Use the following information for ABC Inc. the answer the following questions (the applicable tax rate...

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Finance

Use the following information for ABC Inc. the answer thefollowing questions (the applicable tax rate is 34%):
2017
2018
Sales
23,146,000
25,872,000
Depreciation
3,322,000
3,472,000
Cost of Goods Sold
7,958,000
9,414,000
Other Expenses
1,892,000
1,648,000
Interest
1,552,000
1,852,000
Cash
12,134,000
12,932,000
Accounts Receivable
16,068,000
18,854,000
Short-term Notes Payable
3,422,000
2,294,000
Long-term Debt
40,640,000
49,392,000
Net Fixed Assets
101,776,000
108,546,000
Accounts Payable
8,768,000
9,288,000
Inventory
28,566,000
30,576,000
Dividends
2,822,000
3,236,000
Draw up a statement of comprehensive income and statement offinancial position for this company for 2017 and 2018.
Prepare the cash flow statement.
For 2018, calculate the cash flow from assets, cash flow tocreditors, and cash flow to shareholders.

Answer & Explanation Solved by verified expert

4.0 Ratings (705 Votes)

a STATEMENT OF COMPREHENSIVE INCOME 2017 2018 Sales 23146000 25872000 Cost of goods sold 7958000 9414000 Gross profit 15188000 16458000 Operating expenses Depreciation 3322000 3472000 Other expenses 1892000 1648000 Total operating expenses 5214000 5120000 Operating profit 9974000 11338000 Interest expense 1552000 1852000 Income before taxes 8422000 9486000 Tax at 34 2863480 3225240 Net income 5558520 6260760 Dividends 2822000 3236000 Addtion to retained earnings 2736520 3024760 See Answer

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Transcribed Image Text

Use the following information for ABC Inc. the answer thefollowing questions (the applicable tax rate is 34%):20172018Sales23,146,00025,872,000Depreciation3,322,0003,472,000Cost of Goods Sold7,958,0009,414,000Other Expenses1,892,0001,648,000Interest1,552,0001,852,000Cash12,134,00012,932,000Accounts Receivable16,068,00018,854,000Short-term Notes Payable3,422,0002,294,000Long-term Debt40,640,00049,392,000Net Fixed Assets101,776,000108,546,000Accounts Payable8,768,0009,288,000Inventory28,566,00030,576,000Dividends2,822,0003,236,000Draw up a statement of comprehensive income and statement offinancial position for this company for 2017 and 2018.Prepare the cash flow statement.For 2018, calculate the cash flow from assets, cash flow tocreditors, and cash flow to shareholders.

	2017	2018
Sales	23,146,000	25,872,000
Depreciation	3,322,000	3,472,000
Cost of Goods Sold	7,958,000	9,414,000
Other Expenses	1,892,000	1,648,000
Interest	1,552,000	1,852,000
Cash	12,134,000	12,932,000
Accounts Receivable	16,068,000	18,854,000
Short-term Notes Payable	3,422,000	2,294,000
Long-term Debt	40,640,000	49,392,000
Net Fixed Assets	101,776,000	108,546,000
Accounts Payable	8,768,000	9,288,000
Inventory	28,566,000	30,576,000
Dividends	2,822,000	3,236,000