balance sheet as of December 31,2021 (million of dollars) cash and equivalents 72 accounts payable 43 accounts receivable 50 other current liabilities 7 inventories 119 notes payable 29 total current assets 241 total current liabilities 79 long-term debt 25 total liabilities 104 gross fixed assets 198 common stock 83 less depreciation 79 retained earnings 173 net fixed assets 119 total stockholder's equity 256 total assets 360 total liabilities and equity 360 Income statement for year ended December 31,2021 (million of dollars) net sales 715.00 cost of goods sold 540.00 gross profit 175.00 selling expense 94.50 EBITDA 80.50 depreciation expense 16.00 earnings before interest and taxes(EBIT) 64.50 interest expenses 6.50 earnings before taxes (EBT) 58.00 taxes (25%) 14.50 net income 43.50
Added by Janet S.
Step 1
### Step 1: Verify the Balance Sheet First, we need to ensure that the balance sheet balances, i.e., Total Assets should equal Total Liabilities and Equity. **Balance Sheet as of December 31, 2021 (in millions of dollars):** - **Assets:** - Cash and Show more…
Show all steps
Your feedback will help us improve your experience
Breanna Ollech and 56 other Probability educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
Balance sheets 2019 2018 assets cash and equivalents 60 45 accounts receivable 275 300 inventories 375 250 total current assets 710 595 net plant and equipment 2,300 1,490 total assets 3,010 2,085 Liabilities and equity accounts payable 150 85 accruals 75 50 notes payable 110 35 total current liabilities 335 170 long-term debt 450 290 common stock 1,225 1,225 retained earnings 1,000 400 total liabilities and equity 3,010 2,085
Breanna O.
Powell panther corporation : income statement for year ending Dec 31 (Million of dollars) 2021 2020 assets cash and equivalents 39.0 31.0 accounts receivable 303.0 242.0 Inventories 363.0 330.0 total current assets 705.0 603.0 net plant and equipment 508.0 467.0 total assets 1,213.0 1,065.0
Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid-in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 430,273.00 Current portion of long-term debt 33,750 35,000 Depreciation expense 54,000 54,201.00 Interest expense 40,500 42,805.00 Inventories 279,000 288,000 Long-term debt 339,570.00 398,024.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depreciation) 126,000 162,475.00 Retained earnings 306,000 342,000 Sales 639,000 847,787.00 Taxes 24,750 48,472.00
Shelayah R.
Recommended Textbooks
Probability with Applications in Engineering, Science, and Technology
Probability and Statistics for Engineers and Scientists
Applied Statistics and Probability for Engineers
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD