,600 99,200 395,200 121,700 arly indicate answers.
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ion ousands) r 31st, 2019 $ 165,300 46,200 1,400 117,700 2,000 5,600 110,100 40,900 69,200 22,000 47,200
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