2008 111 Table 4-2 Income Statement and Balance Sheet for Sam's Appliances Income Stutement Balance Sheet Years Ending December 31 January 1 through December 31 Years Years ACCOUNT 2006 2007 2008 CATEGORY 2006 2007 INet Sales $ 330$ 441$ 462 Current Assets 821 $ 94 $ Cost of Goods Sold 148 200 235 Fixed Assets 215 208 Gross Profit $ 182 $ 2415 227 Total Assets $ 297 $ 3028 Operating Expenses 148 163 181 Liabilities and Owner's Equity EBIT 345 78 $ 46 Current Liabilities $ 27$ 79 $ Interest 5 7 8 Total Long Tem Debt Is 68 77 EBT 291 $ 71$ 38 Total Liabilities 95$ 156 $ Taxes 8 18 10 Owner's Equity 202 1.46 Net Profit $ 21 $ 53S 28 Total Liabilities & OE $ 2975 302 $ 195 306 X| 87 70 157 149 306 Refer to Table 4-2. The Gross Profit Margin ratio for 2008 was approximately O 0.47 0.49 2.04 02.11 2008 111 Table 4-2. Income Statement and Balance Sheet for Sam's Appliances Income Statement Balance Sheet Years Ending December 31 January 1 through December 31 Years Years ACCOUNT 2006 2007 2008 CATEGORY 2006 2007 Net Sales $ 330$ 441 $ 462 Current Assets $ 825 94$ Cost of Goods Sold 148 200 235 Fixed Assets 215 208 Gross Profit $ 182$ 241$ 227 Total Assets $ 297 $ 302 $ Operating Expenses 148 163 181 Liabilities and Owner's Equity EBIT 34 $ 78$ 46 Current Liabilities $ 27$ 79 $ Interest 5 7 8 Total Long-Tem Debt 68 77 EBT 29 $ 715 38 Total Labilities $ 95$ 156$ axes 8 18 10 Owner's Equity 202 146 Net Profit $ 21$ 53 $ 28 Total Liabilities & OE $ 2975 302 $ lla 195 306 $ 87 70 157 149 306 Refer to Table 4-2. The current ratio for this company in 2007 was approximately O 1.19 01.24 O 1.28 1.94 QUESTION 25 Table 4-1. Income Statement January 46,062 545 45,517 13,841 31,676 February 44,759 685 44,074 11,583 32,491 Total Revenues Returns & Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Officer's Salary Salaries Payroll Taxes Rent Janitorial Utilities Depreciation Sales Taxes Total Operating Expenses Operating Profit/Loss Interest Expense Net Profit/Loss 2,500 15.750 3,623 2,000 150 512 500 2,994 28.029 3.647 150 3,497 2,500 14,250 3,278 2,000 150 485 500 2,909 26,072 6.419 150 6,269 Refer to Table 4-1. Between January and February, the items that did not change in dollar value included all of the following EXCEPT Payroll Taxes Officer's Salary Janitorial Rent Depreciation