BUS601 Final Exam Financial Statements
| Common Sized | |||||||
| 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||
| Net product sales | $ 6,231,120 | $ 4,128,600 | $ 3,402,880 | 100.0% | 100.0% | 100.0% | |
| Cost of Goods Sold (COGS) | $ 4,589,000 | $ 3,007,200 | $ 2,205,040 | 73.6% | 72.8% | 64.8% | |
| Total gross margin | $ 1,642,120 | $ 1,121,400 | $ 1,197,840 | 26.4% | 27.2% | 35.2% | |
| Selling, general and administrative expenses (S, G & A) | $ 706,000 | $ 387,000 | $ 321,300 | 11.3% | 9.4% | 9.4% | |
| Earnings before interest, taxes, deprec. & amort. (EBITDA) | $ 936,120 | $ 734,400 | $ 876,540 | 15.0% | 17.8% | 25.8% | |
| Depreciation Expense | $ 122,808 | $ 19,845 | $ 17,861 | 2.0% | 0.5% | 0.5% | |
| Earnings before income taxes (EBIT) | $ 813,312 | $ 714,555 | $ 858,680 | 13.1% | 17.3% | 25.2% | |
| Interest Expense | $ 184,800 | $ 65,625 | $ 59,063 | 3.0% | 1.6% | 1.7% | |
| Earnings before taxes (EBT) | $ 628,512 | $ 648,930 | $ 799,617 | 10.1% | 15.7% | 23.5% | |
| Provision for income taxes (40%) | $ 251,405 | $ 259,572 | $ 319,847 | 4.0% | 6.3% | 9.4% | |
| Net earnings | $ 377,107 | $ 389,358 | $ 479,770 | 6.1% | 9.4% | 14.1% | |
| 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ 7,646 | $ 10,080 | $ 8,064 | 0.25% | 0.61% | 0.56% | ||
| Investments | $ 38,000 | $ 49,030 | $ 43,927 | 1.25% | 2.96% | 3.03% | ||
| Accounts receivable | $ 663,768 | $ 368,760 | $ 295,008 | 21.78% | 22.27% | 20.33% | ||
| Inventories | $ 1,351,728 | $ 865,960 | $ 778,364 | 44.35% | 52.30% | 53.64% | ||
| Total current assets | $ 2,061,142 | $ 1,293,830 | $ 1,125,363 | 67.62% | 78.14% | 77.55% | ||
| PROPERTY, PLANT AND EQUIPMENT, at cost: | ||||||||
| Land | $ 97,598 | $ 89,250 | $ 80,325 | 3.20% | 5.39% | 5.54% | ||
| Buildings | $ 252,000 | $ 141,750 | $ 127,575 | 8.27% | 8.56% | 8.79% | ||
| Machinery and equipment | $ 913,500 | $ 284,550 | $ 256,095 | 29.97% | 17.18% | 17.65% | ||
| $ 1,263,098 | $ 515,550 | $ 463,995 | 41.44% | 31.13% | 31.97% | |||
| Less – Accumulated depreciation | $ 276,318 | $ 153,510 | $ 138,159 | 9.07% | 9.27% | 9.52% | ||
| Net property, plant and equipment | $ 986,780 | $ 362,040 | $ 325,836 | 32.38% | 21.86% | 22.45% | ||
| Total assets | $ 3,047,922 | $ 1,655,870 | $ 1,451,199 | 100.00% | 100.00% | 100.00% | ||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ 360,200 | $ 152,880 | $ 114,660 | 14.61% | 16.08% | 14.02% | ||
| Notes payable | $ 756,000 | $ 210,000 | $ 157,500 | 30.66% | 22.08% | 19.26% | ||
| Accrued liabilities | $ 299,208 | $ 142,800 | $ 114,240 | 12.14% | 15.02% | 13.97% | ||
| Total current liabilities | $ 1,415,408 | $ 505,680 | $ 386,400 | 57.41% | 53.18% | 47.24% | ||
| NONCURRENT LIABILITIES: | ||||||||
| Long-term debt | $ 1,050,000 | $ 445,234 | $ 431,538 | 42.59% | 46.82% | 52.76% | ||
| Total noncurrent liabilities | $ 1,050,000 | $ 445,234 | $ 431,538 | 42.59% | 46.82% | 52.76% | ||
| Total liabilities | $ 2,465,408 | $ 950,914 | $ 817,938 | 100.00% | 100.00% | 100.00% | ||
| SHAREHOLDERS' EQUITY: | ||||||||
| Common stock | $ 563,600 | $ 463,000 | $ 414,700 | 84.61% | 68.39% | 68.29% | ||
| Retained earnings, per accompanying statement | $ 102,514 | $ 213,956 | $ 192,561 | 15.39% | 31.61% | 31.71% | ||
| Total shareholders' equity | $ 666,114 | $ 676,956 | $ 607,261 | 100.00% | 100.00% | 100.00% | ||
| Total liabilities and shareholders' equity | $ 3,131,522 | $ 1,627,870 | $ 1,425,199 | |||||
| Additional Financial Data | ||||||||
| Shares Outstanding | 100,000 | 100,000 | 100,000 | |||||
| Common Stock Price | $ 47.30 | $ 60.90 | $ 51.45 | |||||
| Earnings per Share | $ 3.77 | $ 3.89 | $ 4.80 | |||||
Last modified: Tuesday, January 17, 2023, 1:08 PM