TABLE 5 (TN) Cactus Building Supply 2000 Pro-forma Worksheet Income Statement ($ in thousands) Balance Sheet (S in thousands) Net sales $ 5200 $ 33160 Cash Cost of sales $ 2947 S 4336 $ 28231 Accounts receivable Gross profit $ 4953s 73191 $ 4929 Inventory $ 13100 SG&A $ 2487 Current assets $ 3860 Depreciation $ 380 Short-term loans $ 2509 Miscellaneous expenses $ 398 Accounts payable $ 1459 Total operating expenses $ 3265 Accruals $ 7828 EBIT $ 1664 Current liabilities $ 626 Interest expense Net Income before taxes $1038 1,500 $ 498 Taxes (@ 48%) Long-term loan 330 $ 540 Mortgage Net income after taxes $9,658 Total liabilities Dividends $3,650 $ 540 Common stock Retained earnings $2,950 Retained earnings $6,600 Owners' equity $16,258 Total claims Table 5 Cactus Building Supply 2000 Worksheet Income Statement ($ in thousands). Net sales Balance Sheet ($ in thousands) Cash $ 8200 $2047 $ 4988 $ 13100 4,588 1,430 $3,158 $1025 13.1 $3,860 2,509 1,459 7,828 1,500 $ 33160 $ 28 231 $ 4929 446 Cost of sales Accounts receivable Gross profit Inventory Current assets Interest-notes Interest-long-term Interest-mortgages Interest total Administrative and selling expenses Depreciation Miscellaneous expenses Total expenses Fixed assets (gross) Accumulated depreciation Net fixed assets Total assets 150 30 $ 626 $ 2487 $380 Short-term loans $398 $326 S Accounts payable Accruals Net Income before taxes Current liabilities Taxes $ 498 $$40 Long-term loan Mortgage Total liabilities Net income after taxes 330 Dividends Retained earnings $9,658 $3,650 $ 2930 $ 6 600 $ 16238 $ 540 Common stock Retained earnings Owners' equity Total claims total li ability es comman stoa3650 ret. earnings 2950 (2410 540) Owner's ea. GO 00 10 288 +o tal claims

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

* no trial balance was given along with case study just tables typed out below or featured in the images*

Trying this again...

We were asked to calculate the missing values (which I have written down on my copy of the table in the image attached). After attending the lecture with hopes to get a better understanding of how the numbers we obtained, I ended up coming home and copying the answers down as my professor did not review as to how he calculated them. I copied all the numbers down onto excel with hopes to see if I can understand where the numbers came from but to no avail. There are no requirements asked for other than to simply calculate and input the missing values which I have noted down from the answer sheet. I am hoping to get an understanding as to how the numbers were computed for the income statement for now.

Table 1: given values

	1997	1998	1999
net sales	26820	28966	30703
cogs	21216	23550	26140
gross profit	5604	5416	4563
admin and selling expenses	2006	2407	2648
depreciation	250	260	320
misc. expenses	318	558	898
total operating expenses	2574	3225	3866
earnings before interest and taxes	3030	2191	697
interest: short term loans	50	88	286

interest: long term loans	-	150	150
interest: mortgage	41	37	33
net income before taxes	2939	1916	228
taxes (48%)	1411	919	110
net income after taxes	1528	997	118
dividends on common stock	382	249	30
retained earnings	1146	748	88

TABLE 5 (TN)
Cactus Building Supply
2000 Pro-forma Worksheet
Income Statement ($ in thousands)
Balance Sheet (S in thousands)
Net sales
$ 5200
$ 33160
Cash
Cost of sales
$ 2947 S 4336
$ 28231
Accounts receivable
Gross profit
$ 4953s 73191
$ 4929
Inventory
$ 13100
SG&A
$ 2487
Current assets
$ 3860
Depreciation
$ 380
Short-term loans
$ 2509
Miscellaneous expenses
$ 398
Accounts payable
$ 1459
Total operating expenses
$ 3265
Accruals
$ 7828
EBIT
$ 1664
Current liabilities
$ 626
Interest expense
Net Income before taxes
$1038
1,500
$ 498
Taxes (@ 48%)
Long-term loan
330
$ 540
Mortgage
Net income after taxes
$9,658
Total liabilities
Dividends
$3,650
$ 540
Common stock
Retained earnings
$2,950
Retained earnings
$6,600
Owners' equity
$16,258
Total claims

Table 5
Cactus Building Supply 2000 Worksheet
Income Statement ($ in thousands).
Net sales
Balance Sheet ($ in thousands)
Cash
$ 8200
$2047
$ 4988
$ 13100
4,588
1,430
$3,158
$1025 13.1
$3,860
2,509
1,459
7,828
1,500
$ 33160
$ 28 231
$ 4929
446
Cost of sales
Accounts receivable
Gross profit
Inventory
Current assets
Interest-notes
Interest-long-term
Interest-mortgages
Interest total
Administrative and selling expenses
Depreciation
Miscellaneous expenses
Total expenses
Fixed assets (gross)
Accumulated depreciation
Net fixed assets
Total assets
150
30
$ 626
$ 2487
$380
Short-term loans
$398
$326 S
Accounts payable
Accruals
Net Income before taxes
Current liabilities
Taxes
$ 498
$$40
Long-term loan
Mortgage
Total liabilities
Net income after taxes
330
Dividends
Retained earnings
$9,658
$3,650
$ 2930
$ 6 600
$ 16238
$ 540
Common stock
Retained earnings
Owners' equity
Total claims
total li ability es
comman stoa3650
ret. earnings 2950 (2410 540)
Owner's ea.
GO 00
10 288
+o tal claims

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 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