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Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Less interest expense Income before taxes Income tax expense Net income 40,000 20,000 10,000 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Assets Current Assets Cash Accounts receivable Inventory Fixed assets for 12/31/20XX Total assets Total current assets Property, plant and equipment Accumulated depreciation *Net fixed assets Liabilities and Owner's Equity Current liabilities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $(20,000.00) $ 60,000.00 $139,300.00

Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Less interest expense Income before taxes Income tax expense Net income 40,000 20,000 10,000 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Assets Current Assets Cash Accounts receivable Inventory Fixed assets for 12/31/20XX Total assets Total current assets Property, plant and equipment Accumulated depreciation *Net fixed assets Liabilities and Owner's Equity Current liabilities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $(20,000.00) $ 60,000.00 $139,300.00

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Investigate Less interest expense Income before taxes Income tax expense Net income E12 D 0° C 40,000 20,000 10,000 (E 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Co W ✿ Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets 0 Warrior Industries Balance Sheet for 12/31/20XX Property, plant and equipment Accumulated depreciation *Net fixed assets Total current assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers Owner's Equity Long term mortgage Total current liabilities Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00 $ 2,700.00 $ 6,000.00 $ 14,000.00 $ 40,000.00 $ 54,000.00 $ 85,300.00 $ 85,300.00 $139,300.00 (?) 60°F C
Transcribed Image Text:Warrior Industries Income Statement for year ending 12/31/20XX Sales revenue Less cost of goods sold Gross margin Less operating expenses Marketing Sales and administrative Depreciation Total operating expenses Operating income Investigate Less interest expense Income before taxes Income tax expense Net income E12 D 0° C 40,000 20,000 10,000 (E 456,428 205,200 251,228 70,000 181,228 7,000 174,228 40,000 134,228 Co W ✿ Assets Current Assets Cash Accounts receivable Inventory Fixed assets Total assets 0 Warrior Industries Balance Sheet for 12/31/20XX Property, plant and equipment Accumulated depreciation *Net fixed assets Total current assets Liabilities and Owner's Equity Current liabilities Accounts payable Note payable to bank Deposits from customers Owner's Equity Long term mortgage Total current liabilities Total liabilities Retained earnings Total Owners' Equity Total liability and equities $ 52,400.00 $ 11,000.00 $ 15,900.00 $ 79,300.00 $ 80,000.00 $ (20,000.00) $ 60,000.00 $139,300.00 $ 5,300.00 $ 2,700.00 $ 6,000.00 $ 14,000.00 $ 40,000.00 $ 54,000.00 $ 85,300.00 $ 85,300.00 $139,300.00 (?) 60°F C
th 1. 1. How much revenue did the business produce? 2. What costs did the business have for financing? 3. What can you turn into cash in one year? 4. What did it cost to make your product? 5. What is the value of everything the company owns? 6. How much profit did the company make? 7. How much is the business worth to Richard? 8. How much does the business need for its continuing operation? Hint: Net Fixed Assets is the purchase price of all fixed assets (Land, buildings, equipment, machinery, vehicles, leasehold improvements) less accumulated Depreciation 9. What debts will take longer than a year to pay? Accessibility: Investigate 10. Can this business be considered liquid? Hint: Current ratio = current assets/ current liabilities. By the rule of thumb, it should be 2 or greater. The current ratio is an indicator of a business' ability to repay debt when it is due 12) D i C (1
Transcribed Image Text:th 1. 1. How much revenue did the business produce? 2. What costs did the business have for financing? 3. What can you turn into cash in one year? 4. What did it cost to make your product? 5. What is the value of everything the company owns? 6. How much profit did the company make? 7. How much is the business worth to Richard? 8. How much does the business need for its continuing operation? Hint: Net Fixed Assets is the purchase price of all fixed assets (Land, buildings, equipment, machinery, vehicles, leasehold improvements) less accumulated Depreciation 9. What debts will take longer than a year to pay? Accessibility: Investigate 10. Can this business be considered liquid? Hint: Current ratio = current assets/ current liabilities. By the rule of thumb, it should be 2 or greater. The current ratio is an indicator of a business' ability to repay debt when it is due 12) D i C (1
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