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Here is XYZ Companys balance sheet as of beginning 2019 Physical assets $700MM Cash...

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Accounting

Here is XYZ Companys balance sheet as of beginning 2019

Physical assets $700MM

Cash $20MM

Owners equity $600MM

XYZ produced revenue of $240MM during 2019

Operating (variable plus fixed) costs of $162MM

No depreciation

Interest rate on debt 5%

Tax rate 25%

Distributed $65MM to its owners

  1. Show the initial balance sheet.
  2. Calculate before and after-tax profits
  3. Follow the cash, including the distribution
  4. Show the end-of-year balance sheet

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