Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Please show all dollar amount to thousands of dollars. Rhodes Corporation: Income Statements for Year Ending December 3120192018Sales11,000,00010,000,000COGS9,322,0008,448,000Gross profit1,678,0001,552,000Depreciation and amortization380,000360,000Selling & Admin. Expenses290,000280,000Earnings before interest and taxes1,008,000912,000Interest expense220,000100,000Earnings before taxes788,000812,000Taxes197,000203,000Net income591,000609,000Rhodes Corporation: Balance Sheets as of December 3120192018AssetsCash842,000500,000Short-term investments110,000100,000Accounts receivable2,750,0002,50Inventories1,650,0001,500,000Total current assets5,352,0004,600,000Gross plant and equipment4,813,0004,375,000Accumulated Depreciation1,255,000875,000Net plant and equipment3,558,0003,500,000Total assets8,910,0008,100,000Liabilities & Owner's EquityAccounts Payable1,100,0001,000,000Accruals550,000500,000Notes Payable384,000200,000Total current liabilities2,034,0001,700,000Long-term debt1,100,0001,000,000Total liabilities3,134,0002,700,000Common stock4,312,0004,400,000Retained earnings1,464,0001,000,000Total common equity5,776,0005,400,000Total liabilities and equity8,910,0008,100,000Note:Tax rate25%

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Answered: Recreate the income statement and…

Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Please show all dollar amount to thousands of dollars.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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