Reference no: EM132767030
The following information for the year 2020 of ITA corporation is available to you: dividend payments were 25% of net income; end of year long term debt was £225,000; the tax rate was 30%; depreciation was £100,000; sales were £650,000; selling, general, and administrative expenses were £80,000; cost of goods sold was £200,000; cash flow to creditors was £45,000; end of year notes payable was £15,000; end of year inventory was £50,000; end of year cash was £30,000; end of year accounts payable was £30,000; end of year accounts receivable was £20,000; end of year accumulated retained earnings was £120,000, end of year intangible net fixed assets was £50,000 and capital spending was £200,000.
The following information for the year 2019 of ITA corporation is available to you: end of year long term debt was £200,000; end of year tangible net fixed assets was £600,000 and end of year intangible net fixed assets was £50,000.
Problem a. Prepare the income statement of the firm for 2020.
Problem b. Prepare the balance sheet of the firm for end of year of 2020.
Problem c. Prepare the common-size balance sheet of the firm for end of year of 2020.
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