SOLUTION: Creating Necessary Balance Sheets and Income Statement for ITech Geek Report Paper

Attached. Please let me know if you have any questions or need revisions.Corporate Finance Mid-Term QuestionsStudent’s NameCourseInstitutional AffiliationInstructor’s NameDateQUESTION 1Creating Necessary Balance Sheets and Income Statement for ITech GeekThere is no adequate information to solve this question. Therefore, we have tomake necessary assumptions so that we can create required balance sheets and incomestatements. However, we should choose our values selectively for the Annual Cash Flowfrom assets to range between $ 25,000,000 and $ 33,000,000 when making theassumption.In the question, I have considered the operating results to create the necessary balancesheets and Income statement for the company as:Sales = $ 96,333,334Costs = $18,000,000Depreciation expense = $5,000,000Interest expense = $3,000,000Dividends = $ 26,000,000At the beginning of the year2020:Net fixed assets: $30,000,000Current Assets: $22,000,000Current Liabilities: $8,000,000At the end of the year2020:Net fixed assets: $30,000,000Current Assets: $36,000,000Current Liabilities: $12,000,000The tax rate was 25 percentITech Geek 2020 Income statementSales$ 96,333,334Cost of goods sold$ 10,000,000Selling & administrative$ 8,000,000Depreciation$ 5,000,000EBIT$ 73,333,334Interest$ 3,000,000EBT$ 70,333,334Taxes (25%)$ 17,583,334Net Income$ 52,750,000Dividends$ 26,375,000Addition to retained earnings$ 26,375,000ITech Geek Balance Sheet at the end of the Year 2019Cash$ 7,000,000Accounts receivable $ 9,000,000Accounts payable$ 3,000,000Inventory$ 6,000,000Notes payable$ 5,000,000Current assets$ 22,000,000Current liabilities$ 8,000,000Net fixed assets$ 30,000,000Long-term debt$ 5,000.000Owner’s Equity$ 15,000,000Total assets$ 52,000,000Total liabilities & owner’s equity $ 28,000,000ITech Geek Balance Sheet at the end of 2020Cash$ 14,000,000Accounts receivable $ 12,000,000Accounts payable$ 5,000,000Inventory$ 10,000,000Notes payable$ 7,000,000Current assets$ 36,000,000Current liabilities$ 12,000,000Net fixed assets$ 30,000,000Long-term debt$ 10,000.000Owner’s Equity$ 20,000,000Total assets$ 66,000,000Total liabilities & owner’s equity $ 42,000,000Understanding the Income StatementWhen valuing a company, the income statement is an essential tool in analyzing acompany. In order …

Order a unique copy of this paper
(550 words)

Approximate price: $22

Our Basic features
  • Free title page and bibliography
  • Plagiarism-free guarantee
  • Unlimited revisions
  • Money-back guarantee
  • 24/7 support
Our Options
  • Writer’s samples
  • Expert Proofreading
  • Overnight delivery
  • Part-by-part delivery
  • Copies of used sources
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

AcademicWritingCompany guarantees

Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.

Money-back guarantee always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, always

Read more

Zero-plagiarism tolerance guarantee

The paper that you order at is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.

Read more

Free-revision guarantee

The thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.

Read more

Privacy and Security policy

With, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.

Read more

Adherence to requirements guarantee

The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2020 at 10:52 AM
Total price:
The price is based on these factors:
Customer Academic level
Number of pages required
Urgency of paper