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Table 3.1 in Chapter 3 presents financial statements over the period 20112014 for R&E Supplies, Inc. a.Construct a sources and uses statement for the company
Table 3.1 in Chapter 3 presents financial statements over the period 20112014 for R&E Supplies, Inc.
a.Construct a sources and uses statement for the company over this period (one statement for all three years).
TABLE3.1 Financial Statements for R&E Supplies, Inc. December 31 2011-2014 ($thousands Income Statements 2011 2012 2013 2014 Net sales $11,190 $13,764 $16,104 $20,613 Cost of goods sold 9,400 11,699 13,688 17,727 Gross profit 1,790 2,065 2,416 2,SS6 General, selling, and administrative expenses 1,019 1,239 1,610 2,267 Net interest expense 103 Earnings before tax 671 723 529 302 325 313 238 Earnings after tax 369 398 383 291 Balance Sheets Assets Current assets: Cash and securities 671 551 412 Accounts receivable 1,343 1,789 2,094 2,886 Inventories 1,119 1376 1,932 2,267 12 15 14 18 Total current assets 3,147 3,728 4,685 5,583 Net fixed assets 128 124 295 287 3,275 Total assets 3,852 4,980 S 5,870 Liabilities and owners' Equity Current liabilities Bank loan 50 50 50 Accounts payable 1,007 1,443 2,426 3,212 Current portion long-tem debt 60 50 100 Accrued wages 10 18 Total current liabilities 1,122 1,550 2,536 3,380 Long-term debt 960 910 860 Common stock 150 150 150 150 Retained eamings 1,043 1,242 1,434 1,580 Total liabilities and owners' equity 3,27 3,852 4,980 S 5,870 EstimateStep by Step Solution
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