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.
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 Cash Flow Statement for the year ending December 31, 2021, for the following information.Net Income for 2021 was $57 million.Depreciation & Amortization for 2021 was $17 million.Total Dividends Paid in 2021 was $11 million.Total Capital Expenditures for 2021 was $13 million.Total Proceeds from the Sale of Assets in 2021 was $5 million.Total Proceeds from the Issuance of Debt in 2021 was $15 million.Total Debt Repaymen
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Step-by-step explanation
ts in 2021 was $10 million.Total Proceeds from the Issuance of Stock in 2021 was $9 million.Total Proceeds from the Repurchase of Stock in 2021 was $3 million.Problem 4Construct a Balance Sheet for the company, as of December 31, 2021, given the following information.Total Assets at the start of 2021 was $1,818 million.Total Liabilities at the start of 2021 was $1,005 million.Total Shareholders’ Equity at the start of 2021 was $813 million.Net Income for 2021 was $57 million.Total Dividends Paid in 2021 was $11 million.Total Capital Expenditures for 2021 was $13 million.Total Proceeds from the Sale of Assets in 2021 was $5 million.Total Proceeds from the Issuance of Debt in 2021 was $15 million.Total Debt Repayments in 2021 was $10 million.Total Proceeds from the Issuance of Stock in 2021 was $9 million.Total Proceeds from the Repurchase of Stock in 2021 was $3 million.
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