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 2021Cash and cash equivalents280Receivables2588Inventory2516Other189TOTAL CA5573Fixed assets5024TOTAL ASSETS10597Accounts payable4713Short term debt78TOTAL CL4790LT debt921Shareh. Equity4886TOTAL LIAB. AND SHARH. EQUITY10597 INCOME STATEMENT2021Sales19418COGS13136Depreciation354SG&A4952EBIT976Interest Expenses52Tax268Net income656 Determine the managerial balance sheet for the FY 2021.

Answered: Determine the managerial balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

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.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions