750.00 TOTAL ASSETS
3,750.00
Total assets
?
Total liabilities and equity
?
INCOME STATEMENT FOR 20X6
(in thousands)
Credit sales
$ 8,000.00
COGS
?
Gross profit
?
selling and admin expense
?
Interest Expense
$ 400.00
Profit before Taxes
?
Taxes (44% rate)
?
Profit after taxes
?
OTHER INFORMATION
Current ratio
3 to 1
Depreciation
$ 500.00
Net profit margin
7%
Total liabilities. Shareholders equity
1 to 1
Average collection period
45 days
inventory turnover ratio
3 to 1
Assuming that sales and production are steady through out a 360-day year, complete the balance sheet and
income statement for the Vanier Corporation
shops in Wales. The chain was built up from the original shop by the present owners who
continue to manage the business, but due to serious illnesses are considering putting the
company on the market.
Extracts from the accounts of Playbus Ltd for each of the past two years ended 30 September
2002 are as follows:
Profit and Loss Account for the year ended 30 September
2002
2001
£'000
£'000
Turnover
15,000
12,000
Cost of Sales
(9.500)
(7.000)
Gross Profit
5,500
5,000
Administrative Expenses
(3,200)
(2,900)
Interest
(300)
(100)
Profit before taxation
2,000
2,000
Taxation
(1.000)
(600)
Profit after Taxation
1.000
1400
Balance Sheet as at 30lh September
Fixed Assets
4,400
2,000
Current Assets
Stock
1500
1,000
Debtors
800
500
Cash
3.300
3.500