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I will upload Problem 1 (12 points) In Excel, create an income statement and balance sheet for 2018 for Klein Manufacturing from the following information. Cash $500
View complete question I will upload Problem 1 (12 points) In Excel, create an income statement and balance sheet for 2018 for Klein Manufacturing from the following information. Cash $500 Accounts Receivable 20% of Sales Accounts Payable 20% of Cost of Goods Sold Notes Payable $800 Inventory $2,900 Gross Plant & Equipment $22,000 Long-term Debt $4,000 Common Stock $10,000 Sales $7,500 Cost of Goods Sold 40% of Sales Depreciation Expense $1,200 Other Operating Expenses $1,000 Interest Expense 8% of Long-term Debt Income Taxes 25% of Taxable Income Since I did not give you retained earnings, you will need to calculate it. Retained earnings will be the amount necessary to balance your balance sheet. Accumulated depreciation for 2017 was $6,000. a. What is the firms operating cash flow for 2018? b. If gross plant & equipment for 2017 was $20,000, what is the amount of the net capital spending for 2018? c. If Kleins current assets for 2017 were $4,750 and current liabilities for 2017 were $1,750 what is the change in the net working capital from 2017 to 2018? Problem 2 (8 points) You are planning to purchase a new car at $44,000 and you already saved $4,000 for the down payment and will apply for a car loan to finance the rest of the purchase price. Your bank offers a loan with monthly payments at 4% APR with a term of 36 months. Alternatively, a credit union has a promotional APR of 3% for new customers with a loan term of 48 months. Build amortization tables of both loan alternatives and calculate total interest paid in each loan. Calculate Effective Annual Rate (EAR) for each loan.

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