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What is shareholders equity in 1996 and 1997

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Financial Statements. BALANCE SHEET, AS OF END OF YEAR(Figures in millions of dollars)Assets1997

South Sea Baubles has the following (incomplete) balance sheet and income statement.

/1996/

Current assets/ $90/ $140

Net fixed assets/ $800/ $900

Liabilities & Shareholders' Equity /1996 /1997

Current liabilities/ $50 /$60

Long-term debt /$600 /$750

INCOME STATEMENT, 1997

(Figures in millions of dollars)

Revenue /Cost of goods sold /Depreciation /Interest expense

$1,950/ $1,030 /$350 / $240

a. What is shareholders' equity in 1996 and 1997?

b. What is net working capital in 1996 and 1997?

c. What is taxable income and taxes paid in 1997? Assume the firm pays taxes equal to 35 percent of taxable income.

Reference no: EM132641590

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