**CROSBY, INC. Balance Sheet Analysis as of December 31, 2017**This balance sheet offers a snapshot of Crosby, Inc.'s financial position at the end of 2017, illustrating the company's assets, liabilities, and owners' equity.**Assets***Current Assets:*- Cash: $24,540- Accounts Receivable: $33,890- Inventory: $70,790- Total Current Assets: $129,220*Fixed Assets:*- Net Plant and Equipment: $213,000*Total Assets:* $342,220**Liabilities and Owners' Equity***Current Liabilities:*- Accounts Payable: $58,600- Notes Payable: $15,500- Total Current Liabilities: $74,100*Long-term Liabilities:*- Long-term Debt: $104,000*Owners’ Equity:*- Common Stock and Paid-in Surplus: $103,000- Retained Earnings: $61,120- Total Owners’ Equity: $164,120*Total Liabilities and Owners’ Equity:* $342,220**Explanation of Financial Figures:**Assets are divided into current and fixed categories, showing what the company owns both in liquid form and in long-term investments. Liabilities are divided similarly into current obligations and long-term debts, indicating what the company owes. Owners' equity reflects shareholder investment and retained earnings, signaling the net worth of the company.**Additional Question:**- What is the EFN (External Financing Needed) if the firm wishes to keep its debt-equity ratio constant? (Do not round intermediate calculations and round your answer to the nearest whole dollar amount.)This asks to calculate the additional financing required if the company aims to maintain a consistent balance between its borrowed funds and equity.This balance sheet provides a comprehensive view of the company's financial health, useful for evaluating performance and planning future financial strategies. The financial statements for Crosby, Inc. project a 30% growth in sales for 2018. Key points include constant interest expenses, tax rates, and dividend payout rates, while costs and other expenses increase with sales.**CROSBY, INC. 2017 Income Statement**- **Sales:** $756,000- **Costs:** $612,000- **Other expenses:** $25,500- **Earnings before interest and taxes:** $118,500- **Interest paid:** $11,200- **Taxable income:** $107,300- **Taxes (23%):** $24,679- **Net income:** $82,621- **Dividends:** $31,140- **Addition to retained earnings:** $51,481This statement outlines the financial performance of Crosby, Inc. for 2017, detailing various income and expense categories. The earnings before interest and taxes were $118,500, from which $11,200 in interest was paid. The taxable income was $107,300, with taxes amounting to $24,679, resulting in a net income of $82,621. Dividends paid were $31,140, leaving $51,481 added to retained earnings. The information is essential for understanding how anticipated changes in sales would impact the company's financial health, given that certain expenses and payouts remain static.

Answered: Balance Sheet as of December 31, 2017…

Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current liabilities $ 24,540 33,890 Accounts payable Notes payable $ 58,6C 15,50 ceivable

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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