Create the income statements for 2007 and 2008

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Reference no: EM131208912

1. Use the below information to answer the following questions:

	2007	2008
sales	$2870	$3080
depreciation	413	413
cost of goods sold	987	1121
other expenses	238	196
interest	192	221
cash	1505	1539
accounts receivables	1992	2244
short-term notes payable	291	273
long term debt	5040	5880
net fixed assets	12,621	12,922
accounts payable	1581	1533
tax rate	34%	34%
inventory	3542	3640
*payout ratio	52%	52%

*Dividends = payout ratio x net income.

A. Create the Income Statements for 2007 and 2008 (including dividends paid and retained earnings).

B. Create the Balance Sheets for 2007 & 2008.

C. Create the statement of Cash Flows for 2008.

D. What is the CFFA for 2008?

Based on Proverbs 14:2, Proverbs 1:5, Proverbs 3:3-4, and Proverbs 10:9. What role does honesty play in business? What are the consequences of unethical business practices and behavior?

Reference no: EM131208912

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