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CARDINAL FINANCIAL STATEMENTS in USD CY 2018 CY 2019 CY 2020 INCOME STATEMENT Revenue Interest Income Fee Income Financial Revenue 1,377,000 5,963,000 11,460,000 280,000 55,000 11,515,000 1,377,000 6,243,000 Financial Expense Interest Expense Payment Processing Expense Total Financial Expense (305,000) (509,000) (1,039,000) (250,000) (416,000) (1,026,000) (555,000) (925,000) (2,065,000) Net Financial Income 822,000 5,318,000 9,450,000 Operating Expenses Personnel Expense Banking Fee Marketing Sales Professional Services Office Travel & Transport Communication (1,045,000) (3,482,000) (44,000) (1,510,000) (32,000) (69,000) (235,000)| (7,000) (15,000) (52,000) (12,000) (125,000) (62,000) (53,000) (71,000) (6,000) (2,000) (2,000) (3,000) (11,000) (32,000) (51,000) (69,000) Other Administrative (147,000) (226,000) Total Operating Expense (1,174,000) (2,101,000) (4,088,000) (352,000) Net Operating Income Foreign Expense Gain / (Losses) Earnings Before Taxes |Тахes 3,217,000 2,000 5,362,000 (75,000) (352,000) 3,219,000 5,287,000 (482,850) (793,050) Net Income (352,000) 2,736,150 4,493,950

CARDINAL FINANCIAL STATEMENTS in USD CY 2018 CY 2019 CY 2020 INCOME STATEMENT Revenue Interest Income Fee Income Financial Revenue 1,377,000 5,963,000 11,460,000 280,000 55,000 11,515,000 1,377,000 6,243,000 Financial Expense Interest Expense Payment Processing Expense Total Financial Expense (305,000) (509,000) (1,039,000) (250,000) (416,000) (1,026,000) (555,000) (925,000) (2,065,000) Net Financial Income 822,000 5,318,000 9,450,000 Operating Expenses Personnel Expense Banking Fee Marketing Sales Professional Services Office Travel & Transport Communication (1,045,000) (3,482,000) (44,000) (1,510,000) (32,000) (69,000) (235,000)| (7,000) (15,000) (52,000) (12,000) (125,000) (62,000) (53,000) (71,000) (6,000) (2,000) (2,000) (3,000) (11,000) (32,000) (51,000) (69,000) Other Administrative (147,000) (226,000) Total Operating Expense (1,174,000) (2,101,000) (4,088,000) (352,000) Net Operating Income Foreign Expense Gain / (Losses) Earnings Before Taxes |Тахes 3,217,000 2,000 5,362,000 (75,000) (352,000) 3,219,000 5,287,000 (482,850) (793,050) Net Income (352,000) 2,736,150 4,493,950

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...
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Based on the Cardinal Credit Financial Statement below, write a bulleted list analysis that includes:

a) Possible explanation for the changes from year to year that can be seen.

CARDINAL FINANCIAL STATEMENTS in USD CY 2018 CY 2019 CY 2020 INCOME STATEMENT Revenue Interest Income Fee Income Financial Revenue 11,460,000 55,000 1,377,000 5,963,000 280,000 6,243,000 1,377,000 11,515,000 Financial Expense (1,039,000) Interest Expense Payment Processing Expense Total Financial Expense (305,000) (250,000) (509,000) (416,000) (925,000) (1,026,000) (2,065,000) (555,000) Net Financial Income 822,000 5,318,000 9,450,000 Operating Expenses Personnel Expense Banking Fee Marketing Sales Professional Services Office Travel & Transport Communication Other Administrative Total Operating Expense (1,045,000) (1,510,000) (3,482,000) (7,000) (15,000) (52,000) (12,000) (32,000) (44,000) (69,000) (125,000) (235,000) (62,000) (53,000) (71,000) (6,000) (3,000) (69,000) (226,000) (2,000) (2,000) (11,000) (51,000) (32,000) (147,000) (1,174,000) (2,101,000) (4,088,000) Net Operating Income Foreign Expense Gain / (Losses) Earnings Before Taxes |Тахes (352,000) 3,217,000 5,362,000 2,000 (75,000) (352,000) 3,219,000 5,287,000 (482,850) (793,050) Net Income (352,000) 2,736,150 4,493,950
Transcribed Image Text:CARDINAL FINANCIAL STATEMENTS in USD CY 2018 CY 2019 CY 2020 INCOME STATEMENT Revenue Interest Income Fee Income Financial Revenue 11,460,000 55,000 1,377,000 5,963,000 280,000 6,243,000 1,377,000 11,515,000 Financial Expense (1,039,000) Interest Expense Payment Processing Expense Total Financial Expense (305,000) (250,000) (509,000) (416,000) (925,000) (1,026,000) (2,065,000) (555,000) Net Financial Income 822,000 5,318,000 9,450,000 Operating Expenses Personnel Expense Banking Fee Marketing Sales Professional Services Office Travel & Transport Communication Other Administrative Total Operating Expense (1,045,000) (1,510,000) (3,482,000) (7,000) (15,000) (52,000) (12,000) (32,000) (44,000) (69,000) (125,000) (235,000) (62,000) (53,000) (71,000) (6,000) (3,000) (69,000) (226,000) (2,000) (2,000) (11,000) (51,000) (32,000) (147,000) (1,174,000) (2,101,000) (4,088,000) Net Operating Income Foreign Expense Gain / (Losses) Earnings Before Taxes |Тахes (352,000) 3,217,000 5,362,000 2,000 (75,000) (352,000) 3,219,000 5,287,000 (482,850) (793,050) Net Income (352,000) 2,736,150 4,493,950
BALANCE SHEET Assets Cash and Equivalents Gross Loans Fixed Assets Total Assets 1,403,000 228,000 2,719,150 ৪,059,100| 7,731,000 8,551,000 113,000 1,398,000 1,631,000 10,563,150 18,008,100 Liabilities Payables Borrowings Total Liabilities 468,000 5,217,000 2,919,000 8,136,000 4,717,000 5,185,000 Equity Retained Earnings Share Capital Total Equity (352,000) 1,983,000 2,384,150 2,994,000 5,378,150 6,878,100 2,994,000 1,631,000 9,872,100 CASHFLOW STATEMENT Cashflow from Operations Net Income Increase / (Decrease) in Payables Loans Advanced Total Cashflow from Operations (352,000) 2,736,150 4,493,950 468,000 4,749,000 (228,000) (580,000) (7,503,000) (820,000) (4,298,850) 8,422,950 Cashflow from Invosting Increase / (Decrease) in Fixed Assets Total Cashflow from Investing (113,000) (113,000) (1,285,000) (1,285,000) Cashflow from Finanncing Increase/ (Decrease) in Borrowings 4717000 -1798000 Equity Issuance 1,983,000 1,011,000 Total Cashiflow from Financing 1,983,000 5,728,000 (1,798,000) Beginning Cash Net Change in Cash 148,012 1,254,988 1,403,000 1,316,150 2,719,150 5,339,950 Ending Cash 1,403,000 2,719,150 8,059,100
Transcribed Image Text:BALANCE SHEET Assets Cash and Equivalents Gross Loans Fixed Assets Total Assets 1,403,000 228,000 2,719,150 ৪,059,100| 7,731,000 8,551,000 113,000 1,398,000 1,631,000 10,563,150 18,008,100 Liabilities Payables Borrowings Total Liabilities 468,000 5,217,000 2,919,000 8,136,000 4,717,000 5,185,000 Equity Retained Earnings Share Capital Total Equity (352,000) 1,983,000 2,384,150 2,994,000 5,378,150 6,878,100 2,994,000 1,631,000 9,872,100 CASHFLOW STATEMENT Cashflow from Operations Net Income Increase / (Decrease) in Payables Loans Advanced Total Cashflow from Operations (352,000) 2,736,150 4,493,950 468,000 4,749,000 (228,000) (580,000) (7,503,000) (820,000) (4,298,850) 8,422,950 Cashflow from Invosting Increase / (Decrease) in Fixed Assets Total Cashflow from Investing (113,000) (113,000) (1,285,000) (1,285,000) Cashflow from Finanncing Increase/ (Decrease) in Borrowings 4717000 -1798000 Equity Issuance 1,983,000 1,011,000 Total Cashiflow from Financing 1,983,000 5,728,000 (1,798,000) Beginning Cash Net Change in Cash 148,012 1,254,988 1,403,000 1,316,150 2,719,150 5,339,950 Ending Cash 1,403,000 2,719,150 8,059,100
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