# The 2021 and 2020 balance shee

The 2021 and 2020 balance sheets for Sunset Industries are provided below. The company’s sales for 2021 were \$1,320 million, and EBITDA was 15% of sales. Furthermore, depreciation amounted to 10% of net fixed assets, interest expense was \$30 million, the corporate tax rate was 25%, and Sunset pays out 40% of its net income as dividends. Sunset had 25 million shares outstanding in 2021, the 12/31/21 stock price was \$80 per share, and its after-tax cost of capital was 15%. Based upon this information, answer the following questions. Sunset Industries December 31 Balance Sheets (in thousands of dollars)

2021 2020

Assets

Cash and cash equivalents \$55,908 \$44,000

Excess cash \$5,992 \$6,793

Accounts receivable \$112,044 \$92,370

Inventories \$176,251 \$157,488

Total current assets \$350,195 \$300,651

Net fixed assets \$408,000 \$324,000

Total assets \$758,195 \$624,651

Liabilities and equity

Accounts payable \$42,018 \$30,420

Accruals \$24,187 \$18,981

Notes payable \$38,500 \$40,000

Total current liabilities \$104,705 \$89,401

Long-term debt 125,000 \$110,000

Total liabilities \$229,705 \$199,401

Common stock \$336,000 \$290,000

Retained Earnings \$192,490 \$135,250

Total common equity \$528,490 \$425,250

Total liabilities and equity \$758,195 \$624,651

Question # 1 What was the company’s 2021 net income?

Question #2 How much cash was provided by operating activities in 2021?

Question #3 Set up the company’s 2021 Statement of Stockholders’ Equity.

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