Below are the NMB Company financial statements for the last four years. You are to review and use each sheet to complete the assignment.
Answer all questions, perform all calculations and submit in one Excel Spreadsheet.
Q1-1 Prepare a Balance Sheet
Prepare a balance sheet for the NMB company as of December 2020, based on the following information: cash = $110,000; patents and copyrights = $750,000, accounts payable = $200,000, accounts receivable = $300,000; tangible net fixed assets = $2,000,000; inventory = $400,000; notes payable = $300,000; accumulated retained earnings = $2,500,000; long-term debt = $175,000.
Q2-2: Using Income statement
Given the following information, calculate the depreciation expense; sales = 10,000, costs = 6000, additions to retained earnings = 1000; dividend paid = 625; interest expense = 500; tax rate = 35 percent.
Q2-3: Calculating Total cash flows
NMB Company shows the following information on its 2020 income statement; Sales = $50,000; costs = $30,000; other expenses = $2,500; depreciation expense = $2,500; interest expense = $5,000; tax paid = $3,400; dividends paid = $3,200. In addition, you are told that the firm issued $500 in new equity during 2020, and repaid $1,000 in outstanding long-term debt.
Q2-4 Four Year Use of Debt
Below are the MNB financial statements for the last four years.
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