Attached are the Balance Sheet and Income Statement for Wholesale Distributors for the years 20X7 & 20X8.
Additional Information. Capital Stock Issued and Outstanding 10,000 shares.
This company is offering an additional 5,000 shares of stock at $25 per share
Required:
Perform a Vertical and Horizontal analysis on this company
|
Dec 31, 07 |
Dec 31, 08 |
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ASSETS |
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Current Assets |
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|
Checking/Savings |
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|
Company Checking Account |
36,857.66 |
84,444.87 |
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|
Company Savings Account |
25,000.00 |
25,000.00 |
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|
Petty Cash Account |
500.00 |
500.00 |
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|
Total Checking/Savings |
62,357.66 |
109,944.87 |
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|
Accounts Receivable |
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|
Accounts Receivable |
40,202.50 |
56,835.69 |
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Total Accounts Receivable |
40,202.50 |
56,835.69 |
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|
Other Current Assets |
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|
Inventory Asset |
51,060.47 |
127,651.18 |
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|
Prepaids |
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Prepaid Insurance |
0.00 |
0.00 |
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|
Prepaid Taxes |
800.00 |
800.00 |
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Total Prepaids |
800.00 |
800.00 |
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|
Security Deposits |
1,200.00 |
1,200.00 |
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|
Total Other Current Assets |
53,060.47 |
129,651.18 |
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|
Total Current Assets |
155,620.63 |
296,431.74 |
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|
Fixed Assets |
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|
Accumulated Depreciation |
(923.04) |
(1,833.52) |
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|
Automobiles & Trucks |
45,632.00 |
45,632.00 |
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|
Computer & Office Equipment |
19,453.00 |
19,453.00 |
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|
Machinery & Equipment |
25,963.00 |
25,963.00 |
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|
Total Fixed Assets |
90,124.96 |
89,214.48 |
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|
TOTAL ASSETS |
245,745.59 |
385,646.22 |
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LIABILITIES & EQUITY |
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|
Liabilities |
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Current Liabilities |
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|
Accounts Payable |
|||||||
|
Accounts Payable |
3,990.80 |
5,986.20 |
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|
Total Accounts Payable |
3,990.80 |
5,986.20 |
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|
Credit Cards |
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|
QuickBooks Credit Card |
1,249.12 |
1,300.00 |
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|
Total Credit Cards |
1,249.12 |
1,300.00 |
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|
Other Current Liabilities |
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|
Line of Credit |
104,618.08 |
136,003.50 |
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|
Payroll Taxes Payable |
1,565.31 |
1,612.27 |
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|
SEC125 Payable |
100.00 |
100.00 |
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|
Total Payroll Liabilities |
1,665.31 |
1,712.27 |
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|
Total Other Current Liabilities |
106,283.39 |
137,715.77 |
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|
Total Current Liabilities |
111,523.31 |
145,001.97 |
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|
Total Liabilities |
111,523.31 |
145,001.97 |
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|
Equity |
|||||||
|
Common Stock |
10,000.00 |
10,000.00 |
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|
Additional Paid in Capital |
33,949.80 |
33,949.80 |
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|
Retained Earnings |
0.00 |
90,272.48 |
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|
Net Income |
90,272.48 |
106,421.96 |
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|
Total Equity |
134,222.28 |
240,644.24 |
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|
TOTAL LIABILITIES & EQUITY |
245,745.59 |
385,646.21 |
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|
0.00 |
(0.00) |
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