Acme Incorporated: Financial Statements

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Income Statement Acme Inc. Revenue 406000 Cost of Goods Sold 254000 Gross Profit 152000 Depreciation Expense 24350 Insurance 1400 Marketing 4500 Property Tax 8900 Rent 18000 Salaries 67500 Utilities 6700 Total Operating Expenses 131350 Net Income 20650 Balance Sheet Acme Inc. Assets Cash 16700 Accounts Receivable 24500 Inventory 25000 Current Assets 66200 Equipment 296000 Total Assets 362200 Liabilities Accounts Payable 67000 Long Term Debt 145000 212000 Shareholders' Equity Common Stock 10000 Paid In Capital 90000 Retained Earnings 50200 Total Equity 150200 Total Equity & Liabilities 362200 Acme Incorporate is reporting its full year financial statements for the fiscal year ended October 31, 2012. Acme had a great year, earnings $20,650 in net income. This is attributed in part due to an increase in revenues to $406,000 as well as to our cost-cutting initiatives. Acme undertook a number of cost-cutting efforts including laying off staff, reducing the marketing expense, and investing in energy-saving light bulbs in order to lower our utility bill. By doing this, Acme has restored profitability to the company. The increased revenues were attributed in part due to an increase in the local coyote population, as this is our core demographic. The more coyotes are in need of rabbit-catching supplies, this creates opportunities for market

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