SHOW FULL WORK (PROCESS)36. DuPont Identity Construct the DuPont identity for Smolira Golf. 90PART 2Understanding Financial Statements and Cash FlowSMOLIRA GOLF, INC.Balance Sheets as of December 31, 2018 and 20192018201920182019AssetsLiabilities and Owners' EquityCurrent assetsCurrent liabilities$ 5,298$ 3,754$ 3,986Cash5,827Accounts payableAccounts receivable7,7078,477Notes payable3,0453,318Inventory12,150$ 25, 15521,956$ 36,260Other152179$ 6,951$ 24,700$ 7,483$ 16,000TotalTotalLong-term debtOwners' equity$ 37,00055, 189$ 92,189Common stock and paid-in surplus$ 40,000Fixed assetsAccumulated retained eamings28,805$ 68,805$ 100,456Net plant and equipment $ 75,301$ 79,412Total$ 100,456$115,672 Total liabilities and owners' equity$115,672Total assetsSMOLIRA GOLF, INCc.2019 Income StatementSales$229,854Cost of goods sold184,3178,730$ 36,807DepreciationEBITInterest paid1,811Taxable income$ 34,996Тахes7,349$ 27,647Net incomeDividends$16,000Addition to retained earnings11,647

A finance executive at E.I. Du Pont de Nemours and Co., of Wilmington, Delaware, created the DuPont…

90 PART 2 Understanding Financial Statements and Cash Flow SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 20 18 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities $ 5,298 $ 3,754 $ 3,986 Cash 5,827 Accounts payable Accounts receivable 7,707 8,477 Notes payable 3,045 3,318 Inventory Total 12,150 21,956 $ 36,260 Other 152 179 $ 25, 155 $ 6,951 $ 24,700 $ 7,483 $ 16,000 Total Long-term debt Owners' equity $ 37,000 55, 189 $ 92, 189 $115,672 Common stock and paid-in surplus $ 40,000 Accumulated retained eamings 28,805 $ 68,805 $ 100,456 Fixed assets Net plant and equipment $ 75,301 $ 100,456 $ 79,412 Total Total assets $115,672 Total liabilities and owners' equity SMOLIRA GOLF, INC. 2019 Income Statement Sales $229,854 Cost of goods sold Depreciation EBIT 184,317 8,730 $ 36,807 1,811 $ 34,996 Interest paid Taxable income Тахes 7,349 Net income $ 27,647 Dividends $16,000 Addition to retained earnings 11,647

90 PART 2 Understanding Financial Statements and Cash Flow SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 20 18 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities $ 5,298 $ 3,754 $ 3,986 Cash 5,827 Accounts payable Accounts receivable 7,707 8,477 Notes payable 3,045 3,318 Inventory Total 12,150 21,956 $ 36,260 Other 152 179 $ 25, 155 $ 6,951 $ 24,700 $ 7,483 $ 16,000 Total Long-term debt Owners' equity $ 37,000 55, 189 $ 92, 189 $115,672 Common stock and paid-in surplus $ 40,000 Accumulated retained eamings 28,805 $ 68,805 $ 100,456 Fixed assets Net plant and equipment $ 75,301 $ 100,456 $ 79,412 Total Total assets $115,672 Total liabilities and owners' equity SMOLIRA GOLF, INC. 2019 Income Statement Sales $229,854 Cost of goods sold Depreciation EBIT 184,317 8,730 $ 36,807 1,811 $ 34,996 Interest paid Taxable income Тахes 7,349 Net income $ 27,647 Dividends $16,000 Addition to retained earnings 11,647

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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