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	Income Statement		Balance Sheet
	Next Year		This Year	Next Year
Revenue	$5,000	Total assets	$1,000	$2,000
Operating expenses	4,000	Liabilities & equity:
EBIT	1,000	Current liabilities	$ 576	$ 200
Interest (8%)	?	Long-term debt	100	?
EBT	?	Equity	324	?
Taxes(40%)	?
Earnings after tax	?	Total liabilities
		& equity	$1,000	$2,000

The firm pays 8% interest on all of its debt and is subject to a 40% tax rate. Complete the plan.

1. Emperor Corporation’s financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.

Balance Sheets
ASSETS		Ending	Beginning	Income Statement
Cash		$ 2,000	$ 1,600	Sales	$100,000
Accounts receivable		12,000	5,200	COGS	80,000
Inventory		14,000	15,600	Gross Margin	$ 20,000
	Current Assets	$28,000	$22,400	Cash Expenses	$ 8,000
Gross Fixed assets		$27,000	$20,000	Depreciation	1,600
Accumulated depreciation		(16,000)	(14,400)	EBIT	$ 10,400
	Net fixed assets	11,000	5,600	Interest	800
Total assets		$39,000	$28,000	EBT	$ 9,600
LIABILITIES				Tax	2,600
Accounts payable		$ 3,000	$ 2,500	Net Income	$ 7,000
Accruals		1,000	1,500
	Current Liabilities	$ 4,000	$ 4,000
Long term Debt		10,000	5,000
Equity		25,000	19,000
	Total liabilities & equity	$39,000	$28,000

Develop Emperor’s Statement of Cash Flows.

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