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Noah’s ark video games expects sales to grow by 25% next year. Assume that it pays out 95% of its net income. Using the following statements and the percent of sales method, forecast stockholders equity

Noah’s ark video games expects sales to grow by 25% next year. Assume that it pays out 95% of its net income. Using the following statements and the percent of sales method, forecast stockholders equity

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2RE: Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.
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Noah’s ark video games expects sales to grow by 25% next year. Assume that it pays out 95% of its net income. Using the following statements and the percent of sales method, forecast stockholders equity
Year 0 Income Statement 320,000 Sales (150,000) 170,000 Costs Except Depreciation EBITDA Depreciation (15,000) EBIT 155,000 (3,000) 152,000 (53,200) 98,800 Interest Expense (net) Pretax Income Income Tax Net Income Balance Sheet Year 0 Assets Cash and Equivalents 25,000 Accounts Receivable 12,000 Inventories 5,000 Total Current Assets 42,000 120,000 Property, Plant and Equipment
Transcribed Image Text:Year 0 Income Statement 320,000 Sales (150,000) 170,000 Costs Except Depreciation EBITDA Depreciation (15,000) EBIT 155,000 (3,000) 152,000 (53,200) 98,800 Interest Expense (net) Pretax Income Income Tax Net Income Balance Sheet Year 0 Assets Cash and Equivalents 25,000 Accounts Receivable 12,000 Inventories 5,000 Total Current Assets 42,000 120,000 Property, Plant and Equipment
Year 0 Balance Sheet Assets 25,000 Cash and Equivalents Accounts Receivable 12,000 Inventories 5,000 Total Current Assets 42,000 Property, Plant and Equipment 120,000 Total Assets 162,000 Liabilities and Equity Accounts Payable 45,000 Debt 48,000 Total Liabilities Stockholders' Equity Total Liabilities and Equity 93,000 69,000 162,000
Transcribed Image Text:Year 0 Balance Sheet Assets 25,000 Cash and Equivalents Accounts Receivable 12,000 Inventories 5,000 Total Current Assets 42,000 Property, Plant and Equipment 120,000 Total Assets 162,000 Liabilities and Equity Accounts Payable 45,000 Debt 48,000 Total Liabilities Stockholders' Equity Total Liabilities and Equity 93,000 69,000 162,000
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