Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2022 104,539 320,715 40,500 500,000 17,500 94,000. 328,500 33.750 54,000 40,500 379,000 336,461 966,535 148,500 126,000 426,000 639,000 24,750 2023 131,306 ??? 36,750 541,650 47,500 108,000 431,391 35,000 54,859 41,146 258,000 421,194 999,000 222,000 162,322 342,000 845,002 47,658

Category Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock COGS Current portion long-term debt Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes 2022 104,539 320,715 40,500 500,000 17,500 94,000. 328,500 33.750 54,000 40,500 379,000 336,461 966,535 148,500 126,000 426,000 639,000 24,750 2023 131,306 ??? 36,750 541,650 47,500 108,000 431,391 35,000 54,859 41,146 258,000 421,194 999,000 222,000 162,322 342,000 845,002 47,658

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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You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in $ millions): Statement of financial position 2021 2020 2019 Accounts receivable $1,217 $1,372 $1,248 Inventory 2,294 2,221 1,681 Total current assets 3,948 4,069 3,134 Total assets 13,123 13,793 9,886 Current liabilities 2,146 2,494 1,932 Total liabilities 6,679 7,234 4,465 Statement of income Sales $14,294 $14,944 $13,502 Cost of goods sold 9,575 10,181 9,179 Interest expense 79 96 67 Income tax expense 218 217 230 Net income 626 583 755
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A firm’s Balance Sheet and Income Statement for FY 2021 is displayed below and in the in the attached excel file. Answer the following questions. NOTE: For this question, use the end-of-the year approach (and not the mid-year convention). For example, this means that days receivables = end of FY receivables/daily sales; similarly for the remaining relevant ratios. BALANCE SHEET 2021 Cash and cash equivalents 280 Receivables 2588 Inventory 2516 Other 189 TOTAL CA 5573 Fixed assets 5024 TOTAL ASSETS 10597 Accounts payable 4713 Short term debt 78 TOTAL CL 4790 LT debt 921 Shareh. Equity 4886 TOTAL LIAB. AND SHARH. EQUITY 10597 INCOME STATEMENT 2021 Sales 19418 COGS 13136 Depreciation 354 SG&A 4952 EBIT 976 Interest Expenses 52 Tax 268 Net income 656 Determine the managerial balance sheet for the FY 2021.
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