Preparing financial statements

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Reference no: EM132452716

Financial Tasks

Problem : Preparing Financial Statements

Information below is for Buraydah Manufacturing, Inc.for the year ended December 31, 20x1except where beginning of year numbers indicated. All amounts in SAR unless otherwise stated.

Accumulated depreciation          2,817,000
Sales                                     5,826,000
Accounts receivable                 395,000
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.

Reference no: EM132452716

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