FIN 310 GBC Mod 5 XYZ Corporation Income State & Balance Sheet 2019 Worksheet

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Create an Excel spreadsheet to organize your answers to the following problem, and submit your Excel file as an attachment by clicking on the appropriate button on this page.

[Hint: I recommend you copy this problem to a Word document or Excel document and print it out so that you can work with it in a reasonable manner.]

XYZ Corporation published the following information in its financial statements for its 2018 annual report:

Income Statement Items:

Sales

$76,000

– Cost of goods sold

49,000

Gross profit

27,000

– Cash Operating expenses

$9,000

– Depreciation

2,000

Total Operating Expenses

11,000

EBIT

16,000

– Interest expense

840

EBT

15,160

– Income tax expense

5,306

Net Income

$9,854

Balance Sheet Items:

Cash

$9,000

Marketable securities

2,000

Accounts receivable

11,000

Inventories

7,000

Fixed Assets, net

24,000

Total Assets

$53,000

Accounts payable

$8,000

Accrued payables

3,000

Bonds payable

12,000

Common stock

16,000

Retained earnings

14,000

Total Liabilities and Equity

$53,000

  • Sales in 2019 are estimated to be $90,000.
  • $5,000 of the cash operating expenses for 2018 are considered variable costs, and the remainder are fixed costs.
  • Depreciation and the remainder of cash operating expenses are considered to be fixed costs.
  • Cash, accounts receivable, inventories, accounts payable, and accrued payables are considered to be spontaneous items.
  • Marketable securities, net fixed assets, bonds payable, and common stock are discretionary.
  • $5,000 of bonds payable at the end of 2018 are considered “current liabilities,” and will be repaid on January 1, 2019. The interest rate on the bonds for 2019 will remain the same as it was in 2018.
  • The company will purchase fixed assets of $3,600 in 2019, but overall depreciation for 2019 will remain the same dollar amount as it was for 2018.
  • The firm paid a dividend of $3,942 in 2018, and will maintain its 2018 dividend payout ratio for 2019.
  • The income tax rate for 2019 is expected to be the same as it was in 2018.

Required:

Prepare the pro-forma 2019 income statement and balance sheet for XYZ Corporation.

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