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Jenga Inc Exercise Strictly Confidential

Table of Contents
#VALUE!

Notes
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Jenga Inc Exercise Year 1 Year 2
Jenga Inc engages in the following transactions:

Issues common shares 1,000


Borrows 400
Repays loan 100
Pays interest 24 18

Buys property and plant (estimated useful life is 10 years) 900

Buys inventory 350 400


Cash paid for inventory 320 380

Sells inventory 510 550


Cash received from sales 430 480

Inventory left at year end 60 80

Pays expenses 40 50
Pays tax at 30%
Pays a dividend 30 5

Requirements:

1. Produce a balance sheet and income statement for Jenga Inc for Years 1 and 2.

2. Produce the financial statements for Year 2.

Income Statement
Revenues 510 550
Cost of sales (290) (380)
Gross profit 220 170

Expenses (40) (50)


Depreciation (90) (90)
Operating profit (EBIT) 90 30

Finance costs (24) (18)


Profit before taxes 66 12

Tax at 30% (19.8) (3.6)


Net income 46 8

Dividend (30) (5)


Retained earnings 16.2 3.4

Balance Sheet
Assets
Current assets:
cash 496.2 419.6
receivable 80 150
inventory 60 80

Total current assets 636.20 649.60

Non-current assets
property,plant &equipment 810 720

Total assets 1,446.2 1,369.6

Liabilities and shareholders' equity


Current liabilities:
account payable 30 50

Non-current liabilities:
long term borrowing 400 300

Shareholder's equity:
common share 1,000 1,000
retained earning 16.2 19.6
Total liabilities and shareholders' equity 1,446.2 1,369.6

Balance Sheet Check 0.0 0.0