Construct an income statement for bsk engineering

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Reference no: EM133917047

I. Construct an Income Statement for BSK Engineering, for the year ending December 31, 2023, given the following information.

Total Sales was $315 million.
Other Expenses (excluding Depreciation & Amortization) was $29.5 million.
EBITDA was 21.3% of Sales.
Depreciation & Amortization was 13.3% of Gross Fixed Assets.
Interest Expense was 3.7% of Long-Term Debt.
The corporate tax rate for the company is 31.2%.

Net Fixed Assets at the start of 2023 was $274 million. Accumulated Depreciation at the start of 2023 was $115 million. No new fixed assets were acquired during 2023, and none were sold or retired.

Long-Term Debt on December 31, 2022 totaled $295 million. The next principal payment will take place on December 31, 2026. No additional interest-bearing debt was incurred during 2023.

II. Construct a full Statement of Shareholders' Equity for Smoky Mountain, as of December 31, 2023, given the following information.

As of December 31, 2022, there were 42 million shares of stock outstanding, sold by the company to shareholders for a total of $90 million.

On March 11, 2023, 6 million shares were repurchased by the company from shareholders for $20 million.

On September 3, 2023 the company sold 8 million new shares at an average price of $4.25 per share.

No other shares were sold or repurchased in 2023.

1) Net Income for the year ending December 31, 2023 was $31 million.
2) During 2023, $5 million of cash dividends were declared and paid to shareholders.
3) As of December 31, 2023, total Shareholders' Equity was $602 million.

Reference no: EM133917047

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