The most recent financial statements

The most recent financial statements Student Help

The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales.

MOOSE TOURS, INC.
2015 Income Statement

  Sales
 
 
 
$
747,000
 

  Costs
 
 
 
 
582,000
 

  Other expenses
 
 
 
 
18,000
 

  Earnings before interest and taxes
 
 
 
$
147,000
 

  Interest expense
 
 
 
 
15,000
 

  Taxable income
 
 
 
$
132,000
 

  Taxes (30%)
 
 
 
 
39,600
 

  Net income
 
 
 
$
92,400
 

  Dividends
$
18,480
 
 
 
 

  Addition to retained earnings
 
73,920
 
 
 
 

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MOOSE TOURS, INC.
Balance Sheet as of December 31, 2015

Assets
 
Liabilities and Owners’ Equity
 

  Current assets
 
 
 
  Current liabilities
 
 
 

    Cash
$
20,640
 
    Accounts payable
$
54,800
 

    Accounts receivable
 
32,960
 
    Notes payable
 
14,000
 

    Inventory
 
69,920
 
 

 
 
 
 
      Total
$
68,800
 

      Total
$
123,520
 
  Long-term debt
$
130,000
 

  Fixed assets
 
 
 
  Owners’ equity
 
 
 

    Net plant and equipment
$
410,000
 
    Common stock and paid-in surplus
$
116,000
 

 
    Retained earnings
 
218,720
 

 
 
 
 
      Total
$
334,720
 

  Total assets
$
533,520
 
  Total liabilities and owners’ equity
$
533,520
 

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