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Business
Accounting
2 3 4 CONSOLIDATED INCOME STATEMENT For the Year Ended 50 This Year 6 Net sales 7 Cost of sales $140,755,000 79,578,000 8 Gross profit 61,177,000 Previous Year $270,883,000 157,936,000 112,947,000 9 10 Operating Expenses 11 Selling, general, and administrative 35,943,000 49,130,000 12 Income from operations 25,234,000 63,817,000 13 14 Net investment income 500,000 328,000 15 Interest expense (311,000) 16 17 Income before income taxes 25,734,000 63,834,000 18 19 Income tax expense 5,407,000 14,472,000 20 Net Income 21 $20,327,000 $49,362,000 2 3 4 5 6 7 Current Assets 8 Cash and cash equivalents 9 Short-term investments 10 Accounts receivable, net 11 Inventories 12 Other current assets 13 Total Current Assets CONSOLIDATED BALANCE SHEET ASSETS For the Year Ended This Year Previous Year $13,216,000 $16,650,000 10,374,000 5,802,000 19,438,000 53,704,000 27,524,000 82,208,000 953,000 1,758,000 71,505,000 160,122,000 14 15 16 17 Long-Term Assets 18 Property, plant, and equipment, net 4,998,000 18,229,000 19 Long-term investments 36,913,000 22,747,000 20 Goodwill 4,709,000 6,402,000 21 Intangible assets, net 4,696,000 6,376,000 22 Right-of-use lease assets 23 Deferred tax asset 24 Other 25 Total Assets 2,305,000 13,256,000 365,000 1,414,000 420,000 582,000 $125,911,000 $229,128,000 26 27 Current Liabilities LIABILITIES 28 Current portion of lease liability 29 Accounts payable 30 Accrued compensation 31 Accrued expenses 32 Factoring liability 33 Total Current Liabilities 34 $915,000.00 9,215,000 $3,385,000.00 24,118,000 8,729,000 13,619,000 1,613,000 6,181,000 4,391,000 20,472,000 51,694,000

2 3 4 CONSOLIDATED INCOME STATEMENT For the Year Ended 50 This Year 6 Net sales 7 Cost of sales $140,755,000 79,578,000 8 Gross profit 61,177,000 Previous Year $270,883,000 157,936,000 112,947,000 9 10 Operating Expenses 11 Selling, general, and administrative 35,943,000 49,130,000 12 Income from operations 25,234,000 63,817,000 13 14 Net investment income 500,000 328,000 15 Interest expense (311,000) 16 17 Income before income taxes 25,734,000 63,834,000 18 19 Income tax expense 5,407,000 14,472,000 20 Net Income 21 $20,327,000 $49,362,000 2 3 4 5 6 7 Current Assets 8 Cash and cash equivalents 9 Short-term investments 10 Accounts receivable, net 11 Inventories 12 Other current assets 13 Total Current Assets CONSOLIDATED BALANCE SHEET ASSETS For the Year Ended This Year Previous Year $13,216,000 $16,650,000 10,374,000 5,802,000 19,438,000 53,704,000 27,524,000 82,208,000 953,000 1,758,000 71,505,000 160,122,000 14 15 16 17 Long-Term Assets 18 Property, plant, and equipment, net 4,998,000 18,229,000 19 Long-term investments 36,913,000 22,747,000 20 Goodwill 4,709,000 6,402,000 21 Intangible assets, net 4,696,000 6,376,000 22 Right-of-use lease assets 23 Deferred tax asset 24 Other 25 Total Assets 2,305,000 13,256,000 365,000 1,414,000 420,000 582,000 $125,911,000 $229,128,000 26 27 Current Liabilities LIABILITIES 28 Current portion of lease liability 29 Accounts payable 30 Accrued compensation 31 Accrued expenses 32 Factoring liability 33 Total Current Liabilities 34 $915,000.00 9,215,000 $3,385,000.00 24,118,000 8,729,000 13,619,000 1,613,000 6,181,000 4,391,000 20,472,000 51,694,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Analyze the company’s financial ratio analysis for current assets and liabilities.

2 3 4 CONSOLIDATED INCOME STATEMENT For the Year Ended 50 This Year 6 Net sales 7 Cost of sales $140,755,000 79,578,000 8 Gross profit 61,177,000 Previous Year $270,883,000 157,936,000 112,947,000 9 10 Operating Expenses 11 Selling, general, and administrative 35,943,000 49,130,000 12 Income from operations 25,234,000 63,817,000 13 14 Net investment income 500,000 328,000 15 Interest expense (311,000) 16 17 Income before income taxes 25,734,000 63,834,000 18 19 Income tax expense 5,407,000 14,472,000 20 Net Income 21 $20,327,000 $49,362,000
Transcribed Image Text:2 3 4 CONSOLIDATED INCOME STATEMENT For the Year Ended 50 This Year 6 Net sales 7 Cost of sales $140,755,000 79,578,000 8 Gross profit 61,177,000 Previous Year $270,883,000 157,936,000 112,947,000 9 10 Operating Expenses 11 Selling, general, and administrative 35,943,000 49,130,000 12 Income from operations 25,234,000 63,817,000 13 14 Net investment income 500,000 328,000 15 Interest expense (311,000) 16 17 Income before income taxes 25,734,000 63,834,000 18 19 Income tax expense 5,407,000 14,472,000 20 Net Income 21 $20,327,000 $49,362,000
2 3 4 5 6 7 Current Assets 8 Cash and cash equivalents 9 Short-term investments 10 Accounts receivable, net 11 Inventories 12 Other current assets 13 Total Current Assets CONSOLIDATED BALANCE SHEET ASSETS For the Year Ended This Year Previous Year $13,216,000 $16,650,000 10,374,000 5,802,000 19,438,000 53,704,000 27,524,000 82,208,000 953,000 1,758,000 71,505,000 160,122,000 14 15 16 17 Long-Term Assets 18 Property, plant, and equipment, net 4,998,000 18,229,000 19 Long-term investments 36,913,000 22,747,000 20 Goodwill 4,709,000 6,402,000 21 Intangible assets, net 4,696,000 6,376,000 22 Right-of-use lease assets 23 Deferred tax asset 24 Other 25 Total Assets 2,305,000 13,256,000 365,000 1,414,000 420,000 582,000 $125,911,000 $229,128,000 26 27 Current Liabilities LIABILITIES 28 Current portion of lease liability 29 Accounts payable 30 Accrued compensation 31 Accrued expenses 32 Factoring liability 33 Total Current Liabilities 34 $915,000.00 9,215,000 $3,385,000.00 24,118,000 8,729,000 13,619,000 1,613,000 6,181,000 4,391,000 20,472,000 51,694,000
Transcribed Image Text:2 3 4 5 6 7 Current Assets 8 Cash and cash equivalents 9 Short-term investments 10 Accounts receivable, net 11 Inventories 12 Other current assets 13 Total Current Assets CONSOLIDATED BALANCE SHEET ASSETS For the Year Ended This Year Previous Year $13,216,000 $16,650,000 10,374,000 5,802,000 19,438,000 53,704,000 27,524,000 82,208,000 953,000 1,758,000 71,505,000 160,122,000 14 15 16 17 Long-Term Assets 18 Property, plant, and equipment, net 4,998,000 18,229,000 19 Long-term investments 36,913,000 22,747,000 20 Goodwill 4,709,000 6,402,000 21 Intangible assets, net 4,696,000 6,376,000 22 Right-of-use lease assets 23 Deferred tax asset 24 Other 25 Total Assets 2,305,000 13,256,000 365,000 1,414,000 420,000 582,000 $125,911,000 $229,128,000 26 27 Current Liabilities LIABILITIES 28 Current portion of lease liability 29 Accounts payable 30 Accrued compensation 31 Accrued expenses 32 Factoring liability 33 Total Current Liabilities 34 $915,000.00 9,215,000 $3,385,000.00 24,118,000 8,729,000 13,619,000 1,613,000 6,181,000 4,391,000 20,472,000 51,694,000
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