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Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s 20X4 20X3 Cash $ 5,100 $ 4,800 Accounts Receivable $ 9,010 $

Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s

20X4 20X3
Cash $ 5,100 $ 4,800
Accounts Receivable $ 9,010 $ 6,100
Inventory $ 10,400 $ 14,000
Prepaid Expenses $ 1,950 $ 1,020
Equipment $ 58,500 $ 59,900
Accumulated Depreciation - equipment $ (33,100) $ (32,000)
Total Assets $ 51,860 $ 53,820
Account Payable $ 7,000 $ 11,400
Interest Payable $ 350 $ 110
Income taxes payable $ 650 $ 500
Dividends Payable $ 2,400 $ 3,200
Long-term Notes Payable $ 17,500 $ 17,000
Common shares $ 22,000 $ 20,000
Retained Earnings $ 1,960 $ 1,610
Total Liabilities & Shareholders' Equity $ 51,860 $ 53,820

Great Lakes Manufacturing Inc. Income Statement Year Ended December 31, 20X4 in (000)'s

Sale $ 130,000
Cost of goods sold $ 97,000
Gross Profit $ 33,000
Operating Expenses $ 30,000
Gain on Sale of equipment $ (1,000) $ 29,000
Profit from Operations $ 4,000
Other expenses
Interest Expense $ 200
Profit before Income Tax $ 3,800
Income Tax Expense $ 1,550
Profit $ 2,250

Additional Information: Operating expenses include depreciation expense of $3,500,000 Accounts Payable related to the purchase of inventory Equipment that cost $3,900,000 was sold at a gain of $1,000,000 New equipment was purchased during the year for $2,500,000 Dividends declared and paid in 20X4 totaled $1,900,000 Common shares were sold for $2,000,000 cash Interest payable in 20X4 was $240,000 greater than interest payable in 20X3

The working capital turnover at December 20X3 was:

Between 3.09 and 6.17

Not enough data provided to calculate it

Between 6.18 and 12.35

Equal or below 3.08

Equal of above 12.36

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