Module 2 Critical Thinking Assignment – Understanding Financial Statements and Cash Flow… 1 answer below »

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Module 2 Critical Thinking Assignment Understanding Financial Statements and Cash Flow Problem 2-1: Preparing Financial Statements It just came to my attention that there is an error in the facts for the CT Assignment for Module 2. Please use 395,000 as the amount for Accounts Receivable instead of 233,000 given in the facts. Information below is for Buraydah Manufacturing, Inc. for the year ended December 31, 20×1 except where beginning of year numbers indicated. All amounts in SAR unless otherwise stated. Accumulated depreciation 2,817,000 Sales 5,826,000 Accounts receivable 233,000 Interest expense 237,000 Cost of goods sold 2,672,000 Short term notes payable 195,000 Income taxes 366,600 Inventories 967,000 Common stock 428,000 Dividends paid 120,000 Cash 986,500 Marketing, general and administrative expenses 1,678,500 Long term debt 5,844,000 Fixed assets (property & equipment) 7,218,000 Accounts payable 395,000 Other assets 862,000 Depreciation expense 422,000 Retained earnings at beginning of year 419,600 Number of shares of common stock 1,000 Using the information above: 1. Prepare an income statement in good form 2. Prepare end of year balance sheet in good form 3. Calculate net working capital 4. Calculate the debt ratio Using an additional column for each financial statement: 5. Prepare a common sized income statement 6. Prepare a common sized balance sheet

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