East Coast Yachts Income Statement (2015) EAST COAST YACHTS 2015 Income Statement Sales $210,900,000 Cost of goods sold 148,600,000 Other expenses 25, 192,000 Depreciation 6,879,000 Earnings before interest and taxes (EBIT) $ 30,229,000 Interest 3,791,000 Taxable income $ 26,438,000 Taxes (40%) 10,575,200 Net income $ 15,862,800 Dividends $ 4,759,301 Add to RE $1 1, 103,499 East Coast Yachts Balance Sheet (2015) EAST COAST YACHTS Balance Sheet as of December 31, 2015 Assets Liabilities & Equity Current assets Current liabilities Cash $ 3,285,600 Accounts payable $ 6,977,700 Accounts receivable 5,910,800 Notes payable 14,342,600 Inventory 6,627,300 Total $ 21,320,300 Total $15,823,700 Fixed assets Long-term debt $ 36,400,000 Net plant and equipment $101,481,200 Shareholders' equity Common stock $ 5,580,000 Retained earnings 54,004,600 Total equity $ 59,584,600 Total assets $1 17,304,900 Total liabilities and equity $1 17,304,900