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    FSA Financial Statements

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    abidjays
    This document contains balance sheet and income statement data for FSA, Inc. for the years ending December 31, 2017 (unaudited), December 31, 2016 (audited), and December 31, 2015 (audited). The balance sheets show total assets increasing from $1,769,800 in 2016 to $2,871,600 in 2017, with increases in accounts receivable, inventory, plant assets, and intangible assets. Total liabilities also increased from 2016 to 2017, with a new $100,000 note payable and increases in accounts payable and accrued liabilities. The income statements show net sales increasing from $1,300,000 in 2016 to $1,800,000 in

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    FSA Financial Statements

    Uploaded by

    abidjays
    13 views4 pages
    This document contains balance sheet and income statement data for FSA, Inc. for the years ending December 31, 2017 (unaudited), December 31, 2016 (audited), and December 31, 2015 (audited). The balance sheets show total assets increasing from $1,769,800 in 2016 to $2,871,600 in 2017, with increases in accounts receivable, inventory, plant assets, and intangible assets. Total liabilities also increased from 2016 to 2017, with a new $100,000 note payable and increases in accounts payable and accrued liabilities. The income statements show net sales increasing from $1,300,000 in 2016 to $1,800,000 in

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    FSA_Financial_Statements.xlsx

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    This document contains balance sheet and income statement data for FSA, Inc. for the years ending December 31, 2017 (unaudited), December 31, 2016 (audited), and December 31, 2015 (audited). The balance sheets show total assets increasing from $1,769,800 in 2016 to $2,871,600 in 2017, with increases in accounts receivable, inventory, plant assets, and intangible assets. Total liabilities also increased from 2016 to 2017, with a new $100,000 note payable and increases in accounts payable and accrued liabilities. The income statements show net sales increasing from $1,300,000 in 2016 to $1,800,000 in

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    13 views4 pages

    FSA Financial Statements

    Uploaded by

    abidjays
    This document contains balance sheet and income statement data for FSA, Inc. for the years ending December 31, 2017 (unaudited), December 31, 2016 (audited), and December 31, 2015 (audited). The balance sheets show total assets increasing from $1,769,800 in 2016 to $2,871,600 in 2017, with increases in accounts receivable, inventory, plant assets, and intangible assets. Total liabilities also increased from 2016 to 2017, with a new $100,000 note payable and increases in accounts payable and accrued liabilities. The income statements show net sales increasing from $1,300,000 in 2016 to $1,800,000 in

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    FSA, Inc.

    Unaudited Audited Audited


    12/31/X7 12/31/X6 12/31/X5

    Cash in bank - general 4,000 12,000 53,000


    Cash in bank - payroll 4,000 4,000 8,000
    Petty cash 500 500 500
    Notes receivable - current 8,000 6,000 10,000
    Accounts receivable-trade 300,000 150,000 220,000
    Allowance for doubtful accounts (12.000) (12.000) (12.000)
    Interest receivable 600 400 500
    Investments - current 7,000 2,000 6,000
    Raw materials and purchased parts inventory 270,000 80,000 100,000
    Goods in process 4,500 12,000 30,000
    Finished goods inventory 300,000 180,000 266,000
    Prepaid expenses -current 8,000 5,900 7,800
    Plant assets - net 1,620,000 1,210,000 1,200,000
    Intagible assets - net 350,000 115,000 120,000
    Other assets 7,000 4,000 6,000
    Total assets 2,871,600 1,769,800 2,012,800
    Notes payable - trade 2,000 7,000 3,000
    Accounts payable - trade 199,086 113,586 120,000
    Taxes payable 8,000 6,000 20,000
    Accrued liabilities 5,800 6,500 7,800
    Mortgage note payable - current 200,000 200,000 147,000
    Note payable - 10 % - current 100,000
    Note payable - 10 % - due 19X9 900,000
    Mortgage note payable - 8 % 400,000 520,000 720,000
    Common stock - no par 300,000 300,000 300,000
    Additional paid - in capital 120,000 120,000 120,000
    Retained earnings 636,714 496,714 575,000

    1
    FSA, Inc.
    for the years ending

    Unaudited Audited Audited


    12/31/X7 12/31/X6 12/31/X5

    Sales 1,800,000 1,300,000 2,860,000


    Cost of goods sold 800,000 620,000 1,700,000
    Gross profit 1,000,000 680,000 1,160,000
    Operating expenses 600,000 488,954 520,000
    Income before income taxes 400,000 191,046 640,000
    Income taxes 180,000 154,332 250,000
    Net income 220,000 36,714 390,000
    Retained earnings - BOY 496,714 575,000 300,000

    Total
    Dividends

    Retaines earnings - EOY

    Selected Industry Averages:


    Inventory turnover 3,00
    Accounts receivable turnover 10,00
    Profit margin 5.00%
    Debt : equity ration 50.00%
    Current ratio 2:1

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