Big RockCandy Mountain Mining Co. |
Income Statement |
For the Year Ended Dec. 31,2020 |
| 2020 | 2019 |
Sales | 412,500 | 398,600 |
Cost of Goods Sold | 318,786 | 315,300 |
Gross Profit | 93,714 | 83,300 | =B5-B6 |
Selling and G&A Expenses | 26,250 | 24,550 |
Other Expenses | 1,210 | 1,245 |
Depreciation Expense | 29,800 | 29,652 |
EBIT | 36,454 | 27,853 | =B7-SUM(B8:B10) |
Interest Expense | 8,582 | 8,457 |
Earnings Before Taxes | 27,872 | 19,396 | =B11-B12 |
Taxes | 6,968 | 4,849 | =B13*B18 |
Netlncome | 20,904 | 14,547 | =B13-B14 |
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Notes: |
Tax Rate | 0.25 | 0.25 |
Shares | 52,100 | 52,100 |
EPS | $0.40 | $0.40 |
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Big Rock Candy Mountain Mining Co. |
Balance Sheet |
As of Dec. 31,2020 |
Assets | 2020 | 2019 |
Cash | 16,435 | 11,596 |
Accounts Receivable | 45,896 | 47,404 |
Marketable Securities | 3,656 | 619 |
Inventory | 52,397 | 54,599 |
Total Current Assets | 118,384 | 114,218 | =SUM(B5:B8) |
Gross Fixed Assets | 436,573 | 397,023 |
Accumulated Depreciation | 87,450 | 57,650 |
Net Plant & Equipment | 349,123 | 339,373 | =B10-B11 |
Total Assets | 467,507 | 453,591 | =B9+B12 |
Liabilities and Owner's Equity |
Accounts Payable | 37,752 | 36,819 |
Accured Expenses | 3,183 | 3,085 |
Total Current Liabilities | 40,935 | 39,904 | =SUM(B15:B16) |
Long-term Debt | 170,562 | 178,581 |
Total Liabilities | 211,497 | 218,485 | =B17+B18 |
Common Stock | 58,664 | 58,664 |
Additional Paid-In-Capital | 136,807 | 136,807 |
Retained Earnings | 60,539 | 39,635 |
Total Shareholder's Equity | 256,010 | 235,106 | =SUM(B20:B22) |
Total Liabilities and Owner's Equity | 467,507 | 453,591 | =B19+B23 |
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Big Rock Candy Mountain Mining Co. |
Common Size Income Statement |
For the years 2019 and 2020 |
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| Income Statement | | Common Size Income Statement |
| 2020 | 2019 | 2020 | 2019 |
Sales | 412,500.00 | 398,600.00 | 100.00% | 100.00% |
Cost of Goods | 318,786.00 | 315,300.00 | 77.28% | 79.10% |
Gross Profit | 93,714.00 | 83,300.00 | 22.72% | 20.90% |
Depreciation | 29,800.00 | 29,652.00 | 7.22% | 7.44% |
Selling & Admin. Expense | 26,250.00 | 24,550.00 | 6.36% | 6.16% |
Other Operating Expense ___ | 1,210.00 | 1,245.00 | 0.29% | 0.31% |
Net Operating Income | 36,454.00 | 27,853.00 | 8.84% | 6.99% |
Interest Expense | 8,582.00 | 8,457.00 | 2.08% | 2.12% |
Earnings Before Taxes | 27,872.00 | 19,396.00 | 6.76% | 4.87% |
Taxes | 6,968.00 | 4,849.00 | 1.69% | 1.22% |
Net Income | 20,904.00 | 14,547.00 | 5.07% | 3.65% |
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|
New Smyrna Surf Shop |
Statement of Cash Flows |
For the Year 2020 |
Cash Flows from Operations |
Net Income | 120.540.00 |
Depreciation Expense | 7,148 |
Change in Accounts Receivable | (11,248) |
Change in Inventories | (8,276) |
Change in Accounts Payable | 1,589 |
Total Cash Flows from Operations | | 109,753.00 |
Cash Flows from Investing |
Change in fixed assets | (41,704) |
Total Cash Flows from Investing | | S (41,704) |
Cash Flows from Financing |
Change in Notes Payable | (3,025) |
Change in Long-Term Debt | 755 |
Change in Common Stock | – |
Change in Paid-In Capital | – |
Cash Dividends | (60,000) |
Total Cash Flows from Financing | | (62,270.00) |
Net Change in Cash Balance | | 5,779.00 |
Check answer against Balance Sheet |
Beginning Cash From Balance Sheet | 15,187 |
Ending Cash From Balance Sheet | 20,966 |
Net Change in Cash Balance | | 5,779.00 |
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