If the projected income statements could get some assisting to assure myself i am doing this correctly?

15,438 (50) CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 15,388 4,723 10,665 CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue Less: Sales Return Net Sales Cost of Goods Sold Gross Profit Utilities Expenses Salary and Wages Expenses Rent Expenses Depreciation Expenses Interest Expenses Supplies Expenses Bad Debt Expenses Total Operating Expenses Earnings before Income Taxes Income Tax Expenses Earnings after Income Taxes Retained Earnings, Be 19,031 Net Income/Loss 333 Dividends Payment (100) Retained Earnings, En 19,264 1,519 5,688 313 1,781 788 50 163 10,300 364 31 333 31-Dec-13 10 600 5.150 7.088 5.052 5.000 500 22307 17.130 CAPTAIN JET INC BALANCE SHEET 31-Dec-14 Current Assets Cash Accounts Receivable Inventaries Prepaid Insurance Prepaid Rent Total Current Assets Non Current Assets Long-term investments Investments in equity securities Landheld for future development Property. Plant, and Equipment Building Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other identifiable Intangible Assets Total Non-Current Assets Total Assets 6375 48375 125 219 47.000 (23438 1.000 1,000 9.500 6.000 52219 75 526 G000 52.125 69.255 6.688 4.188 1 225 1.500 1.096 825 1.500 1055 825 7.755 15,000 13.750 Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current abilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total abilities Stockholders' Equity Common Stock (510 par, 11.000 and 10.000 shares) Preferred Stock 15% dividend. 5100 par values. 1050an Paid-in-capital. Common Stock Pad-in-capital. Preferred Stock Retained Caming Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholders' Equity Total abilities and Stockholders' Equity 15.000 25.668 12.750 21505 12790 11135 2418 1250 19264 625 (1594 49898 75525 12.500 12.500 1418 1250 19.031 (1594 47.750 69.255 1 Working capital 12,639 2 Current ratio 2.18 3 Acid test ratio - 1.66 2.21 4 Accounts receivable turnover = (use net sales as numerator) 162.9 5 Collection period of receivab = (use 360 days in each year) 6 Accounts payable turnover ra= 0.87 7 Inventory turnover ratio = 0.94 8 Days to sell inventory = 382.98 9 Debt-to-Equity ratio 0.87 10 Times interest earned = 1 .46 11 RNOA (assume 12% tax rate) = 0.05 12 ROCE 1.77 CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue step 1 Less: Sales Return step 2 Net Sales Cost of Goods Sold step 4 Gross Profit step 3 Utilities Expenses step 5 Salary and Wages Expenses step 5 Rent Expenses step 5 Depreciation Expenses step 7 Interest Expenses step 6 Supplies Expenses step 5 Bad Debt Expenses step 5 Total operating Expenses Earnings before Income Taxes Income Tax Expenses step 8 Earnings after Income Taxes Provide projected Income Statement, Retained Earnings statement and Projected Balance sheet on the right using the following assumptions: 1 sales growth is 110%; sales return, as a percentage of sales revenue, does not change 2 Gross profit margin is the same as 2014 profit margin 3 Depreciation expense/Prior PPE (gross) = 4% 4 Interest expense/Prior year long-term debt = 6% 5 All other expenses (insurance, supplies, utilities, bad debt and rent) grow at the same rate as sales growth. 6 Income tax expense/ pre-tax income = 12% 7 A/R turnover is the same as that calculated for year 2014 8 A/P turnover is the same as that calculated for year 2014 9 Inventory turnover is the same as that calculated for year 2014 10 There is no change in current assets other than Cash, A/R and inventory 11 Capital expenditure/Sales =7% 12 Assume no change in long-term assets except for PP&E. 13 Assume no change in all liabilities, excpet for A/P 14 Assume no change in shareholders' Equity except for Retained Earnings 15 No dividend is paid on common stock and 5% dividend is paid on preferred stock CAPTAINJETINC. Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2014 Current Resets LAST STEP Step 1 step 2 Step 3 step 3 Use calculated A/R turnover from "ratios Use calculated inventory turnover from ratios step4 Step4 Accounts Receivable Inventories Prepaid insurance Prepaid Rent TotalCurrent Assets Non-Current Assets Long-term investments Investments inequity Securities Landheld for future development Property Plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Good Other identifiable intangible Resets Total Non-Current Assets Total Assets steps step Step 7 step 7 Step 7 Use calculated A/P turnover from "ratio step 8 step 9 step 9 step 9 step 9 step 9 u step 9 Cumentes Accounts payable Salary and Wages Payable Interest Payable Uhemed Revenue Income Tax payable Property taxes payable bes payable Total Current liabilities Non Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Totalities Stockholders' Equity Common Stock Preferred Stock is dividend Paid-in-capital - Common Stock Paid-in capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholdes' Equity Total Libilities and Stockholdes' Equity 15,438 (50) CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 15,388 4,723 10,665 CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue Less: Sales Return Net Sales Cost of Goods Sold Gross Profit Utilities Expenses Salary and Wages Expenses Rent Expenses Depreciation Expenses Interest Expenses Supplies Expenses Bad Debt Expenses Total Operating Expenses Earnings before Income Taxes Income Tax Expenses Earnings after Income Taxes Retained Earnings, Be 19,031 Net Income/Loss 333 Dividends Payment (100) Retained Earnings, En 19,264 1,519 5,688 313 1,781 788 50 163 10,300 364 31 333 31-Dec-13 10 600 5.150 7.088 5.052 5.000 500 22307 17.130 CAPTAIN JET INC BALANCE SHEET 31-Dec-14 Current Assets Cash Accounts Receivable Inventaries Prepaid Insurance Prepaid Rent Total Current Assets Non Current Assets Long-term investments Investments in equity securities Landheld for future development Property. Plant, and Equipment Building Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other identifiable Intangible Assets Total Non-Current Assets Total Assets 6375 48375 125 219 47.000 (23438 1.000 1,000 9.500 6.000 52219 75 526 G000 52.125 69.255 6.688 4.188 1 225 1.500 1.096 825 1.500 1055 825 7.755 15,000 13.750 Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current abilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total abilities Stockholders' Equity Common Stock (510 par, 11.000 and 10.000 shares) Preferred Stock 15% dividend. 5100 par values. 1050an Paid-in-capital. Common Stock Pad-in-capital. Preferred Stock Retained Caming Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholders' Equity Total abilities and Stockholders' Equity 15.000 25.668 12.750 21505 12790 11135 2418 1250 19264 625 (1594 49898 75525 12.500 12.500 1418 1250 19.031 (1594 47.750 69.255 1 Working capital 12,639 2 Current ratio 2.18 3 Acid test ratio - 1.66 2.21 4 Accounts receivable turnover = (use net sales as numerator) 162.9 5 Collection period of receivab = (use 360 days in each year) 6 Accounts payable turnover ra= 0.87 7 Inventory turnover ratio = 0.94 8 Days to sell inventory = 382.98 9 Debt-to-Equity ratio 0.87 10 Times interest earned = 1 .46 11 RNOA (assume 12% tax rate) = 0.05 12 ROCE 1.77 CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue step 1 Less: Sales Return step 2 Net Sales Cost of Goods Sold step 4 Gross Profit step 3 Utilities Expenses step 5 Salary and Wages Expenses step 5 Rent Expenses step 5 Depreciation Expenses step 7 Interest Expenses step 6 Supplies Expenses step 5 Bad Debt Expenses step 5 Total operating Expenses Earnings before Income Taxes Income Tax Expenses step 8 Earnings after Income Taxes Provide projected Income Statement, Retained Earnings statement and Projected Balance sheet on the right using the following assumptions: 1 sales growth is 110%; sales return, as a percentage of sales revenue, does not change 2 Gross profit margin is the same as 2014 profit margin 3 Depreciation expense/Prior PPE (gross) = 4% 4 Interest expense/Prior year long-term debt = 6% 5 All other expenses (insurance, supplies, utilities, bad debt and rent) grow at the same rate as sales growth. 6 Income tax expense/ pre-tax income = 12% 7 A/R turnover is the same as that calculated for year 2014 8 A/P turnover is the same as that calculated for year 2014 9 Inventory turnover is the same as that calculated for year 2014 10 There is no change in current assets other than Cash, A/R and inventory 11 Capital expenditure/Sales =7% 12 Assume no change in long-term assets except for PP&E. 13 Assume no change in all liabilities, excpet for A/P 14 Assume no change in shareholders' Equity except for Retained Earnings 15 No dividend is paid on common stock and 5% dividend is paid on preferred stock CAPTAINJETINC. Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2014 Current Resets LAST STEP Step 1 step 2 Step 3 step 3 Use calculated A/R turnover from "ratios Use calculated inventory turnover from ratios step4 Step4 Accounts Receivable Inventories Prepaid insurance Prepaid Rent TotalCurrent Assets Non-Current Assets Long-term investments Investments inequity Securities Landheld for future development Property Plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Good Other identifiable intangible Resets Total Non-Current Assets Total Assets steps step Step 7 step 7 Step 7 Use calculated A/P turnover from "ratio step 8 step 9 step 9 step 9 step 9 step 9 u step 9 Cumentes Accounts payable Salary and Wages Payable Interest Payable Uhemed Revenue Income Tax payable Property taxes payable bes payable Total Current liabilities Non Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Totalities Stockholders' Equity Common Stock Preferred Stock is dividend Paid-in-capital - Common Stock Paid-in capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholdes' Equity Total Libilities and Stockholdes' Equity