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Chart of Accounts 10000 Cash 11000 Accounts Receivable 12000 DM-Plastic 12100 DM - Motors 12150 DM-Wheels 15000 Work-In-Process 15050 Factory Overhead 16000 Finished Goods FG
Chart of Accounts | |
10000 | Cash |
11000 | Accounts Receivable |
12000 | DM-Plastic |
12100 | DM - Motors |
12150 | DM-Wheels |
15000 | Work-In-Process |
15050 | Factory Overhead |
16000 | Finished Goods FG |
20000 | Accounts Payable |
21000 | Wages Payable |
40000 | Sales |
50000 | COGS |
Robust Robots, Inc. | |||||||
Comparative Balance Sheet- Horizontal Analysis | |||||||
December 31, 2019 and 2018 | |||||||
Assets | 2019 | 2018 | Differents | Percentage | |||
Current Assets: | |||||||
Cash | $65,000 | $80,000 | $ (15,000.00) | -18.75% | |||
Accounts Receivable, net | $150,000 | $100,000 | $ 50,000.00 | 50.00% | |||
Merchandise Inventory | $135,000 | $70,000 | $ 65,000.00 | 92.86% | |||
Supplies | $9,700 | $500 | $ 9,200.00 | 1840.00% | |||
Prepaid Insurance | $30,000 | $10,000 | $ 20,000.00 | 200.00% | |||
Total Current Assets | $389,700 | $260,500 | $ 129,200.00 | 49.60% | |||
Property, Plant, and Equipment: | |||||||
Equipment | $500,000 | $240,000 | $ 260,000.00 | 108.33% | |||
Less: Accumulated Depreciation - Equipment | ($80,000) | ($90,000) | $ 10,000.00 | -11.11% | |||
Total Property, Plant, and Equipment | $420,000 | $150,000 | $ 270,000.00 | 180.00% | |||
Total Assets | $809,700 | $410,500 | $ 399,200.00 | 97.25% | |||
Liabilities and Stockholders Equity | 2019 | 2018 | |||||
Current Liabilities: | |||||||
Accounts Payable | $150,000 | $40,000 | $ 110,000.00 | 275.00% | |||
Unearned Revenue | $40,000 | $50,000 | $ (10,000.00) | -20.00% | |||
Salaries Payable | $40,000 | $30,000 | $ 10,000.00 | 33.33% | |||
Federal Income Taxes Payable | $10,000 | $10,000 | $ - | 0.00% | |||
Total Current Liabilities | $240,000 | $130,000 | $ 110,000.00 | 84.62% | |||
Long Term Liabilities | |||||||
Note Payable | $130,000 | - | $ 130,000.00 | 0.00% | |||
Total Long-Term Liabilities | $130,000 | - | $ 130,000.00 | 0.00% | |||
Total Liabilities | $370,000 | $130,000 | $ 240,000.00 | 184.60% | |||
Stockholders Equity: | |||||||
Common Stock, $10 Par | $170,000 | $100,000 | $ 70,000.00 | 70.00% | |||
Paid-In Capital in Excess of Par | $43,700 | $ - | $ 43,700.00 | ||||
Retained Earnings | $226,000 | $180,500 | $ 45,500.00 | 25.20% | |||
Total Stockholders Equity | $439,700 | $280,500 | $ 159,200.00 | 56.80% | |||
Total Liabilities and Stockholders Equity | $809,700 | $410,500 | $ 399,200.00 | 97.20% |
Robust Robots, Inc. | ||||||||||
Comparative Statement of Income -Vertical analysis | ||||||||||
For the Years Ended December 31, 2019 and 2018 | ||||||||||
2019 | % | 2018 | % | |||||||
Sales | $700,000 | 100% | $600,000 | 100% | ||||||
Cost of Goods Sold | $524,300 | 74.90% | $420,000 | -70.00% | ||||||
Gross Margin | $175,700 | 25.10% | $180,000 | 30% | ||||||
Operating Expenses: | ||||||||||
Salaries and Wages Expense | $47,290 | 6.76% | $100,000 | -16.67% | ||||||
Rent Expense | $20,256 | 2.89% | $20,000 | -3.33% | ||||||
Depreciation Expense | $20,000 | 2.86% | $10,000 | -1.67% | ||||||
Total Operating Expenses | $87,546 | 12.51% | $130,000 | 21.67% | ||||||
Income from Operations | $88,154 | 12.59% | $50,000 | 8.33% | ||||||
Loss on Sale of Equipment | ($5,213) | -0.74% | - | |||||||
Interest Expense | ($3,656) | -0.52% | ($5,000) | -0.83% | ||||||
Increase (Decrease) in Operating Income | ($8,869) | -1.27% | ($5,000) | -0.83% | ||||||
Income before Taxes | $79,285 | 11.33% | $45,000 | 7.50% | ||||||
Federal Income Taxes | $23,786 | -3.40% | $13,500 | -2.25% | ||||||
Net Income | $55,500 | 7.93% | $31,500 | 5.25% |
Working Capital both years | $149,700 | |
Current Ratio both years | 1.62 | |
Quick ratio both years | 1.06 | |
Account Receivable Turnovers | 5.60 | |
Number of Days Sales in Receivables | 65 | |
Inventory Turnover | 5.12 | |
Number of Days Sales in Inventory | 71 | |
2019 | 2018 | |
Ratio of Liabilities to Stck Equidy | 0.84 | 0.46 |
Return on Total Assets 2019 | $0.08 | |
Return on StockHolders Equidy | $0.15 | |
2019 | 2018 | |
Earnings Per Share | $0.33 |
1. Determine the predetermined overhead rate.
2. Determine the total number of robots to account for.
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