Cash Accounts Receivable Less Allowance for Bad Debts Prepaid Rent Inventory Property, Plant, and Equipment Less Accumulated Depreciation Total Assets Uneamed Revenue Accounts Payable (merchandise suppliers) Bank Loan Common Stock Retained Earnings Total Liabilites & Stockholders' Equity Income Statement Data for Calendar Year 2014 Sales Revenue December 31, 2013 $104,000 246,000 (27,000) 15,000 332,000 1,122,000 (442,000) $1.350.000 50,000 $102,000 391,000 467,000 340,000 $1.350.000 1,000,000 December 31, 2014 $36,000 178,000 (32,000) 42,000 391,000 1,377,000 (592,000) $1.400.000 53,000 $187,000 350,000 510,000 300,000 $1.400.000

Cash Accounts Receivable Less Allowance for Bad Debts Prepaid Rent Inventory Property, Plant, and Equipment Less Accumulated Depreciation Total Assets Uneamed Revenue Accounts Payable (merchandise suppliers) Bank Loan Common Stock Retained Earnings Total Liabilites & Stockholders' Equity Income Statement Data for Calendar Year 2014 Sales Revenue December 31, 2013 $104,000 246,000 (27,000) 15,000 332,000 1,122,000 (442,000) $1.350.000 50,000 $102,000 391,000 467,000 340,000 $1.350.000 1,000,000 December 31, 2014 $36,000 178,000 (32,000) 42,000 391,000 1,377,000 (592,000) $1.400.000 53,000 $187,000 350,000 510,000 300,000 $1.400.000

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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1n. Account
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Part B: Financial Planning - Pro Forma Statements 1. Using the financial statements for 2009 as your 'base', assume that Luxio's sales are 20% higher for 2010. Use this projection to prepare the pro forma statements following the requirements listed below. Assume the change in sales is permanent. 2. For the Income Statement: • Cost of Goods Sold rate is expected to remain constant; o 'Depreciation' and 'Interest paid' expenses are expected not to change; o The Tax rate is expected to decrease to 32%; and • Management is expected to increase the amount of dividends paid by 5% (therefore, the Dividend payout rate will increase by 5%). 3. For the Balance Sheet: o 'Current assets' change in direct proportion to sales; • 'Fixed assets' are being operated at 100% of capacity; • 'Accounts payable' changes in direct proportion to sales; o 'Notes payable' and 'Other' current liabilities do not change; • 'Common stock' remains unchanged; and • Use 'Long-term debt' as the plug variable. 4.…
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14- Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the Debtors Turnover Ratio (DTR)? a. 8 b. 16 c. 6 d. 5
5 Questions: Cost of goods sold Cash Depreciation Interest expense Selling & Administrative. Accounts payable Net fixed assets Sales Accounts receivable Notes payable Long-term debt Inventory New equity Tax rate Dividend percentage 7 1. Complete Income Statement of 2010 & 2011 2. Complete Balance Sheet of 2010 & 2012 2010 196,619 28,372 55,506 12,067 38,668 20,143 244,881 385,724 20,104 22,855 123,607 38,706 30% 35% 65 2011 248,263 42,865 62,738 13,831 50,469 34,091 298,350 470,172 26,078 24,955 140,000 52,057 15,000 +
The financial information on Lazy Day, Inc. is as follows: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138 Depreciation 956 948 Cost of goods sold 4,207 4,618 Accounts payable 3,338 3,209 Long-term debt 4,200 3,800 Shareholders’ equity 9,229 9,906 Accounts receivable 2,780 2,960 Net fixed assets 8,640 8,720 Interest expense 350 320 Selling and administrative expenses 1,015 984 Taxes 1,250 1,512 What is the cash flow to creditors for 2020?
Table 1: Gress Income Levels Amount (Millions) Beta Factor Disaggregate Gross Income 2020 2021 0.2 2.0 1.2 2.2 2.2 2018 2019 No Business Line/Year Corporate finance Trading and sales Retail banking Commercial banking 5 0.7 0.6 2.2 18% 2.2 2.4 18% 12% 2.2 0.5 1.3 4.1 1.1 2.0 0.5 3.2 15% 18% 0.4 Payment and settlement 6. 1.6 Agency services 7. 0.5 1.1 3.2 1.4 15% 12% 2.0 5.7 0.5 0.8 Asset management Retail brokerage 8. 0.2 0.4 3.9 1.6 12% Aggregate Gross Income 2019 2020 2021 16.0 14.0 15% 2018 Bank Level 14.2 10.0 Using the information in the table above, calculate the minimum capital requirement for the years 2021 and 2022 for operational risk under Basel II using the i) Basic Indicator Approach (BIA) ii) Standardised Approach (SA)
Cash $ 30,000 Marketable securities $ 25,000 Accounts Receivable Inventory Total current Assets Net Fixed Assets Total Assets Accounts Payable $ 120,000 Short-term Notes Payable Accrued Liabilities $ 20,000 Total Current Liabilities Long-Term Debt Total Debt Stockholder's Equity $ 600,000 Total Liabilites and Equity Assumptions: Sales = $1,825,000 Gross profit margin = 30% Inventory Turnover = 7.0 365 days per year DSO = 40 days Current ratio = 1.40 Total Asset Turnover = 1.25 Complete the Balance Sheet below based on the given information
Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation ood to go Total operating expenses Operating income Less interest expense Income before taxes Income tax expense Net income E 40,000 20,000 10,000 5. 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets O Warrior Industries Balance Sheet for 12/31/20XX Total current assets Property, plant and equipment Accumulated depreciation Net fixed assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers N Total current liabilities Long term mortgage Owner's Equity Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00…