From the information below prepare, in proper accounting form the, Income Statem
ID: 2335367 • Letter: F
Question
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
Explanation / Answer
* fixed assets are taken net of depreciation
* fixed assets are taken net of depreciation
statement of changes of owners equity 2017 2016 opening capital balance ( as on 30.06.2016) 460,000.00 460,000.00 add :additional contributions nil nil less: drawings nil nil closing capital 460,000.00 460,000.00Related Questions
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