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Wholesale/Distributor Sample File Balance Sheet

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Wholesale/Distributor Sample File;Balance Sheet;As of December 15, 2007;Dec 31, 07 Dec 31, 08;ASSETS;Current Assets;Checking/Savings;Company Checking Account 36,857.66 84,444.87;Company Savings Account 25,000.00 25,000.00;Petty Cash Account 500.00 500.00;Total Checking/Savings 62,357.66 109,944.87;Accounts Receivable;Accounts Receivable 40,202.50 56,835.69;Total Accounts Receivable 40,202.50 56,835.69;Other Current Assets;Inventory Asset 51,060.47 127,651.18;Prepaids;Prepaid Insurance 0.00 0.00;Prepaid Taxes 800.00 800.00;Total Prepaids 800.00 800.00;Security Deposits 1,200.00 1,200.00;Total Other Current Assets 53,060.47 129,651.18;Total Current Assets 155,620.63 296,431.74;Fixed Assets;Accumulated Depreciation (923.04) (1,833.52);Automobiles & Trucks 45,632.00 45,632.00;Computer & Office Equipment 19,453.00 19,453.00;Machinery & Equipment 25,963.00 25,963.00;Total Fixed Assets 90,124.96 89,214.48;TOTAL ASSETS 245,745.59 385,646.22;LIABILITIES & EQUITY;Liabilities;Current Liabilities;Accounts Payable;Accounts Payable 3,990.80 5,986.20;Total Accounts Payable 3,990.80 5,986.20;Credit Cards;QuickBooks Credit Card 1,249.12 1,300.00;Total Credit Cards 1,249.12 1,300.00;Other Current Liabilities;Line of Credit 104,618.08 136,003.50;Payroll Liabilities;Payroll Taxes Payable 1,565.31 1,612.27;SEC125 Payable 100.00 100.00;Total Payroll Liabilities 1,665.31 1,712.27;Total Other Current Liabilities 106,283.39 137,715.77;Total Current Liabilities 111,523.31 145,001.97;Total Liabilities 111,523.31 145,001.97;Equity;Common Stock 10,000.00 10,000.00;Additional Paid in Capital 33,949.80 33,949.80;Retained Earnings 0.00 90,272.48;Net Income 90,272.48 106,421.96;Total Equity 134,222.28 240,644.24;TOTAL LIABILITIES & EQUITY 245,745.59 385,646.21;0.00 (0.00);Page 1 of 3;10:04 AM;12/15/07;Accrual Basis;Wholesale/Distributor Sample File;Profit & Loss;January through December 2007;Jan - Dec 07 Jan - Dec 08;Ordinary Income/Expense;Income;Revenue 372,951.45 410,246.60;Total Income 372,951.45 410,246.60;Cost of Goods Sold;Direct Labor;Wages - Warehouse 18,630.00 19,188.90;Total Direct Labor 18,630.00 19,188.90;Freight Costs 1,810.00 1,918.60;Packaging Materials 1,752.50 1,875.18;Purchases (Cost of Goods) 161,945.83 171,662.58;Sales Commission (outside reps) 3,990.80 8,204.93;Total COGS 188,129.13 202,850.19;Gross Profit 184,822.32 207,396.41;Expense;Advertising Expense 2,000.00 2,600.00;Business License & Fees 710.23 710.23;Car/Truck Expense;Car Lease 6,756.00 6,756.00;Gas 907.64 1,361.46;Insurance-Auto 1,440.00 1,440.00;Registration & License 546.00 546.00;Repairs & Maintenance 1,700.23 2,500.00;Total Car/Truck Expense 11,349.87 12,603.46;Conferences and Seminars 4,700.00 5,000.00;Contributions 2,500.00 2,000.00;Depreciation Expense 923.04 910.48;Dues and Subscriptions 1,900.00 1,900.00;Insurance;General Liability Insurance 2,760.00 2,760.00;Owner's Health Insurance 4,272.00 4,336.08;Professional Liability Insuranc 6,875.00 6,875.00;Worker's Compensation 2,782.08 2,782.08;Total Insurance 16,689.08 16,753.16;Maintenance/Janitorial 2,841.95 3,000.00;Marketing Expense 4,982.00 5,500.00;Meals 1,376.35 2,000.00;Office Equipment 1,100.00 1,500.00;Postage and Delivery 1,098.00 1,300.00;Professional Fees;Accounting Fees 2,544.00 3,000.00;Legal Fees 600.00 500.00;Payroll Service Fees 1,529.24 2,000.00;Total Professional Fees 4,673.24 5,500.00;Promotional Expense 2,021.00 2,000.00;Rent 7,005.00 7,005.00;Repairs;Computer Repairs 390.00 500.00;Total Repairs 390.00 500.00;Supplies 6,199.36 7,000.00;Telephone 4,003.44 4,500.00;Travel & Entertainment;Travel 3,452.23 4,000.00;Total Travel & Entertainment 3,452.23 4,000.00;Utilities 501.59;Wages;Employee Benefits 2,253.96 2,321.58;Payroll Tax Expenses 3,751.05 3,863.58;Sick/Holiday & Vacation Pay 0.00 0.00;Wages - Office Staff 5,832.00 6,006.96;Total Wages 11,837.01 12,192.12;Total Expense 92,253.39 98,474.45;Net Ordinary Income 92,568.93 108,921.96;Other Income/Expense;Other Expense;Other Expense;Interest Expense 2,296.45 2,500.00;Total Other Expense 2,296.45 2,500.00;Total Other Expense 2,296.45 2,500.00;Net Other Income -2,296.45 -2,500.00;Net Income 90,272.48 106,421.96;Page 2 of 3;Attached are the Balance Sheet and Income Statement for Wholesale Distributors for the;years 20X7 & 20X8.;Additional Information. Capital Stock Issued and Outstanding 10,000 shares.;This company is offering an additional 5,000 shares of stock at $25 per share;Required;Perform a Vertical and Horizontal analysis on this company;Calculate the ratios located on page 765 and 766.(end of Chapter 14);Based on your analysis would you purchase the stock and why. Give examples and refer back to your analysis

 

Paper#27496 | Written in 18-Jul-2015

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