1) Given the following financial information for 2014 and 2015, construct an Income Statement, Balance Sheet and Statement of Cash Flows for Grand Twins. - The Income Statement information is for the entire year.

- The Balance Sheet information is for December 31 of each year.

2014 2015

Accounts Payable $2,065,168 $3,732,362

Accounts Receivable 47,677,904 53,413,866

Cash 5,786,943 1,260,691

Common Stock 27,280,000 27,280,000

Cost of Goods Sold 45,014,348 50,298,751

Depreciation Expense 975,000 975,000

Dividends 1,200,000 1,200,000

Interest Expense 90,430 103,266

Inventory 8,399,133 8,989,075

Long-Term Debt 0 0

Notes Payable 0 ?

Other Current Liabilities 5,209,356 4,320,784

Net Property, Plant & Equip. 9,295,976 11,608,208

Retained Earnings 35,732,145 ?

Revenue 56,611,367 56,775,078

Selling, General, & Admin. 6,165,153 4,742,619

Total Assets ? ?

Tax Rate = 20%

2) Can you complete a 2014 Balance Sheet without being given Retained Earnings or Total Assets?

3) Can you complete a 2015 Balance Sheet without being given Retained Earnings, Total Assets, or Notes Payable?

4) What is your assessment of GTIs financial performance for 2015?

5) What clues to GTIs issues does the Balance Sheets provide?