Tobesco Corporation 2020 and 2021 Balance sheets (in millions) 2020 2021 Change Assets Current assets Cash 84 146 62 Accounts receivable 165 188 23 Inventory 393 422 29 Total current assets 642 756 114 Non - current assets Net plant and equipment 2731 2880 149 Total assets 3373 3636 263 Liabilities and Owners' Equity Current Liabilities Accounts payable 312 344 32 Notes payable 231 196 - 35 Total current liabilities 543 540 - 3 Non - current Liabilities Bank loan 531 457 - 74 Total liabilities 1074 997 -77 Owners' equity Common stock and paid - in surplus 500 550 50 Retained earnings 1799 2089 290 Total owners' equity 2299 2639 340 Total liabilities and owner's equity 3373 3636 263 Tobesco Corporation 2021 Income Statement (in millions) Sales 2311 Cost of goods sold (1,344) Gross profit 967 SG&A (40) Other operating expenses (40) EBITDA 887 D&A (276) EBIT 611 Interest income 76 Interest expense (141) Other income 10 Other expense (5) Profit before tax 551 Tax expense (21%) (116) Net profit after tax 435 Dividend 145 Retained earnings 290 Required: Prepare the Condensed Financial Statements for Tobesco Corporation.

Tobesco Corporation 2020 and 2021 Balance sheets (in millions) 2020 2021 Change Assets Current assets Cash 84 146 62 Accounts receivable 165 188 23 Inventory 393 422 29 Total current assets 642 756 114 Non - current assets Net plant and equipment 2731 2880 149 Total assets 3373 3636 263 Liabilities and Owners' Equity Current Liabilities Accounts payable 312 344 32 Notes payable 231 196 - 35 Total current liabilities 543 540 - 3 Non - current Liabilities Bank loan 531 457 - 74 Total liabilities 1074 997 -77 Owners' equity Common stock and paid - in surplus 500 550 50 Retained earnings 1799 2089 290 Total owners' equity 2299 2639 340 Total liabilities and owner's equity 3373 3636 263 Tobesco Corporation 2021 Income Statement (in millions) Sales 2311 Cost of goods sold (1,344) Gross profit 967 SG&A (40) Other operating expenses (40) EBITDA 887 D&A (276) EBIT 611 Interest income 76 Interest expense (141) Other income 10 Other expense (5) Profit before tax 551 Tax expense (21%) (116) Net profit after tax 435 Dividend 145 Retained earnings 290 Required: Prepare the Condensed Financial Statements for Tobesco Corporation.

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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