Problem
Finance data of Trinity Computer for the year ending 2022 and 2021
|
Items
|
2022
|
2021
|
|
Sales
|
$155,000
|
145,000
|
|
Cash
|
40,000
|
24,000
|
|
Selling/Admin Expenses
|
45,700
|
35,000
|
|
Retained Earnings
|
57,000
|
51,500
|
|
Long-term debt
|
25,000
|
8,000
|
|
Cost of goods sold
|
83,000
|
79,000
|
|
Depreciation
|
18,000
|
15,000
|
|
Long-term investments
|
90,000
|
89,000
|
|
Gross Fixed Assets
|
67,000
|
61,000
|
|
Interest Expenses
|
2,000
|
70,000
|
|
Shares outstanding ($1 par)
|
112,000
|
97,000
|
|
Market Price of stock
|
7.50
|
6.00
|
|
Accounts Receivable
|
48,000
|
41,500
|
|
Accounts payable
|
13,000
|
11,000
|
|
Inventory
|
43,000
|
34,500
|
|
Taxes Payable
|
4,000
|
3,500
|
|
Accumulated Depreciation
|
41,000
|
23,000
|
|
Tax Rate
|
12.7%
|
12.7%
|
Financial Statements
A. Prepare the income statement for 2022 and 2021. Include a statement of retained earnings for 2022. Round your taxes (dollars) to the nearest whole number.
B. Prepare the balance sheet for 2022 and 2021
C. Prepare Common-Size financial statements for the income statement and balance sheet for 2022 and 2021
D. Prepare Statement of Cash Flows for 2022