Elton Corporation Income Statement for the year ending 12/31/XX (in thousands of dollars) Net sales $ 2,700 Operating Costs (2,350) Depreciation (150) Interest Expense (70) EBT 130 Income Tax (25%) (32.50) Net Income $97.50 Dividends to Common Stockholders $58 Elton Corporation Balance Sheet 12/31/XX (in thousands of dollars) Assets Cash $150 Accounts Receivable 250 Inventory 600 Total Current Assets $1,000 Total Fixed Assets 1,500 Total Assets $2,500 Liabilities and Equity Accounts Payable $100 Notes Payable 250 Other Current Liabilities 50 Total Current Liabilities $400 Long Term Debt 1, 100 Common Stock 800 Retained Earnings 200 Total Liab. & Equity $2,500 Number of shares outstanding 10,000 shares Price per Share $100 Assume next year's total assets will remain the same percent of net sales. If net sales next year are projected to be $103, 680, what will be the amount of next year's total assets?" $ 85,000 $96,000 $106,250 $ 97,500
Elton Corporation Income Statement for the year ending 12/31/XX (in thousands of dollars) Net sales $ 2,700 Operating Costs (2,350) Depreciation (150) Interest Expense (70) EBT 130 Income Tax (25%) (32.50) Net Income $97.50 Dividends to Common Stockholders $58 Elton Corporation Balance Sheet 12/31/XX (in thousands of dollars) Assets Cash $150 Accounts Receivable 250 Inventory 600 Total Current Assets $1,000 Total Fixed Assets 1,500 Total Assets $2,500 Liabilities and Equity Accounts Payable $100 Notes Payable 250 Other Current Liabilities 50 Total Current Liabilities $400 Long Term Debt 1, 100 Common Stock 800 Retained Earnings 200 Total Liab. & Equity $2,500 Number of shares outstanding 10,000 shares Price per Share $100 Assume next year's total assets will remain the same percent of net sales. If net sales next year are projected to be $103, 680, what will be the amount of next year's total assets?" $ 85,000 $96,000 $106,250 $ 97,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Elton Corporation Income Statement for the year ending 12/31/XX (in thousands of dollars) Net sales $
2,700 Operating Costs (2,350) Depreciation (150) Interest Expense (70) EBT 130 Income Tax
(25%) (32.50) Net Income $97.50 Dividends to Common Stockholders $58 Elton Corporation Balance
Sheet 12/31/XX (in thousands of dollars) Assets Cash $150 Accounts Receivable 250 Inventory 600 Total
Current Assets $1,000 Total Fixed Assets 1,500 Total Assets $2,500 Liabilities and Equity Accounts
Payable $100 Notes Payable 250 Other Current Liabilities 50 Total Current Liabilities $400 Long Term
Debt 1, 100 Common Stock 800 Retained Earnings 200 Total Liab. & Equity $2,500 Number of shares
outstanding 10,000 shares Price per Share $100 Assume next year's total assets will remain the same
percent of net sales. If net sales next year are projected to be $103, 680, what will be the amount of next
year's total assets?" $ 85,000 $96,000 $106,250 $ 97,500
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