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b. Complete the income statement and balance sheet for a Company by using following additional information: Additional Information Current ratio 3:1 $ 500 Depreciation Net Profit margin Total Liabilities to Total Equity Average collection period Inventory Turnover ratio No of Days in a year 7% 1:1 45 days 3:1 360 days Income statement for the Year 20XX (In thousands) Sales Cost of Goods sold $ 100,000 Gross profit Selling ? and administrative ? expenses Interest expense 4,000 Profit before tax ? Taxes (30% rate) Profit after taxes ? ?

b. Complete the income statement and balance sheet for a Company by using following additional information: Additional Information Current ratio 3:1 $ 500 Depreciation Net Profit margin Total Liabilities to Total Equity Average collection period Inventory Turnover ratio No of Days in a year 7% 1:1 45 days 3:1 360 days Income statement for the Year 20XX (In thousands) Sales Cost of Goods sold $ 100,000 Gross profit Selling ? and administrative ? expenses Interest expense 4,000 Profit before tax ? Taxes (30% rate) Profit after taxes ? ?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...
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b. Complete the income statement and balance sheet for a Company by using following additional information: Additional Information Current ratio 3:1 $ 500 Depreciation Net Profit margin Total Liabilities to Total Equity Average collection period Inventory Turnover ratio No of Days in a year 7% 1:1 45 days 3:1 360 days Income statement for the Year 20XX (In thousands) Sales $ 100,000 Cost of Goods sold Gross profit Selling ? and administrative expenses Interest expense 4,000 Profit before tax ? Taxes (30% rate) Profit after taxes 1 Balance Sheet As on June 30, 20XX (In thousands) Cash $ 5,000 Accounts payable $ 4,000 Accounts receivable ? Bank loan ? Inventories ? Accruals 2,000 Current Assets ? Current Liabilities ? Long-term Debt 26,500 Net Fixed Assets ? Common stock & Retained 37,500 Earnings Total Assets ? Total Liabilities and Equity ?
Transcribed Image Text:b. Complete the income statement and balance sheet for a Company by using following additional information: Additional Information Current ratio 3:1 $ 500 Depreciation Net Profit margin Total Liabilities to Total Equity Average collection period Inventory Turnover ratio No of Days in a year 7% 1:1 45 days 3:1 360 days Income statement for the Year 20XX (In thousands) Sales $ 100,000 Cost of Goods sold Gross profit Selling ? and administrative expenses Interest expense 4,000 Profit before tax ? Taxes (30% rate) Profit after taxes 1 Balance Sheet As on June 30, 20XX (In thousands) Cash $ 5,000 Accounts payable $ 4,000 Accounts receivable ? Bank loan ? Inventories ? Accruals 2,000 Current Assets ? Current Liabilities ? Long-term Debt 26,500 Net Fixed Assets ? Common stock & Retained 37,500 Earnings Total Assets ? Total Liabilities and Equity ?
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