Question
INCOME STATEMENT, 2018 BALANCE SHEET, as of Dec 31, 2018 Sales $10,000 ASSETS Cost of goods sold 4,000 Cash $5,000 Gross profit $6,000 Accounts receivable
| INCOME STATEMENT, 2018 |
| BALANCE SHEET, as of Dec 31, 2018 |
| Sales |
| $10,000 |
| ASSETS |
| Cost of goods sold |
| 4,000 |
| Cash |
| $5,000 |
| Gross profit |
| $6,000 |
| Accounts receivable |
| 3,000 |
| S, G & A expenses |
| 3,000 |
| Inventory |
| 17,000 |
| EBIT |
| $3,000 |
| Current assets |
| $25,000 |
| Interest |
| $200 |
| Equipment (gross) |
| 27,000 |
| Before-tax earnings |
| $2,800 |
| Less Accum Depreciation |
| (12,000) |
| Taxes |
| 1,000 |
| Equipment (net) |
| $15,000 |
| Net income |
| $1,800 |
| Total assets |
| $40,000 |
| LIABILITIES AND EQUITY |
| EPS |
| $1.80 |
| Accounts payable |
| $17,000 |
| Current liabilities |
| $17,000 |
| Dividends |
| $600 |
| Long-term debt |
| $3,000 |
| Addition to retained earnings |
| $1,200 |
| Total liabilities |
| $20,000 |
| Common stock (1,000 shares) |
| $7,000 |
| Retained earnings |
| $13,000 |
| Total equity |
| $20,000 |
| Total liabilities & Equity |
| $40,000 |
| Joe's Fly-by-Night Oil |
| \
| |
1. Prepare a graph of sales and net income for the years 2015 2018. For the purposes of this exercise, assume the following historical sales and net income figures for Joes Fly-By-Night Oil:
Year Sales Net Income
2015 $8,200 $1,500
2016 $8,000 $1,400
2017 $9,000 $1,600
2018 $10,000 $1,800
Comment on the results displayed on the graph.
2. Prepare a pie chart of Joes Fly-By-Night Oils expense distribution for 2018 and comment on the results displayed.
3.Prepare a pie chart of Joes Fly-By-Night Oils asset distribution for Dec 31, 2018 and comment on the results displayed.
4. Prepare a pie chart of Joes Fly-By-Night Oils capital structure for Dec 31, 2018 and comment on the results displayed.
Note: Be sure to comment on each of the four graphs. The numbers mean little
without your explanatory comments.
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