1 2 3 COMFY HOME COMPANY Balance Sheet As of December 31, 2016 4 5 6 Current Assets: Current Liabilides: 7 Cash $ 110,000 Accounts Payable $ 90,000 8 Accounts receivable S 140,000 Salaries and wages payable S 20,000 9 Inventories S 310,000 Cament portion of bank loan S 45,000 10 Prepaid expenses $ 25,000 Deferred revenue S 15,000 11 Total Current Assets S 585,000 Total Current Liabilides S 170,000 12 13 Non-Current Assets: Non-Current Liabilides: 14 Fumiture and fixtures S 120,000 Bank Loan S 300,000 15 Buildings and property S 450,000 Total Non-Current Liabilides S 300,000 16 (Accumulated Depreciation) S (154,000) 17 Total Non-Current Assets $ 416,000 Owners' Equity: 18 Contributed Capital $ 250,000 19 Retained earnings $ 281,000 20 Total Equity S 531,000 21 22 Total Assets S 1,001,000 Total Liabilides and Owners' Equity S 1,001,000 23 24 25 26 27 28 COMFY HOME COMPANY Balance Sheet 29 As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 30 31 32 Current Assets: Current Liabilides: Total Revenue $ 1,602,000 33 Cab $ 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 985,000 34 Accounts receivable $ 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 35 Inventories $ 358,000 Current portion of bank loan S 45,000 Salaries and wages S 199,000 36 Prepaid expenses S 33,000 Deferred revenue S 18,000 Marketing expenses S 46,000 37 Total Current Assets S 712,000 Total Current Liabilides $ 289,000 Selling, General, and Administrative S 98,000 38 Insurance expense S 48,000 39 Non-Current Assets: Non-Current Liabilities: Depreciation expense S 44,000 40 Fumiture and fixtures $ 150,000 Bank Loan S 255,000 Operating Profit S 182,000 41 Buildings and property 540,000 Total Non-Current Liabilides S 255,000 42 (Accumulated Depreciation) S (198,000) Interest expense Taxes S 30,000 s 33,000 43 Total Non-Current Assets $ 492,000 Owners' Equity: Net Income $ 119,000 44 Contributed Capital $ 260,000 45 Retained eamings S 400,000 46 Total Equity 660,000 47 48 Total Assets 1,204,000 Total Liabilities and Owners' Equity S 1,204,000 49 so
1 2 3 COMFY HOME COMPANY Balance Sheet As of December 31, 2016 4 5 6 Current Assets: Current Liabilides: 7 Cash $ 110,000 Accounts Payable $ 90,000 8 Accounts receivable S 140,000 Salaries and wages payable S 20,000 9 Inventories S 310,000 Cament portion of bank loan S 45,000 10 Prepaid expenses $ 25,000 Deferred revenue S 15,000 11 Total Current Assets S 585,000 Total Current Liabilides S 170,000 12 13 Non-Current Assets: Non-Current Liabilides: 14 Fumiture and fixtures S 120,000 Bank Loan S 300,000 15 Buildings and property S 450,000 Total Non-Current Liabilides S 300,000 16 (Accumulated Depreciation) S (154,000) 17 Total Non-Current Assets $ 416,000 Owners' Equity: 18 Contributed Capital $ 250,000 19 Retained earnings $ 281,000 20 Total Equity S 531,000 21 22 Total Assets S 1,001,000 Total Liabilides and Owners' Equity S 1,001,000 23 24 25 26 27 28 COMFY HOME COMPANY Balance Sheet 29 As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 30 31 32 Current Assets: Current Liabilides: Total Revenue $ 1,602,000 33 Cab $ 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 985,000 34 Accounts receivable $ 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 35 Inventories $ 358,000 Current portion of bank loan S 45,000 Salaries and wages S 199,000 36 Prepaid expenses S 33,000 Deferred revenue S 18,000 Marketing expenses S 46,000 37 Total Current Assets S 712,000 Total Current Liabilides $ 289,000 Selling, General, and Administrative S 98,000 38 Insurance expense S 48,000 39 Non-Current Assets: Non-Current Liabilities: Depreciation expense S 44,000 40 Fumiture and fixtures $ 150,000 Bank Loan S 255,000 Operating Profit S 182,000 41 Buildings and property 540,000 Total Non-Current Liabilides S 255,000 42 (Accumulated Depreciation) S (198,000) Interest expense Taxes S 30,000 s 33,000 43 Total Non-Current Assets $ 492,000 Owners' Equity: Net Income $ 119,000 44 Contributed Capital $ 260,000 45 Retained eamings S 400,000 46 Total Equity 660,000 47 48 Total Assets 1,204,000 Total Liabilities and Owners' Equity S 1,204,000 49 so
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the forecasted cost of goods sold on comfy home 2018 pro forma financial statements? Client believes revenues will increase by 30% in 2018 compared to 2017.
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