a. What is the projected value for earnings before interest and taxes? Do not round intermediate calculations. Round your answer to the nearest dollar. 2$ b. What is the projected value for pre-tax earnings? Do not round intermediate calculations. Round your answer to the nearest dollar. $ c. What is the projected net income? Do not round intermediate calculations. Round your answer to the nearest dollar. d. What is the projected addition to retained earnings? Do not round intermediate calculations. Round your answer to the nearest dollar. $ e. What is the projected value of total current assets? Do not round intermediate calculations. Round your answer to the nearest dollar. 2$ f. What is the projected value of total assets? Do not round intermediate calculations. Round your answer to the nearest dollar. $ g. What is the projected sum of accounts payable, accruals, and notes payable? Do not round intermediate calculations. Round your answer to the nearest dollar. 2$ h. What is the forecasted line of credit? Do not round intermediate calculations. Round your answer to the nearest dollar. $ 100

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
a. What is the projected value for earnings before interest and taxes? Do not round intermediate calculations. Round your answer to the
nearest dollar.
$
b. What is the projected value for pre-tax earnings? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
c. What is the projected net income? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
d. What is the projected addition to retained earnings? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
e. What is the projected value of total current assets? Do not round intermediate calculations. Round your answer to the nearest dollar.
f. What is the projected value of total assets? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
g. What is the projected sum of accounts payable, accruals, and notes payable? Do not round intermediate calculations. Round your answer to
the nearest dollar.
$
h. What is the forecasted line of credit? Do not round intermediate calculations. Round your answer to the nearest dollar.
$
Transcribed Image Text:a. What is the projected value for earnings before interest and taxes? Do not round intermediate calculations. Round your answer to the nearest dollar. $ b. What is the projected value for pre-tax earnings? Do not round intermediate calculations. Round your answer to the nearest dollar. $ c. What is the projected net income? Do not round intermediate calculations. Round your answer to the nearest dollar. $ d. What is the projected addition to retained earnings? Do not round intermediate calculations. Round your answer to the nearest dollar. $ e. What is the projected value of total current assets? Do not round intermediate calculations. Round your answer to the nearest dollar. f. What is the projected value of total assets? Do not round intermediate calculations. Round your answer to the nearest dollar. $ g. What is the projected sum of accounts payable, accruals, and notes payable? Do not round intermediate calculations. Round your answer to the nearest dollar. $ h. What is the forecasted line of credit? Do not round intermediate calculations. Round your answer to the nearest dollar. $
Balance Sheet as of December 31, 2021 (Thousands of Dollars)
Cash
$ 1,080
Accounts payable
$ 4,320
Receivables
6,480
Accruals
2,880
Inventories
9,000
Line of credit
Total current assets
$16,560
Notes payable
2,100
Net fixed assets
12,600
Total current liabilities
$ 9,300
Mortgage bonds
3,500
Common stock
3,500
Retained earnings
12,860
Total assets
$29,160
Total liabilities and equity
$29,160
Income Statement for December 31, 2021 (Thousands of Dollars)
Sales
$36,000
Operating costs
34,000
Earnings before interest and taxes
$ 2,000
Interest
160
Pre-tax earnings
$ 1,840
Taxes (25%)
460
Net income
$ 1,380
Dividends
552
Addition to retained earnings
2$
828
Transcribed Image Text:Balance Sheet as of December 31, 2021 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2021 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends 552 Addition to retained earnings 2$ 828
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Sales Tax, Restaurant Tax and Lodging Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education