2.4 Connect

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Prior Year (Audited) Balance Common Size Assets: Cash 600,000.00 Accounts receivable 500,000.00 Allowance doubt. accts. (40,000.00) Inventory 1,500,000.00 Total current assets 2,560,000.00 Fixed assets 3,000,000.00 Accum. depreciation (1,500,000.00) Total assets 4,060,000.00 Liabilities and equity: Accounts payable 450,000.00 Bank loans, 11% - Accrued interest 50,000.00 Accruals and other 60,000.00 Total current liab. 560,000.00 Long-term debt, 10% 500,000.00 Total liabilities 1,060,000.00 Capital stock 2,000,000.00 Retained earnings 1,000,000.00 Total liabilities and equity Statement of operations: 4,060,000.00 Sales (net) 9,000,000.00 Cost of goods sold 6,296,000.00 Gross margin 2,704,000.00 General expense 2,044,000.00 Depreciation 300,000.00 Operating income 360,000.00 Interest expense 50,000.00 Income taxes (40%) 124,000.00 Net income 186,000.00
Current Year (Unaudited) Change Balance Common Size Amount Percent 14.78% 484,000.00 9.69% (116,000.00) -19.33% 12.32 400,000.00 8.01 (100,000.00) -20.00 -0.99 (30,000.00) -0.6 10,000.00 -25.00 36.95 1,940,000.00 38.85 440,000.00 29.33 63.05 2,794,000.00 55.95 234,000.00 9.14 73.89 4,000,000.00 80.1 1,000,000.00 33.33 -36.95 (1,800,000.00) -36.04 (300,000.00) 20.00 100.00% 4,994,000.00 100.00% 934,000.00 23.00% 11.08% 600,000.00 12.01% 150,000.00 33.33% 0 750,000.00 15.02 750,000.00 NA 1.23 40,000.00 0.8 (10,000.00) -20.00 1.48 10,000.00 0.2 (50,000.00) -83.33 13.79 1,400,000.00 28.03 840,000.00 150.00 12.32 400,000.00 8.01 (100,000.00) -20.00 26.11 1,800,000.00 36.04 740,000.00 69.81 49.26 2,000,000.00 40.05 - 0 24.63 1,194,000.00 23.91 194,000 19.4 100.00% 4,994,000.00 100.00% 934,000.00 23.00% 100.00% 8,100,000.00 100.00% (900,000.00) -10.00% 69.96 5,265,000.00 65 (1,031,000.00) -16.38 30.04 2,835,000.00 35 131,000.00 4.84 22.7 2,005,000.00 24.75 (39,000.00) -1.91 3.33 300,000.00 3.7 - 0 4.00 530,000.00 6.54 170,000.00 47.22 0.56 40,000.00 0.49 (10,000.00) -20.00 1.38 196,000.00 2.42 72,000.00 58.06 2.07% 294,000.00 3.63% 108,000.00 58.06%
Prior Year Balance Common Size Income Sales (net) 9,000,000.00 100.00% Cost of goods sold -6,750,000.00 75.00 Gross margin 2,250,000.00 25.00 General expense -1,590,000.00 17.67 Depreciation -300,000.00 3.33 Operating income 360,000.00 4.00 Interest expense -60,000.00 0.67 Income taxes (40%) -120,000.00 1.33 Net income 180,000.00 2.00% Assets Assets Cash 600,000.00 14.78% Accounts receivable 500,000.00 12.32 Allowance for doubtful accounts -40,000.00 -0.99 Inventory 1,500,000.00 36.95 Total current assets 2,560,000.00 63.05 Equipment 3,000,000.00 73.89 Accumulated depreciation -1,500,000.00 -36.95 Total assets 4,060,000.00 100.00%
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