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Prepare a balance sheet in good form

03/12/2021 Client: muhammad11 Deadline: 2 Day

Module 2 Critical Thinking Assignment

Understanding Financial Statements and Cash Flow

Problem 2-1: Preparing Financial Statements

Information below is for Buraydah Manufacturing, Inc. for the year ended December 31, 20x1 except where beginning of year numbers indicated. All amounts in SAR unless otherwise stated.

Accumulated depreciation

2,817,000

Sales

5,826,000

Accounts receivable

233,000

Interest expense

237,000

Cost of goods sold

2,672,000

Short term notes payable

195,000

Income taxes

366,600

Inventories

967,000

Common stock

428,000

Dividends paid

120,000

Cash

986,500

Marketing, general and administrative expenses

1,678,500

Long term debt

5,844,000

Fixed assets (property & equipment)

7,218,000

Accounts payable

395,000

Other assets

862,000

Depreciation expense

422,000

Retained earnings at beginning of year

419,600

Number of shares of common stock

1,000

Using the information above:

1. Prepare an income statement in good form

2. Prepare end of year balance sheet in good form

3. Calculate net working capital

4. Calculate the debt ratio

Using an additional column for each financial statement:

5. Prepare a common sized income statement

6. Prepare a common sized balance sheet

Problem 2-2 Preparing Statement of Cash Flows

Given the following information, prepare a statement of cash flows.

Dividends

15

Increase in common stock

22

Decrease in accounts receivable

24

Increase in inventories

35

Operating income

80

Increase in accounts payable

25

Interest expense

25

Depreciation expense

12

Increase in long term debt

48

Increase in fixed assets

33

Income taxes

17

Beginning cash balance

20

Assume all amounts are in 000's SAR.

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