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What are the financial highlights from this companies financials? Rainbow Paint Co.'s Comparative Financial Statement 2013 2012 Sales $5,125,000 $3,257,600 Sales returns and allowances 125,000
What are the financial highlights from this companies financials?
Rainbow Paint Co.'s Comparative Financial Statement | 2013 | 2012 |
Sales | $5,125,000 | $3,257,600 |
Sales returns and allowances | 125,000 | 57,600 |
Net sales | $5,000,000 | $3,200,000 |
Cost of goods sold | 3,400,000 | 2,080,000 |
Gross profit | $1,600,000 | 1,120,000 |
Selling expenses | $650,000 | $464,000 |
Adminstrative expenses | 325,000 | 224,000 |
Total operating expenses | $975,000 | $688,000 |
Income from operations | $625,000 | $432,000 |
Other income | 25,000 | 19,200 |
$650,000 | $451,200 | |
Other expense (interest) | 105,000 | 64,000 |
Income before income tax | $545,000 | $387,200 |
Income tax expense | 300,000 | 176,000 |
Net income | $245,000 | 211,200 |
Rainbow Paint Co. Comparative Retained Earnings Statement for the Years Ended December 31, 2013 and 2012 | ||
2013 | 2012 | |
Dividend yied | $723,000 | $581,800 |
Add net income for year | 245,000 | 211,200 |
Total | $968,000 | $793,000 |
On preferred stock | $40,000 | $40,000 |
On common stock | $45,000 | $30,000 |
Total | $85,000 | $70,000 |
Retained earnings, December 31 | $883,000 | $723,000 |
Rainbow Paint Co. Comparative Balance Sheet December 31, 2013, and 2012 | ||
Assets | 2013 | 2012 |
Curernt Assets: | ||
Cash | $175,000 | $125,000 |
Marketable securities | 150,000 | 50,000 |
Accounts receivable (net) | 425,000 | 325,000 |
Inventories | 720,000 | 480,000 |
Prepaid expenses | 30,000 | 20,000 |
Total current assets | $1.500,000 | $1,000,000 |
Long-term investments | 250,000 | 225,000 |
Property, plant, and equipment (net) | 2,093,000 | 1,948,000 |
Total assets | $3,843,000 | $3,173,000 |
Liabilties | ||
Current liabilities | $750,000 | $650,000 |
Long-term liabilities: | ||
Mortgage note payable, 10% , due 2009 | $410,000 | |
Bonds payable, 8%, due 2012 | $800,000 | $800,000 |
Total long-term liabilities | $1,210,000 | $800,000 |
Total liabilities | $1,960,000 | $1,450,000 |
Stockholders' Equity | ||
Preferred 8% stock, $100 par | $500,000 | $500,000 |
Common stock, $10 par | 500,000 | 500,000 |
Retained earnings | 883,000 | 723,000 |
Total stockholders' equity | $1,883,000 | $1,723,000 |
Total liabilities and stockholders' equity | $3,843,000 | $3,173,000 |
Shares of Common Stock | 50000 | 50000 |
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