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15,438 CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Current Assets CAPTAIN JET INC BALANCE SHEET 31-Dec-14 31-Dec-13 CAPTANTIN INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue Less: Sales Return Net Sales Cost of Goods Sold Gross Profit Utilities tupenses Salary and Wages Expenses Rent Expenses Depreciation Expenses Interest Expenses 901665 Retained Earnings, Be 19,031 Accounts Receivable Inventories Retained Earnings. En 19.264 Prepaid Rent Total Current Assets Non-Current Assets Long-termine Investments in equity securities Landheld for future development Property. Plan and Equipment Bad Deer Expenses Total Operating Expenses nings before Income Taxes Income Tax Expenses Earnings after income Taxes Less: Accumulated Depreciation Capitalized Development Costs Goodwill Other identifiable intangible Assets Total Non-Current Assets Total Assets 25.526 69255 Current Liabilities 4188 Salary and Wages Payable Income Tax payable 1055 7,755 Utilities payable Total Current Liabilities Non Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock $10 , 11,000 and 10 000 shares) Preferred Stock ( dividend, $100 par values, 105 Paid in capital. Common Stock Paid-in-capital. Preferred Stock 13.750 Accumulated Other Comprehensive income Less: Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 47.750 Calculate the following ratios for year 2014 (round all ratios to two places behind the decimal): Working capital Current ratio Acid test ratio Accounts receivable turnover (use net sales as numerator) Collection period of receivables (use 360 days in each year) Accounts payable turnover ratio Inventory turnover ratio Provide projected Income Statement, Retained Earnings statement and Projected Balance Sheet on the right using the following assumptions: 1 sales growth is 10%; 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
