Unit 1: Homework Assignment From a Christian worldview, and incorporating the assigned scripture, what does it mean to be ethical in business dealings and corporate governance?What is the balance shee

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Unit 1: Homework Assignment

  1. From a Christian worldview, and incorporating the assigned scripture, what does it mean to be ethical in business dealings and corporate governance?
  2. What is the balance sheet identity? Discuss the book value of a firm versus its market value.  What is meant by financial leverage?  What is the definition of a noncash item and describe one noncash item on the income statement?
  3. What is the income statement? The EPS? The net operating income? Discuss other major items on an income statement?
  • Problems:
  1. BU, Inc. has current assets of $6,050, net fixed assets of $24,750, long-term debt of $11,400, and current liabilities of $4500. What is the value of the shareholders’ equity account for the firm?  What is the networking capital?
  2. Salty Chips has sales of $862,000, operating costs of $85,000, depreciation expense of $41,000, interest expense of $40,500 and a tax rate of 20%. What is the net income?  What if the firm paid out $125,000 in cash dividends?  What is the addition to retained earnings?


2019                         2020

Sales                                       $11,573                    $12,936

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Depreciation                               1661                          1736

Cost of goods sold                    3979                          4707

Other Expenses                             946                          824

Interest Expense                            776                          926

Cash                                               6067                        6466

Accounts Receivables                 8034                        9427

Short-term Notes Payable          1171                        1147

Long-term debt                           20,320                    24,696

Net fixed assets                           50,888                    54,273

Accounts Payable                           4,384                      4,644

Tax rate                                                34%                        34%

Inventory                                          14,283                   15,288

Payout ratio                                          33%                         33%

3.  Create the Income Statement and Balance Sheet for 2020.

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