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make a common-size balance sheet and common-size income statement using year 2017 Financial Statements for R&E Supplies, Inc. December 31,2014-2017 ($ thousands) Income Statements 2014

make a common-size balance sheet and common-size income statement using year 2017

Financial Statements for R&E Supplies, Inc. December 31,2014-2017 ($ thousands)

Income Statements
2014 2015 2016 2017
Net Sales $ 11,190 $ 13,764 $ 16,106 $ 20,613
Cost of goods sold $ 9,400 $ 11,699 $ 13,688 $ 17,727
Gross Profit $ 1,790 $ 2,065 $ 2,416 $ 2,886
Expenses:
General, selling, and administrative expenses $ 1,019 $ 1,239 $ 1,610 $ 2,267
Net interest expense $ 100 $ 103 $ 110 $ 90
Earnings before tax $ 671 $ 723 $ 696 $ 529
tax $ 302 $ 325 $ 313 $ 238
Earnings after tax $ 369 $ 398 $ 383 $ 291
Balance Sheet
Current assets:
cash and securities $ 671 $ 551 $ 644 $ 412
accounts receivable $ 1,343 $ 1,789 $ 2,094 $ 2,886
inventories $ 1,119 $ 1,376 $ 1,932 $ 2,267
prepaid expenses $ 14 $ 12 $ 15 $ 18
total current assets $ 3,147 $ 3,728 $ 4,685 $ 5,583
net fixed assest $ 128 $ 124 $ 295 $ 287
total assets $ 3,275 $ 2,852 $ 4,980 $ 5,870
Liabilities and Owner's Equity
Current liabilities
Bank Loan $ 50 $ 50 $ 50 $ 50
Accounts payable $ 1,007 $ 1,443 $ 2,426 $ 3,212
Current portion long-term debt $ 60 $ 50 $ 50 $ 100
accrued wages $ 5 $ 7 $ 10 $ 18
Total current liabilies $ 1,122 $ 1,550 $ 2,536 $ 3,380
long-term debt $ 960 $ 910 $ 869 $ 760
common stock $ 150 $ 150 $ 150 $ 150
retained earnings $ 1,043 $ 1,242 $ 1,434 $ 1,580
total liabilities and owner's equity $ 3,275 $ 3,852 $ 4,980 $ 5,870

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