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FENWAY FERTILIZER AND FARM PRODUCTS, INC. Income Statement for Year Ended December 31, 2021 -------------2021---------------- DOLLARS % OF SALES Sales Revenue 3,750,000 100.00% Cost of
FENWAY FERTILIZER AND FARM PRODUCTS, INC. | |||||
Income Statement for Year Ended December 31, 2021 | |||||
-------------2021---------------- | |||||
DOLLARS | % OF SALES | ||||
Sales Revenue | 3,750,000 | 100.00% | |||
Cost of Goods Sold | 2,600,000 | 69.33% | |||
Gross Profit | 1,150,000 | 30.67% | |||
Depreciation Expense | 695,000 | 18.53% | |||
Operating Profits (EBIT) | 455,000 | 12.13% | |||
Interest Expense | 255,000 | 6.80% | |||
Profit Before Taxes | 200,000 | 5.33% | |||
Less: Taxes @ 21% | 42,000 | 1.12% | |||
Net Profit After Taxes | 158,000 | 4.21% | |||
FENWAY FERTILIZER AND FARM PRODUCTS, INC. | |||||
Balance Sheet As of December 31, 2021 | |||||
-------------2021---------------- | |||||
DOLLARS | % OF ASSETS | ||||
ASSETS: | |||||
Cash | 35,000 | 0.65% | |||
Accounts Receivable | 775,000 | 14.46% | |||
Inventories | 900,000 | 16.79% | |||
Total Current Assets | 1,710,000 | 31.90% | |||
Net Fixed Assets | 3,650,000 | 68.10% | |||
TOTAL ASSETS | 5,360,000 | 100.00% | |||
LIABILITIES AND EQUITY: | |||||
Accounts Payable | 135,000 | 2.52% | |||
Notes Payable | 450,000 | 8.40% | |||
Accruals | 275,000 | 5.13% | |||
Total Current Liabilities | 860,000 | 16.04% | |||
Long-Term Debt | 3,250,000 | 60.63% | |||
TOTAL LIABILITIES | 4,110,000 | 76.68% | |||
Common Stock | 250,000 | 4.66% | |||
Retained Earnings | 1,000,000 | 18.66% | |||
TOTAL STOCKHOLDERS' EQUITY | 1,250,000 | 23.32% | |||
TOTAL LIABILITIES AND EQUITY | 5,360,000 | 100.00% |
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