You must upload an Excel spreadsheet for your assignment, with formulas showing all calculations.
Please answer the following questions. All numbers should be in thousands of dollars.
Problem 1
Construct an Income Statement for Maxus Manufacturing, for the year ending December 31, 2021, given the following information.
Total Sales was $385 million.
Other Expenses (excluding Depreciation & Amortization) was $21.2 million.
EBITDA was 23.4% of Sales.
Depreciation & Amortization was 4.5% of Gross Fixed Assets.
Interest Expense was 3.9% of Long-Term Debt.
The corporate tax rate for the company is 19%.
Net Fixed Assets at the start of 2021 was $276 million. Accumulated Depreciation at the start of 2021 was $98 million. No new fixed assets were acquired during 2021, and none were sold or retired.
Long-Term Debt on December 31, 2020 totaled $425 million. The next principal payment will take place on December 31, 2023. No additional interest-bearing debt was incurred during 2021.
Problem 2
Construct a full Statement of Shareholders’ Equity for Globe Services, as of December 31, 2021, given the following information.
As of December 31, 2020, there were 40 million shares of stock outstanding, sold by the company to shareholders for a total of $119 million.
On March 11, 2021, an additional 3 million shares were sold by the company to shareholders for $15 million. No other shares were sold or bought back in 2021.
Net Income for the year ending December 31, 2021 was $57 million.
During 2021, $11 million of cash dividends were declared and paid to shareholders.
As of December 31, 2021, total Shareholders’ Equity was $1,408 million.
Please answer the following questions. All numbers should be in thousands of dollars.
Problem 1
Construct an Income Statement for Maxus Manufacturing, for the year ending December 31, 2021, given the following information.
Total Sales was $385 million.
Other Expenses (excluding Depreciation & Amortization) was $21.2 million.
EBITDA was 23.4% of Sales.
Depreciation & Amortization was 4.5% of Gross Fixed Assets.
Interest Expense was 3.9% of Long-Term Debt.
The corporate tax rate for the company is 19%.
Net Fixed Assets at the start of 2021 was $276 million. Accumulated Depreciation at the start of 2021 was $98 million. No new fixed assets were acquired during 2021, and none were sold or retired.
Long-Term Debt on December 31, 2020 totaled $425 million. The next principal payment will take place on December 31, 2023. No additional interest-bearing debt was incurred during 2021.
Problem 2
Construct a full Statement of Shareholders’ Equity for Globe Services, as of December 31, 2021, given the following information.
As of December 31, 2020, there were 40 million shares of stock outstanding, sold by the company to shareholders for a total of $119 million.
On March 11, 2021, an additional 3 million shares were sold by the company to shareholders for $15 million. No other shares were sold or bought back in 2021.
Net Income for the year ending December 31, 2021 was $57 million.
During 2021, $11 million of cash dividends were declared and paid to shareholders.
As of December 31, 2021, total Shareholders’ Equity was $1,408 million.
Answer & Explanation
Solved by verified expertProblem 3Construct a Balance Sheet for Maxus Manufacturing, for the year ending December 31, 2021, given the following information.Total Sales was $385 million.Other Expenses (excluding Depreciation & Amortization) was $21.2 million.EBITDA was 23.4% of Sales.Depreciation & Amortization was 4.5% of Gross Fixed Assets.Interest Expense was 3.9% of Long-Term Debt.The corporate tax rate for the company is 19%.Net Fixed Assets at the start of 2021 was $276 million. Accumulated Depreciation at the start of 2021 was $98 million. No new fixed assets were acquired during 2021, and none were sold or retired.Long-Term Debt on December 31, 2020 totaled $425 million. The next principal payment will ta
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Step-by-step explanation
ke place on December 31, 2023. No additional interest-bearing debt was incurred during 2021.As of December 31, 2021, Cash and Cash Equivalents totaled $41 million.Problem 4Construct a Statement of Cash Flows for Maxus Manufacturing, for the year ending December 31, 2021, given the following information.Total Sales was $385 million.Other Expenses (excluding Depreciation & Amortization) was $21.2 million.EBITDA was 23.4% of Sales.Depreciation & Amortization was 4.5% of Gross Fixed Assets.Interest Expense was 3.9% of Long-Term Debt.The corporate tax rate for the company is 19%.Net Fixed Assets at the start of 2021 was $276 million. Accumulated Depreciation at the start of 2021 was $98 million. No new fixed assets were acquired during 2021, and none were sold or retired.Long-Term Debt on December 31, 2020 totaled $425 million. The next principal payment will take place on December 31, 2023. No additional interest-bearing debt was incurred during 2021.As of December 31, 2021, Cash and Cash Equivalents totaled $41 million.Problem 5Construct a Balance Sheet for Maxus Manufacturing, for the year ending December 31, 2021, given the following information.Total Sales was $385 million.Other Expenses (excluding Depreciation & Amortization) was $21.2 million.EBITDA was 23.4% of Sales.Depreciation & Amortization was 4.5% of Gross Fixed Assets.Interest Expense was 3.9% of Long-Term Debt
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