Above are the pages 47-48 described in the assignment. Assignment must be done i
ID: 2570210 • Letter: A
Question
Above are the pages 47-48 described in the assignment. Assignment must be done in Excel
In an Excel document, prepare the following financial statements for the mini-case “Cash Flows and Financial Statements at Sunset Boards, Inc.” on pages 47 and 48 of the textbook:
Income Statement for 2014 and 2015
Balance Sheet for 2014 and 2015
In the Excel document, also calculate:
the Operating Cash Flow for each year
the Cash Flow from Assets for 2015
the Cash Flow to Creditors for 2015
the Cash Flow to Stockholders for 2015
Tad Marks, the company’s founder, is considering expanding the business, which will require a substantial investment. Evaluate the financial statements you have developed and Sunset Board’s cash flow. In your Excel document or a separate Word document, write a paragraph explaining whether you feel expansion would be a wise choice and why.
EXCEL MASTER IT! PROBLEM Using Excel to find the marginal tax rate can be accomplished using the VLOOKUP function. However, calculating the total tax bill is a ittle more difficult. Below we have shown a copy of the IRS tax table for an individual for 2014. Often, tax tables are presented in this format If taxable income is But not over over. The tax is: $ 10% of the amount over $0 $907.50 plus 15% of the amount over $9,075 $5,081.25 plus 25% of the amount over $36,900 $18,193.75 plus 28% of the amount over $89,350 $45,353.75 plus 33% of the amount over $186,350 $117,541.25 plus 35% of the amount over S405,100 $118,118.75 plus 39.6% of the amount over $406,750 9,075 9,075 36,900 83,350 186,350 405,100 406,750 36,900 83,350 186.350 405,100 406,750 In reading this table, the marginal tax rate for taxable income less than $9,075 is 10 percent. If the taxable income is between $9,075 and $36,900, the tax bill is 907.50 plus the marginal taxes. The marginal taxes are calculated as the taxable income minus $9,075 times the marginal tax rate of 15 percent.Explanation / Answer
Answer for excel worksheet for corporate taxes is as follows:
Formula for the above cells is as follows:
Answer for Income statement:
Taxable income over But not over The tax is Tax between limits Cumulative tax Marginal tax rate 0 50000 0+15% of the amount over $0 0 7500 15% 50001 75000 7500+25% of the amount over 50000 6250 13750 25% 75001 100000 13750+34% of the amount over 75000 8500 22250 34% 100001 335000 22250+39% of the amount over 100000 91650 113900 39% 335001 10000000 113900+34% of the amount over 335000 3286100 3400000 34% 10000001 15000000 3400000+35% of the amount over 10000000 1750000 5150000 35% 15000001 18333333 5150000+38% of the 15000000 1266666.54 6416666.54 38% 18333334 6416666.54+35% of the amount over 18333334 Enter value 78000 Range applicable 13750+34% of the amount over 75000 Marginal tax rate 34% Total tax bill 14770 Average tax rate 19%Related Questions
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