ACCT – MNGT 257 Financial Management Fall 2018 Tandy Company Case Study #1 revie
ID: 2335234 • Letter: A
Question
ACCT – MNGT 257 Financial Management Fall 2018
Tandy Company Case Study #1 review of Financial Statements
From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash Flows for 2016 and 2017.
In your Income Statement Calculation, include Subtotals for EBITDA, EBIT, and EBT in addition to Net Income. You must submit your answers in either a MS Word or an MS Excel file.
TANDY COMPANY
Year Ending
6/30/2017
6/30/2016
6/30/2015
Common Stock 100,000 shares outstanding
$460,000
$460,000
$460,000
Net Receivables
632,160
351,200
315,000
Cost of Goods Sold
5,528,000
2,864,000
2,706,000
Expenses
519,988
358,672
330,000
Interest Expense
136,012
43,828
42,500
Property Plant and Equipment
1,202,950
491,000
476,000
Less Accumulated Depreciation
263,160
146,200
127,300
Income Taxes (40%)
??
58,640
80,680
Cash And Cash Equivalents
7,282
57,600
37,500
Sales
6,034,000
3,432,000
3,300,000
Accounts Payable
524,160
145,600
166,000
Notes Payable
636,808
200,000
200,000
Accrued Liabilities
489,600
136,000
122,000
Depreciation Expense
116,960
18,900
19,800
Long Term Debt
723,432
323,432
323,432
Inventory
1,287,360
715,200
675,000
Dividends
11,000
22,000
22,000
Retained Earnings
32,592
203,768
104,748
Other Information
The firm had sufficient taxable income in 2016 and 2015 to obtain a full refund in 2017
Net Income for 2016
$87,960
TANDY COMPANY
Year Ending
6/30/2017
6/30/2016
6/30/2015
Common Stock 100,000 shares outstanding
$460,000
$460,000
$460,000
Net Receivables
632,160
351,200
315,000
Cost of Goods Sold
5,528,000
2,864,000
2,706,000
Expenses
519,988
358,672
330,000
Interest Expense
136,012
43,828
42,500
Property Plant and Equipment
1,202,950
491,000
476,000
Less Accumulated Depreciation
263,160
146,200
127,300
Income Taxes (40%)
??
58,640
80,680
Cash And Cash Equivalents
7,282
57,600
37,500
Sales
6,034,000
3,432,000
3,300,000
Accounts Payable
524,160
145,600
166,000
Notes Payable
636,808
200,000
200,000
Accrued Liabilities
489,600
136,000
122,000
Depreciation Expense
116,960
18,900
19,800
Long Term Debt
723,432
323,432
323,432
Inventory
1,287,360
715,200
675,000
Dividends
11,000
22,000
22,000
Retained Earnings
32,592
203,768
104,748
Other Information
The firm had sufficient taxable income in 2016 and 2015 to obtain a full refund in 2017
Net Income for 2016
$87,960
TANDY COMPANY
Year Ending
6/30/2017
6/30/2016
6/30/2015
Common Stock 100,000 shares outstanding
$460,000
$460,000
$460,000
Net Receivables
632,160
351,200
315,000
Cost of Goods Sold
5,528,000
2,864,000
2,706,000
Expenses
519,988
358,672
330,000
Interest Expense
136,012
43,828
42,500
Property Plant and Equipment
1,202,950
491,000
476,000
Less Accumulated Depreciation
263,160
146,200
127,300
Income Taxes (40%)
??
58,640
80,680
Cash And Cash Equivalents
7,282
57,600
37,500
Sales
6,034,000
3,432,000
3,300,000
Accounts Payable
524,160
145,600
166,000
Notes Payable
636,808
200,000
200,000
Accrued Liabilities
489,600
136,000
122,000
Depreciation Expense
116,960
18,900
19,800
Long Term Debt
723,432
323,432
323,432
Inventory
1,287,360
715,200
675,000
Dividends
11,000
22,000
22,000
Retained Earnings
32,592
203,768
104,748
Other Information
The firm had sufficient taxable income in 2016 and 2015 to obtain a full refund in 2017
Net Income for 2016
$87,960
Tandy Company Case Study #1 Asarment )-word topy Repiace dect d in NamNo pac Hesdng Heading 2Subbe btleEm mphaas ntenseE t Go teseueRef. Intense H Book te omat Pant I ACCT- MNGT 257 Financial Management Fall 2018 Tandy Company Case Study #1 review of Financial Statements 30/2017 63D2016 630/2015 Cornnori Slock 100,000 sares S40,000 $460,000 460,000 Net Receivables Cost at Goods Soki From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement of Changes in Owners' Equity and Statement of Cash Flows for 2016 and 2017 284 2,/05,D 33D DDO Inleresl Expense Property Plant and Equipment Less Accumulated Depreciation Income laxes (40%) Cash And Cash Equvalents In your Income Statement Calculation, include Subtotals for EBITDA, EBIT, 476,000 127,300 and EBT in adition to Net Income. You must submit your answers in either a MS Word or an MS Excel file. 6,034,000 3,432.000 3,300,000 Accounts Payable Notes Payable Accrued Lieilhes Depreciation Expense TANDY COMPANY 10 22 DD Common Stock 100,000 shares 23,432 675,000 Cost of Goods Scld Retained Eamings 104,48 Property Plant and Equipment The firm had sufficient taxable incorme in 2016 and 2015 to obtain a full refund in 2017 Net Income for 2016 Iruxrlic Taxes (40%) Cash And Cash Equivalenis 6,031,000 3,132,000 3,300,000 aud Liabilili 1,28,3E0 15,2D0 he hrm had sutticient taxable income in 2016 and 2D15 to obtan a tull retund in 201 Net Incnme tar 2016 TANDY COMPANY Yea' Cnding O lype hene to search oo 00 00 00 00Explanation / Answer
A.
2.
Income Statement Particulars 6/30/2017 6/30/2016 Sales $ 6,034,000.00 $ 3,432,000.00 Less: COGS $ 5,528,000.00 $ 2,864,000.00 Gross Margin $ 506,000.00 $ 568,000.00 Expenses $ 519,988.00 $ 358,672.00 EBITDA $ (13,988.00) $ 209,328.00 Depreciation Expense $ 116,960.00 $ 18,900.00 EBIT $ (130,948.00) $ 190,428.00 Interest Expense $ 136,012.00 $ 43,828.00 EBT $ (266,960.00) $ 146,600.00 Income Taxes (40%) $ - $ 58,640.00 Net income $ (266,960.00) $ 87,960.00Related Questions
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