FIN500 Principles of Finance: Preparing Financial Statements

FIN500 Principles of Finance: Preparing Financial Statements

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FIN500 Principles of Finance

Question:

Problem 2-1: Preparing Financial Statements

Using the following data:     

1. Prepare an income statement in good form

2. Prepare end of year balance sheet in good form

3. Calculate net working capital

4. Calculate the debt ratio

DATA

SAR

Depreciation expense

75,000

Cash

250,000

Long-Term Debt

450,000

Net Sales

750,000

Accounts payable

98,000

Marketing and general and administrative expenses

110,000

Buildings and Equipment

950,000

Notes payable

80,000

Accounts receivable

165,000

Interest expense

5,250

Accrued expenses

8,500

Common Stock

350,000

Cost of Goods sold

250,000

Inventory

105,000

Problem 2-2 Preparing Statement of Cash Flows

Given the following data, prepare a statement of cash flows.

DATA

Increase in accounts receivable

42

Increase in inventories

37

Operating Income

105

Interest Expense

35

Increase in accounts payable

32

Dividends

18

Increase in common stock

23

Increase in net fixed assets

27

Depreciation Expense

14

Income taxes

20

FIN500 Principles of Finance

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