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 Emporium, as of December 31, 2021, given the following information.As of December 31, 2020, the company had a Cash balance of $38 million. Accounts Receivable was $29 million. Inventory was $28 million. Total Current Liabilities were $38 million. Total Fixed Assets were $246 million. The Accumulated Depreciation balance on December 31, 2020 was $92 million. Long-Term Debt was $95 million. Total Shareholders’ Equity was $325 million.During 2021, the company made $1,000 in sales for each day that it was open. The company was open for business for 260 days. The company’s gross profit margin was 35%. Accounts Receivable increased by $0.20 for each dollar of sales. Accounts Receivable was colle
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Step-by-step explanation
cted as follows: 40% in the month of sale, 40% in the month after sale, and 20% in the second month after sale. Inventory decreased by $0.35 for each dollar of sales. The company had no other sources or uses of cash, other than the collection of Accounts Receivable and the payment of Accounts Payable. The company paid its Accounts Payable in full in the month after the month of purchase. The company had no other sources or uses of cash other than the collection of Accounts Receivable, the payment of Accounts Payable, and the payment of cash dividends. The company paid $30 million in cash dividends during 2021. The company’s tax rate is 19%.Problem 4Construct a Balance Sheet for the University of Maryland, as of December 31, 2021, given the following information.As of December 31, 2020, the University had Cash of $10 million. Accounts Receivable was $6 million. Inventory was $0. Accounts Payable was $2 million. Total Current Liabilities was $3 million. Total Fixed Assets was $1,000 million. The Accumulated Depreciation balance on December 31, 2020 was $200 million. The University had no Long-Term Debt. Total Shareholders’ Equity was $300 million.During 2021, the University made $1,000 in sales for each day that it was open. The University was open for business for 260 days. The University’s gross profit margin was 35%. Accounts Receivable increased by $0.20 for each dollar of sales. Accounts Receivable was collected as follows: 40% in the month of sale
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