Q. 8. GOLDEN ENTRIPSES INC. Financial statement for the year ended December 31, 2019. COMPULSORY QUESTION (25 Marks) GOLDEN ENTERPRISES INC. BALANMCE SHEET DECEMBER 31, 2019 2019 2018 ASSETS (S) (S) Cash 21,600 15,600 Accounts receivable 33,050 21,000 Merchandise inventory 38,000 42.000 Prepaid expenses 1,000 1,500 Property, plant, and equipment 170,000 157,000 Accumulated Amortization (34,000) (24,000) Goodwill 15.000 15.000 TOTAL SEETS 244,650 228 100 LIABILITIES Accounts payable 15,000 18,5 00 Nots payable 2.000 3,500 Mortgage payable 40,000 45.0 00 TOTAL LIABILITIES 57,000 67 ,000 SHAREHOLDER'S EQUITY Preferred shares (8000 shares, #2.00, Callable at $15.00 per share) 48,000 48,000 Common share (2019 -12,000 share 2018 - 8000 shares) 81,000 65,000 Retained earnings 58.650 48.1 00 TOTAL SHARTOLDI Callable at S15.00 per share) 48,000 48,000 Common share (2019 -12,000 share 2018 - 8000 shares) 81,000 65,000 Retained earnings 58,650 48.1 00 TOTAL SHAREHOLDER'S EQUITY 187.650 161.100 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 244,650 228,100 GOLDEN ENTERPRISES INC. STATEMENT OF RETAINED EARNING FOR THE YEAR ENDED DECEMBER 31, 2019 Retained earnings, January 1, 2019 $48,100 Add: Net income for 20189 49,700 Less: Dividend Preferred $16.000 Dividend Common 23.150 39.150 Retained earnings, December 31, 2019 $58,650 GOLDEN ENTERPRISES INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 S330,000 190.000 140.000 Net sales Revenue Cost of goods sold Goss margin Operating Expenses Administrative expenses 23,000 Selling expenses Interest expenses Total Operating Expenses Operating Income Income Tax NET INCOME 40,000 6.000 69.000 71.000 21.300 $ 49,700 REQUIREMENTS Add: Net income for 20189 49,700 Less: Dividend Preferred $16.000 Dividend Common 23.150 39.150 Retained earnings, December 31, 2019 $58,650 GOLDEN ENTERPRISES INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 Net sales Revenue $330,000 Cost of goods sold 190.000 Goss margin 140,000 Operating Expenses Administrative expenses 23,000 Selling expenses 40,000 Interest expenses 6.000 Total Operating Expenses 69.000 Operating Income 71,000 Income Tax 21.300 NET INCOME $ 49,700 REQUIREMENTS 1. Do the ratio analysis of the company using all the ratios and compare with the standards for the year 2019. 2. Write a Financial Analysis Report based on the ratios worked out about the final health of the company for management decision making. Q. 8. GOLDEN ENTRIPSES INC. Financial statement for the year ended December 31, 2019. COMPULSORY QUESTION (25 Marks) GOLDEN ENTERPRISES INC. BALANMCE SHEET DECEMBER 31, 2019 2019 2018 ASSETS (S) (S) Cash 21,600 15,600 Accounts receivable 33,050 21,000 Merchandise inventory 38,000 42.000 Prepaid expenses 1,000 1,500 Property, plant, and equipment 170,000 157,000 Accumulated Amortization (34,000) (24,000) Goodwill 15.000 15.000 TOTAL SEETS 244,650 228 100 LIABILITIES Accounts payable 15,000 18,5 00 Nots payable 2.000 3,500 Mortgage payable 40,000 45.0 00 TOTAL LIABILITIES 57,000 67 ,000 SHAREHOLDER'S EQUITY Preferred shares (8000 shares, #2.00, Callable at $15.00 per share) 48,000 48,000 Common share (2019 -12,000 share 2018 - 8000 shares) 81,000 65,000 Retained earnings 58.650 48.1 00 TOTAL SHARTOLDI Callable at S15.00 per share) 48,000 48,000 Common share (2019 -12,000 share 2018 - 8000 shares) 81,000 65,000 Retained earnings 58,650 48.1 00 TOTAL SHAREHOLDER'S EQUITY 187.650 161.100 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 244,650 228,100 GOLDEN ENTERPRISES INC. STATEMENT OF RETAINED EARNING FOR THE YEAR ENDED DECEMBER 31, 2019 Retained earnings, January 1, 2019 $48,100 Add: Net income for 20189 49,700 Less: Dividend Preferred $16.000 Dividend Common 23.150 39.150 Retained earnings, December 31, 2019 $58,650 GOLDEN ENTERPRISES INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 S330,000 190.000 140.000 Net sales Revenue Cost of goods sold Goss margin Operating Expenses Administrative expenses 23,000 Selling expenses Interest expenses Total Operating Expenses Operating Income Income Tax NET INCOME 40,000 6.000 69.000 71.000 21.300 $ 49,700 REQUIREMENTS Add: Net income for 20189 49,700 Less: Dividend Preferred $16.000 Dividend Common 23.150 39.150 Retained earnings, December 31, 2019 $58,650 GOLDEN ENTERPRISES INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 Net sales Revenue $330,000 Cost of goods sold 190.000 Goss margin 140,000 Operating Expenses Administrative expenses 23,000 Selling expenses 40,000 Interest expenses 6.000 Total Operating Expenses 69.000 Operating Income 71,000 Income Tax 21.300 NET INCOME $ 49,700 REQUIREMENTS 1. Do the ratio analysis of the company using all the ratios and compare with the standards for the year 2019. 2. Write a Financial Analysis Report based on the ratios worked out about the final health of the company for management decision making