1. The Skywalker Industries has incorporated and started operations in 2021; it went public in 2022 with a common stock, preferred stock, rolling over commercial paper (short term note) and additional bond offerings. The following financial information has been gathered on the last day of the year, December 31, 2022.20222021SalesCost of Goods Sold - % of sales10,000,00060%SG&A 2,000,000Depreciation (%)20%20.00%'Issued Short term Commercial Paper300,000 50,000.001,000,000*New Debt Issued200,000.00Interest Rate on borrowed funds10%10%"Common Stock Issued $3.000.000 300,000.00Shares Issued60,000 10,000.0010% Preferred Share Sold at par1,000,000 0.0025,000.00CashReceivable2,000,000Inventory 1,600,000 80,000.00*Property, Plant & Equipment (PPE) - cost5,000,000500,000.00Payables 2,500,000 30,000.00Current (paid) Taxes220,000Common Dividend120,0008%Preferred Dividend Rate1- short term notes are borrowed for one period, and are paid off inthe following period.2- long term debt is borrowed for more than one period.3- newly issued in that year4- bought that year5- The company also bought back 5,000 shares at $60 per share average price 6- Current stock market price is $80You will find it better to do this exercise in Excel. The data and the initial model financial statements are provided in an Excel file. The model has a lot of missing components; you need to complete it while you add the data.Prepare the Skywalker Industries financial statements. The balance sheet basic structure and a partial income statement are given in Excel file. You need to finish the income statement to obtain the 2022 retained earnings. Similarly, you need the cash flow statement to get the 2022 cash level. * 1. The Skywalker Industries has incorporated and started operations in 2021; it went public in2022 with a common stock, preferred stock, rolling over commercial paper (short term note) andadditional bond offerings. The following financial information has been gathered on the last dayof the year, December 31, 2022.SalesCost Of Goods Sold - % of salesSG&ADepreciation (%)'Issued Short term Commercial Paper2New Debt IssuedInterest Rate on borrowed funds³Common Stock Issued $Shares Issued10% Preferred Share Sold at parCashReceivableInventory*Property, Plant & Equipment (PPE) - costPayablesCurrent (paid) TaxesCommon DividendPreferred Dividend Rate1- short term notes are borrowed for one period, and are paid off inthe following period.2- long term debt is borrowed for more than one period.3- newly issued in that year202210,000,00060%2,000,00020%20.00%300,000 50,000.001,000,000 200,000.0010%10%3,000,000 300,000.0060,000 10,000.000.0025,000.001,000,00020212,000,0001,600,000 80,000.005,000,000 500,000.002,500,000 30,000.00220,000120,0008%4- bought that year5- The company also bought back 5,000 shares at $60 per share average price6- Current stock market price is $80You will find it better to do this exercise in Excel. The data and the initial model financialstatements are provided in an Excel file. The model has a lot of missing components; you needto complete it while you add the data.Prepare the Skywalker Industries financial statements. The balance sheet basic structure and apartial income statement are given in Excel file. You need to finish the income statement toobtain the 2022 retained earnings. Similarly, you need the cash flow statement to get the 2022cash level.

I'm sorry, but I cannot see any Excel file attached to your question. However, based on the…

Answered: Prepare the Skywalker Industries…

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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1. The Skywalker Industries has incorporated and started operations in 2021; it went public in 2022 with a common stock, preferred stock, rolling over commercial paper (short term note) and additional bond offerings. The following financial information has been gathered on the last day of the year, December 31, 2022. 2022 2021 Sales Cost of Goods Sold - % of sales 10,000,000 60% SG&A 2,000,000 Depreciation (%) 20% 20.00% 'Issued Short term Commercial Paper 300,000 50,000.00 1,000,000 *New Debt Issued 200,000.00 Interest Rate on borrowed funds 10% 10% "Common Stock Issued $ 3.000.000 300,000.00 Shares Issued 60,000 10,000.00 10% Preferred Share Sold at par 1,000,000 0.00 25,000.00 Cash Receivable 2,000,000 Inventory 1,600,000 80,000.00 *Property, Plant & Equipment (PPE) - cost 5,000,000 500,000.00 Payables 2,500,000 30,000.00 Current (paid) Taxes 220,000 Common Dividend 120,000 8% Preferred Dividend Rate 1- short term notes are borrowed for one period, and are paid off in the following period. 2- long term debt is borrowed for more than one period. 3- newly issued in that year 4- bought that year 5- The company also bought back 5,000 shares at $60 per share average price 6- Current stock market price is $80 You will find it better to do this exercise in Excel. The data and the initial model financial statements are provided in an Excel file. The model has a lot of missing components; you need to complete it while you add the data. Prepare the Skywalker Industries financial statements. The balance sheet basic structure and a partial income statement are given in Excel file. You need to finish the income statement to obtain the 2022 retained earnings. Similarly, you need the cash flow statement to get the 2022 cash level.

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