1 answer

Summarized versions of Burritos Corporation's financial statements for two recent years are as follows. E: (Click...

Question:

Summarized versions of Burritos Corporations financial statements for two recent years are as follows. E: (Click the icon toStatement of Retained Earnings Beginning balance $ 2,660 Net income Dividends (90) (100) Ending balance Balance Sheet Assets14,407 Total assets Liabilities $ Current liabilities Long-term debt 4,600 1,005 5,650 3,390 1,150 | $ 9,250 Other liabilitie4.217 Total stockholders equity Total liabilities and stockholders equity Cash Flow Statement Net cash provided by operatin

Summarized versions of Burritos Corporation's financial statements for two recent years are as follows. E: (Click the icon to view the financial statements.) Requirement 1. Complete Burritos Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round the tax calculation to the nearest thousand dollars. Use parentheses or a minus sign when entering a net decrease in cash) 2019 2018 Income Statement (in Thousands) Revenues 16,275 Cost of goods sold $ 11,110 1,260 Other expenses 1,220 Income before income taxes 1,590 1,880 658 Income taxes (35%) Net income
Statement of Retained Earnings Beginning balance $ 2,660 Net income Dividends (90) (100) Ending balance Balance Sheet Assets Cash Property, plant, and equipment 1,477 1,406 11,691 Other assets
14,407 Total assets Liabilities $ Current liabilities Long-term debt 4,600 1,005 5,650 3,390 1,150 | $ 9,250 Other liabilities Total liabilities Stockholders' equity: Common stock Retained earnings $ 275 $ 275 210 160 Other stockholders' equity
4.217 Total stockholders' equity Total liabilities and stockholders' equity Cash Flow Statement Net cash provided by operating activities Net cash used in investing activities $ (250) 1,025 (475) (460) Net cash used in financing activities (540) Increase (decrease) in cash (210) Cash at beginning of year Cash at end of year

Answers

Calculation Sequence Calculation Sequence
Income Statement 2019 2018
Revenues $13,960 (11,110+1260+1590) 3rd $16,275
Cost of goods sold $11,110 $13,175 (16,275-1,220-1,880) 2nd
Other expenses $1,260 $1,220
Income before income taxes $1,590 $1,880
Income Tax(35%) $557 (1,590*35%) 1st $658
Net income $1,033 2nd $1,222 (1880-658) 1st
Statement of Retained Earnings
Beginning balance $3,782 from 2018 data 4th $2,660
Net Income $1,033 from income statement 5th $1,222 from income statement 3rd
Dividends -$90 -$100
Ending balance $4,725 6th $3,782 4th
Balance sheet
Assets
Cash $1,100 from cash flow statemetnt 12th $1,310 (14,407-1,406-11,691) 5th
Property, plant and equipment $1,477 $1,406
Other assets $11,883 (14460-1100-1477) 14th $11,691
Total assets $14,460 liabilities and equity total 13th $14,407
Liabilities
Current liabilities $3,645 (9250-4600-1005) 7th $5,650
Long term debt $4,600 $3,390
Other liabilities $1,005 $1,150
Total liabilities $9,250 $10,190 6th
Stockholders' equity
Common stock $275 $275
Retained earnigs $4,725 From statement of R.E. 8th $3,782 (4217-275-160) 7th
Other stockholders' equity $210 $160
Total stockholders' equity $5,210 9th $4,217
Total liabilities and Stockholders' equity $14,460 $14,407
Cash flow Statement
Net cash provided by Operating Activities $580 (540+250-210) 10th $1,025
Net Cash used in Investing Activities -$250 -$475
Net Cash used in financing Activities -$540 -$460
Increase/(decrease) in cash -$210 $90
Cash at begin. Of year $1,310 $1,220
cash at end of year $1,100 11th $1,310

Notes:

*Please follow the sequence of calculation for better understanding of the calculations.

If you have any doubts please let me know in the comment section. Please give your valuable feedback.

.

Similar Solved Questions

1 answer
Question 12 (10 points) Given the following standard reduction potentials, calculate Eºcell for the following reactions...
Question 12 (10 points) Given the following standard reduction potentials, calculate Eºcell for the following reactions as written. Comment on the spontaneity of the reaction. El (Volts) +1.84 +1.36 +1.07 +0.45 +0.34 0.0 -0.14 -0.44 -0.76 Half-cell reaction CO3+ (aq) + el Co2+ (aq) Cl2 (9) + 2 ...
1 answer
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below Standard Quantity or Standard Price Standard Hours or Rate Cost Direct materials Direct labor 6.80 pounds $ 3.00 per pound $20.40 0.40 hours 13.00...
1 answer
What is the pH of a 0.28 M solution of sodium propionate, NaC3H5O2, at 25°C? (propionic...
What is the pH of a 0.28 M solution of sodium propionate, NaC3H5O2, at 25°C? (propionic acid, HC3H502, is monoprotic and has a Ka = 1.3 x 10-5 at 25°C.. Kw = 1.01 x 10-14)...
1 answer
Mr. Curtis paid $48.51 for 12.6 gallons of gas. What is the price of one gallon of gas?
Mr. Curtis paid $48.51 for 12.6 gallons of gas. What is the price of one gallon of gas?...
1 answer
4. Answer the following questions about periodic trends. a) Which element is larger, As or Mc?...
4. Answer the following questions about periodic trends. a) Which element is larger, As or Mc? Explain (do not just state a trend) b) Which element has the lower first ionization energy, Ca or Br? Explain (do not just state a trend). c) Explain the relationship between atomic size (radius) and ioniz...
1 answer
The Hubble Space Telescope has a diameter of 2.4 m. 1) What is the angular limit...
The Hubble Space Telescope has a diameter of 2.4 m. 1) What is the angular limit of resolution due to diffraction when a wavelength of 990 nm is viewed? (Express your answer to two significant figures.)...
1 answer
(1 point) The equation 3ry2r 2y2 (*) can be written in the form y f(y/x), ie.,...
(1 point) The equation 3ry2r 2y2 (*) can be written in the form y f(y/x), ie., it is homogeneous, so we can use the substitution u = y/x to obtain a separable equation with dependent variable uu(x. Introducing this substitution and using the fact that y' ru' u we can write () as y xu'w =...
1 answer
Find the value of -za/2 that corresponds to a level of confidence of 91.28 percent. 1)...
Find the value of -za/2 that corresponds to a level of confidence of 91.28 percent. 1) -1.71 2) 1.71 3) 0.0436 4) -1.36 Question 12 (6 points) Saved Find the z-score corresponding to the given value and use the z-score to determine whether the value is unusual. Consider a score to be unusual if its ...
1 answer
Arrange the following financial planning functions into the logical order in which these functions are performed...
Arrange the following financial planning functions into the logical order in which these functions are performed by a professional financial planner. (1) Interview clients, identify preliminary goals (2) Monitor financial plans (3) Prepare financial plan (4) Implement financial strategies, plans, an...
1 answer
Based on this information it has been determined that Utilities Expense is a mixed cost and...
Based on this information it has been determined that Utilities Expense is a mixed cost and rent expense is a fixed cost while direct materials is variable cost. Explain in narrative form why this is true and be sure to provide definitions of what exactly mixed, fixed and variable costs are.Also, in...
1 answer
Oue element and does not truly belong to a A) Nitrogen B) Radium Hydrogen D) Uranium...
oue element and does not truly belong to a A) Nitrogen B) Radium Hydrogen D) Uranium E) Helium 12. is isoelectronic with argon, and counts) is isoelectronic with neon. (Show all the electron 4 P3, N3 B) P2-, N2- C) P3+, N3+ D) N3-, P3- E) P, N...
1 answer
A projectile is shot at an angle of #pi/12 # and a velocity of #45 m/s#. How far away will the projectile land?
A projectile is shot at an angle of #pi/12 # and a velocity of #45 m/s#. How far away will the projectile land?...
1 answer
Ultimate Sports Company makes snowboards, downhill skis, cross-country skis, skateboards, surfboards, and inline skates. The company...
Ultimate Sports Company makes snowboards, downhill skis, cross-country skis, skateboards, surfboards, and inline skates. The company has found it beneficial to split operations into two divisions based on the climate required for the sport: Snow Sports and Non-snow Sports. The following divisional i...
1 answer
In 2000, the population of Isreal was approximeatly 6.04 million and the population of the Palestinians in the West Bank, Gaza Atrip, and East Jerusalem was approximately 3.2 million in 2050 Israel is projected to grow to 10 million and the population of
In 2000, the population of Isreal was approximeatly 6.04 million and the population of the Palestinians in the West Bank, Gaza Atrip, and East Jerusalem was approximately 3.2 million in 2050 Israel is projected to grow to 10 million and the population of Palestinians to 12 million. Use the exponenti...
1 answer
1 points HRW9 28 P002 My Notes O Ask Your Teachen A particle of mass 10...
1 points HRW9 28 P002 My Notes O Ask Your Teachen A particle of mass 10 g and charge 65 pC moves through a uniform magnetic field, in a region where the free-fall acceleration is -9.8j m/s2. The velocity of the particle is a constant 21i km/s which is perpendicular to the magnetic field. What, then,...
1 answer
Find each measure of the circle A Find each measure. 26. MLAPD 28. mABD / 1600B...
find each measure of the circle A Find each measure. 26. MLAPD 28. mABD / 1600B 27. mAC 29. mZCPA L...