Question
In: Accounting
Please don't answer Using the following financial data construct a balance sheet and income statment. Expenses...
Please don't answer
Using the following financial data construct a balance sheet and income statment.
|
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Expert Solution
| 1. Category | 2012 | 2013 | % | ||
| Current assets | 7000000 | 46.67% | 9000000 | 60.00% | Increase |
| Total fixed assets | 8000000 | 53.33% | 6000000 | 40.00% | Decrease |
| Total assets | 15000000 | 100.00% | 15000000 | 100.00% | |
| Current liabilities | 3000000 | 20.00% | 1000000 | 6.67% | Decrease |
| Long term debt | 4000000 | 26.67% | 4000000 | 26.67% | Same |
| Owner’s equity | 8000000 | 53.33% | 10000000 | 66.67% | Increase |
| Total liabilities & owner’s equity | 15000000 | 100.00% | 15000000 | 100.00% | |
| Current ratio will increase --liquidity position has improved | |||||
| Equity participation is more ,whereas, debt funding % remains the same. | |||||
| 2. Salaries | 42000 | |
| Interest Income | 150 | |
| Dividend Income | 190 | |
| Total Income | 42340 | |
| Less: Expenses: | ||
| Mortgage payment | 7980 | |
| Food | 2400 | |
| Transportation | 1200 | |
| Automobile payment | 3060 | |
| Clothes & personal | 2000 | |
| Student loan payment | 1700 | |
| Propert taxes | 1100 | |
| Utilities | 3000 | |
| Insurance | 2100 | |
| Income taxes | 9700 | |
| Recreation & vacation | 2000 | 36240 |
| Family’s disposable income | 6100 | |
| 3. Statement of financial position | |||
| Assets | Liabilities | ||
| Cash accounts: | Student loan balance | 6000 | |
| Cash | 50 | Automobile loan balance | 12000 |
| Checking account | 2500 | Credit card balance | 4000 |
| Savings account | 5850 | Mortgage loan balance | 99000 |
| Savings | 5800 | Net woth (Bal.fig.) | 40800 |
| Investments: | |||
| Stocks & bonds | 2600 | ||
| 401(K) retirement a/c | 15000 | ||
| Assets for use: | |||
| Residence | 110000 | ||
| Automobile | 12000 | ||
| Furniture,clothing Jewelry | 8000 | ||
| 161800 | 161800 | ||
| 4. Income statement | ||
| Net sales | 500000 | |
| Less: COGS | 250000 | |
| Gross profit | 250000 | |
| Less: Operating expenses: | ||
| Salaries | 100000 | |
| Rent | 24000 | |
| Utilities | 25000 | |
| Payroll taxes | 25000 | |
| Insurance | 12000 | 186000 |
| Operating Income | 64000 | |
| Less: Non-operating expense | ||
| Interest expense | 5450 | |
| Net profit | 58550 | |
| 5. Horizontal/trend analysis | ||||
| 2012 | 2013 | Horizontal Analysis(2013-2012)/2012 | ||
| Current assets | 7000000 | 9000000 | 28.57% | Increase |
| Total fixed assets | 8000000 | 6000000 | -25.00% | Decrease |
| Total assets | 15000000 | 15000000 | 0.00% | |
| Current liabilities | 3000000 | 1000000 | -66.67% | Decrease |
| Long-term debt | 4000000 | 4000000 | 0.00% | Same |
| Owner’s equity | 8000000 | 10000000 | 25.00% | Increase |
| Total liabilities & owner’s equity | 15000000 | 15000000 | 0.00% | |
| Leads to same conclusion as Vertical analysis |
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Current liabilities
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ITEM
2010
2011
SALES
10,000
12,000
DEPRECIATION
3,000
3,000
COST OF GOODS SOLD
2,000
2,000
OTHER EXPENSES
3,000
4,000
INTEREST
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1,000
CASH
1,000
1,000
ACCOUNTS RECEIVABLE
3,000
3,000
S.T. NOTES PAYABLE
1,000
1,000
L.T. DEBT
10,000
11,000
NET FIXED ASSETS
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20,000
ACCOUNTS PAYABLE
2,000
2,000
INVENTORY
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3,000
DIVIDENDS
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