1. Emperor Corporation’s financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.
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Balance Sheets
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ASSETS
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Ending
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Beginning
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Income Statement
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Cash
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$ 2,000
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$ 1,600
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Sales
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$100,000
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Accounts receivable
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12,000
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5,200
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COGS
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80,000
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Inventory
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14,000
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15,600
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Gross Margin
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$ 20,000
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Current Assets
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$28,000
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$22,400
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Cash Expenses
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$ 8,000
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Gross Fixed assets
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$27,000
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$20,000
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Depreciation
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1,600
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Accumulated depreciation
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(16,000)
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(14,400)
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EBIT
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$ 10,400
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Net fixed assets
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11,000
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5,600
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Interest
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800
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Total assets
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$39,000
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$28,000
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EBT
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$ 9,600
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LIABILITIES
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Tax
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2,600
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Accounts payable
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$ 3,000
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$ 2,500
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Net Income
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$ 7,000
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Accruals
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1,000
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1,500
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Current Liabilities
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$ 4,000
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$ 4,000
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Long term Debt
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10,000
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5,000
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Equity
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25,000
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19,000
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Total liabilities & equity
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$39,000
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$28,000
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Develop Emperor’s Statement of Cash Flows.
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