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Week Three Homework Financial Statements Coursework

Coursework Instructions:

A. Create the Income Statements for 2007 and 2008 (including dividends paid and retained earnings).

B. Create the Balance Sheets for 2007 & 2008.

C. Create the statement of Cash Flows for 2008.

D. What is the CFFA for 2008?

 

Coursework Sample Content Preview:
  Week Three Homework Financial Statements Name Institution Date   A. Create the Income Statements for 2007 and 2008 (including dividends paid and retained earnings).


Income Statement


FY 2007,2008


2007 2008
Sales
$2,870 $3,080
   Less Cost of Goods Sold COGS
987 1121
Gross Profit
$1,883 $1,959




   Less Operating expenses


Depreciation
413 413
Other expenses
238 196
Total Operating Expenses
651 609
Operating income
$1,232 $1,350
   Less interest expense
192 221
Earnings before taxes
$1,040 $1,129
   Less income taxes
353.6 383.86
Net income
$686.40 $745.14
  Less dividends
$356.93 $387.47
Retained earnings
$329.47 $357.67
  B. Create the Balance Sheets for 2007 & 2008. ...
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Balance Sheet

2007 2008
Current Assets

Cash $1,505 $1,589
Account Receivable 1992 2244
Inventory 3542 3640
    Total Current assets $7,039 $7,473



Fixed (Long-Term Assets)

Net fixed assets 12,621 12,922
Less dep.

Total Assets $19,660 $20,395



Liabilities and Owner's Equity

Current liabilities

Account payable $1,581 $1,533
Short-term notes payable