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    7.2 Basket Wonders' Balance Sheet and Income Statement

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    7.2 Basket Wonders' Balance Sheet and Income Statement

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    210203079
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    7.2 Basket Wonders’ Balance Sheet and Income Statement

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    Copyright:

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    Download as xlsx, pdf, or txt
    10 views5 pages

    7.2 Basket Wonders' Balance Sheet and Income Statement

    Uploaded by

    210203079

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Basket Wonders Balance Sheet (thousands) Dec.

    31, 2007

    Assets 2006 2007 Liabilities 2006 2007


    Cash 100 90 Notes Payable 295 290
    Acct. Rec. 410 394 Acct. Payable 94 94
    Inventories 616 696 Accrued Taxes 16 16
    Prepaid Exp 5 5 Other Accrued Liab. 100 100
    Accum Tax Prepay 9 10 Current Liab. 505 500
    Current Assets 1140 1195 Long-Term Debt 453 530
    Fixed Assets (@Cost) 930 1030
    Less: Acc. Depr. 299 329 Shareholders’ Equity
    Net Fix. Assets 1229 1359 Com. Stock ($1 par) 200 200
    Investment, LT 50 50 Add Pd in Capital 729 729
    Other Assets, LT 223 223 Retained Earnings 157 210
    Total Equity 1086 1139
    Total Assets 2642 2827 Total Liab/Equity 2044 2169

    Adjusting the “Basic” Sources and Uses Statement

    Sources: Net Profit 91


    Less Use: Cash Dividends 38
    (Net) Source: Increase, Retained Earnings 53

    Sources: Depreciation 30
    Less Use: Addition to Fixed Assets 100
    (Net) Use: Increase, Net Fixed Assets 70
    Basket Wonders Statement of Earnings (in thousands) for Year Ending December 31, 2007

    Net Sales 2211


    Cost of Goods Sold 1599
    Gross Profit 612
    SG&A Expenses 402
    EBIT 210
    Interest Expense 59
    EBT 151
    Income Taxes 60
    EAT (Net Profit) 91
    Cash Dividends 38
    Increase in RE 53

    Sources and Uses Statement

    Sources

    Funds provided by operations Percentage


    Net Profit 91 41%
    Depreciation 30 13%

    Decrease, Cash 10 4%
    Decrease, Accounts Receivable 16 7%
    Increase, Long-Term Debt 77 34%

    224

    Assets 2006 2007 +/- +/- S/U


    Cash 100 90 -10 - S
    Acct. Rec. 410 394 -16 - S
    Inventories 616 696 80 + U
    Prepaid Exp 5 5
    Accum Tax Prepay 9 10 1+ U
    Current Assets 1140 1195 N/A #N/A
    Fixed Assets (@Cost) 930 1030 N/A #N/A
    Less: Acc. Depr. 299 329 N/A #N/A
    Net Fix. Assets 631 701 70 + U
    Investment, LT 50 50
    Other Assets, LT 223 223
    Total Assets 2044 2169

    Assets Liabilities
    Sources - +
    Uses + -
    nds) for Year Ending December 31, 2007

    Uses

    Funds Used in Operations Percentage


    Dividends 38 17%
    Additions to fixed assets 100 45%

    Increase, Inventories 80 36%


    Increase, Accum. Tax Prepay. 1 0%
    Decrease, Notes Payable 5 2%

    224

    Liabilities and Equity 2006 2007 +/- +/- S/U


    Notes Payable 295 290 -5 - U
    Acct. Payable 94 94
    Accrued Taxes 16 16
    Other Accrued Liab. 100 100
    Current Liab. 505 500 N/A #N/A
    Long-Term Debt 453 530 77 + S

    Shareholders’ Equity 2006 2007


    Com. Stock ($1 par) 200 200
    Add Pd in Capital 729 729
    Retained Earnings 157 210 53 + S
    Total Equity 1086 1139
    Total Liab/Equity 2044 2169

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