### Warrior Industries#### Income StatementFor the year ending 12/31/20XX- **Sales Revenue**: $456,428- **Less Cost of Goods Sold**: $205,200- **Gross Margin**: $251,228- **Less Operating Expenses**: - Marketing: $40,000 - Sales and Administrative: $20,000 - Depreciation: $10,000 - **Total Operating Expenses**: $70,000- **Operating Income**: $181,228- **Less Interest Expense**: $7,000- **Income Before Taxes**: $174,228- **Income Tax Expense**: $40,000- **Net Income**: $134,228#### Balance SheetAs of 12/31/20XX**Assets**- **Current Assets**: - Cash: $52,400.00 - Accounts Receivable: $11,000.00 - Inventory: $15,900.00 - **Total Current Assets**: $79,300.00- **Fixed Assets**: - Property, Plant, and Equipment: $80,000.00 - Accumulated Depreciation: ($20,000.00) - **Net Fixed Assets**: $60,000.00- **Total Assets**: $139,300.00**Liabilities and Owner’s Equity**- **Current Liabilities**: - Accounts Payable: $5,300.00 - Note Payable to Bank: $2,700.00 - Deposits from Customers: $6,000.00 - **Total Current Liabilities**: $14,000.00- **Long Term Mortgage**: $40,000.00- **Total Liabilities**: $54,000.00- **Owner’s Equity**: - Retained Earnings: $85,300.00 - **Total Owners’ Equity**: $85,300.00- **Total Liabilities and Equities**: $139,300.00This balance sheet shows the financial position of Warrior Industries as of December 31, providing a detailed breakdown of assets and liabilities alongside the income statement showcasing the revenues and expenses for the fiscal year ending on the same date **Business Financial Assessment Questions**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?**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.*

Introduction: Financing cost generally incurred for borrowing the funds for business purpose to do…

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

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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