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Question 1, Financial statement production and review. Sales Less: Cost of sales Gross Profit Less: Operating Expense Interest Expense Depreciation Expense Selling, General, & Administrative Expenses Total Operating Expense Operating Profit before taxes Less: Tax @ 25% Net Operating Assets Fixed Assets Less: Depreciation Net fixed asset Current assets Inventory Accounts Receivable Cash Total $ 50,000 esss $ 5,000 $ $ ssssss Income Statement Books of Wally For the year ended December 31, 2019 $ 1,200,000 600,000 600,000 $ 45,000 180,000 144,000 $ 200,000.00 $ $ 569,000 $ es e es $ $ $ $ $ $ Balance Sheet Books of Wally For the year ended December, 31, 2019 24,000 5,000 411,000 440,000 160,000 40,000 120,000 Liabilities & Equity Total Shares Capital Reserves/Surplus Non-Current Liabilities Loan Current Liabilites Accounts payable Accrued expenses es es $ $ $ $ es es $ $ 23,000 120,000 300,000 60,000 66,000 569,000

Question 1, Financial statement production and review. Sales Less: Cost of sales Gross Profit Less: Operating Expense Interest Expense Depreciation Expense Selling, General, & Administrative Expenses Total Operating Expense Operating Profit before taxes Less: Tax @ 25% Net Operating Assets Fixed Assets Less: Depreciation Net fixed asset Current assets Inventory Accounts Receivable Cash Total $ 50,000 esss $ 5,000 $ $ ssssss Income Statement Books of Wally For the year ended December 31, 2019 $ 1,200,000 600,000 600,000 $ 45,000 180,000 144,000 $ 200,000.00 $ $ 569,000 $ es e es $ $ $ $ $ $ Balance Sheet Books of Wally For the year ended December, 31, 2019 24,000 5,000 411,000 440,000 160,000 40,000 120,000 Liabilities & Equity Total Shares Capital Reserves/Surplus Non-Current Liabilities Loan Current Liabilites Accounts payable Accrued expenses es es $ $ $ $ es es $ $ 23,000 120,000 300,000 60,000 66,000 569,000

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A. Wally asks you to create an Income Statement for 2020 using the information below.

1. 2020 sales were 150% of last year’s sales
2. Gross profit margin was 55%
3. Operating profit margins were 15%
4. Interest expense fell to 7%, given a change in interest rates
5. The tax rate was 30%

B. Based on the change in Income between 2020 and 2019, how would you say AndrewCo is doing?

1 Question 1, Financial statement production and review. 2 3 4 5 6 Sales 7 Less: Cost of sales 8 Gross Profit 9 Less: Operating Expense 10 Interest Expense 11 Depreciation Expense 12 Selling, General, & Administrative Expenses 13 Total Operating Expense 14 Operating Profit before taxes 15 Less: Tax @ 25% 16 Net Operating 17 18 19 20 21 22 23 Fixed Assets 24 Less: Depreciation Assets 25 Net fixed asset 26 Current assets 27 Inventory 28 Accounts Receivable 29 Cash 30 31 Total 22 $ ՄԴ ՄԴ 50,000 $ 5,000 $ es es es Income Statement Books of Wally For the year ended December 31, 2019 $ 1,200,000 $ 600,000 $ 600,000 $ $ 180,000 144,000 $ 45,000 $ 200,000.00 $ $ $ $ $ $ $ is Balance Sheet Books of Wally For the year ended December, 31, 2019 569,000 24,000 5,000 411,000 440,000 160,000 40,000 120,000 Liabilities & Equity Shares Capital Reserves/Surplus Non-Current Liabilities Total Loan Current Liabilites Accounts payable Accrued expenses $ es es $ $ es $ es es $ 23,000 120,000 300,000 60,000 66,000 $ 569,000
Transcribed Image Text:1 Question 1, Financial statement production and review. 2 3 4 5 6 Sales 7 Less: Cost of sales 8 Gross Profit 9 Less: Operating Expense 10 Interest Expense 11 Depreciation Expense 12 Selling, General, & Administrative Expenses 13 Total Operating Expense 14 Operating Profit before taxes 15 Less: Tax @ 25% 16 Net Operating 17 18 19 20 21 22 23 Fixed Assets 24 Less: Depreciation Assets 25 Net fixed asset 26 Current assets 27 Inventory 28 Accounts Receivable 29 Cash 30 31 Total 22 $ ՄԴ ՄԴ 50,000 $ 5,000 $ es es es Income Statement Books of Wally For the year ended December 31, 2019 $ 1,200,000 $ 600,000 $ 600,000 $ $ 180,000 144,000 $ 45,000 $ 200,000.00 $ $ $ $ $ $ $ is Balance Sheet Books of Wally For the year ended December, 31, 2019 569,000 24,000 5,000 411,000 440,000 160,000 40,000 120,000 Liabilities & Equity Shares Capital Reserves/Surplus Non-Current Liabilities Total Loan Current Liabilites Accounts payable Accrued expenses $ es es $ $ es $ es es $ 23,000 120,000 300,000 60,000 66,000 $ 569,000
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