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Prepare a graph of sales and net income for the years 2020 2023. For the purposes of this exercise, assume the following historical sales and
Prepare a graph of sales and net income for the years 2020 2023. For the purposes of this exercise, assume the following historical sales and net income figures for Joes Fly-By-
Prepare a pie chart of Joes Fly-By-Night Oils asset distribution for Dec 31, 2023 and comment on the results displayed.
Prepare a pie chart of Joes Fly-By-Night Oils capital structure for Dec 31, 2023 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.
\begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ Joe's Fly-by-Night Oil } \\ \hline & \multicolumn{2}{|c|}{ INCOME STATEMENT, 2023} & \multicolumn{2}{|c|}{ BALANCE SHEET, as of Dec 31, 2023} \\ \hline & Sales & $10,000 & ASSETS & \\ \hline & Cost of goods sold & 4,000 & Cash & $5,000 \\ \hline & Gross profit & $6,000 & Accounts receivable & 3,000 \\ \hline & S,G&A expenses & 3,000 & Inventory & 17,000 \\ \hline & EBIT & $3,000 & Current assets & $25,000 \\ \hline & Interest & $200 & Equipment (gross) & 27,000 \\ \hline & Before-tax earnings & $2,800 & Less Accum Depreciation & (12,000) \\ \hline & Taxes & 1,000 & Equipment (net) & $15,000 \\ \hline & Net income & $$1,800 & Total assets & $40,000 \\ \hline & & & LIABILITIES AND EQUITY & \\ \hline & EPS & $1.80 & Accounts payable & $17,000 \\ \hline & & & Current liabilities & $17,000 \\ \hline & Dividends & $600 & Long-term debt & $3,000 \\ \hline Addition & to retained earnings & $1,200 & Total liabilities & $20,000 \\ \hline & & & Common stock ( 1,000 shares) & $7,000 \\ \hline & & & Retained earnings & $13,000 \\ \hline & & & Total equity & $20,000 \\ \hline & & & Total liabilities \& Equity & $40,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{4}{|c|}{ Joe's Fly-by-Night Oil } \\ \hline & \multicolumn{2}{|c|}{ INCOME STATEMENT, 2023} & \multicolumn{2}{|c|}{ BALANCE SHEET, as of Dec 31, 2023} \\ \hline & Sales & $10,000 & ASSETS & \\ \hline & Cost of goods sold & 4,000 & Cash & $5,000 \\ \hline & Gross profit & $6,000 & Accounts receivable & 3,000 \\ \hline & S,G&A expenses & 3,000 & Inventory & 17,000 \\ \hline & EBIT & $3,000 & Current assets & $25,000 \\ \hline & Interest & $200 & Equipment (gross) & 27,000 \\ \hline & Before-tax earnings & $2,800 & Less Accum Depreciation & (12,000) \\ \hline & Taxes & 1,000 & Equipment (net) & $15,000 \\ \hline & Net income & $$1,800 & Total assets & $40,000 \\ \hline & & & LIABILITIES AND EQUITY & \\ \hline & EPS & $1.80 & Accounts payable & $17,000 \\ \hline & & & Current liabilities & $17,000 \\ \hline & Dividends & $600 & Long-term debt & $3,000 \\ \hline Addition & to retained earnings & $1,200 & Total liabilities & $20,000 \\ \hline & & & Common stock ( 1,000 shares) & $7,000 \\ \hline & & & Retained earnings & $13,000 \\ \hline & & & Total equity & $20,000 \\ \hline & & & Total liabilities \& Equity & $40,000 \\ \hline \end{tabular}Step by Step Solution
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