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Category > Accounting Posted 11 Aug 2017 My Price 11.00

Wholesale Distributors

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
ASSETS
Current Assets
Checking/Savings
Company Checking Account			36,857.66	84,444.87
Company Savings Account			25,000.00	25,000.00
Petty Cash Account			500.00	500.00
Total Checking/Savings				62,357.66	109,944.87
Accounts Receivable
Accounts Receivable			40,202.50	56,835.69
Total Accounts Receivable				40,202.50	56,835.69
Other Current Assets
Inventory Asset			51,060.47	127,651.18
Prepaids
Prepaid Insurance		0.00	0.00
Prepaid Taxes		800.00	800.00
Total Prepaids			800.00	800.00
Security Deposits			1,200.00	1,200.00
Total Other Current Assets				53,060.47	129,651.18
Total Current Assets					155,620.63	296,431.74
Fixed Assets
Accumulated Depreciation				(923.04)	(1,833.52)
Automobiles & Trucks				45,632.00	45,632.00
Computer & Office Equipment				19,453.00	19,453.00
Machinery & Equipment				25,963.00	25,963.00
Total Fixed Assets					90,124.96	89,214.48
TOTAL ASSETS					245,745.59	385,646.22
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable		3,990.80	5,986.20
Total Accounts Payable			3,990.80	5,986.20
Credit Cards
QuickBooks Credit Card		1,249.12	1,300.00
Total Credit Cards			1,249.12	1,300.00
Other Current Liabilities
Line of Credit		104,618.08	136,003.50
Payroll Taxes Payable	1,565.31	1,612.27
SEC125 Payable	100.00	100.00
Total Payroll Liabilities		1,665.31	1,712.27
Total Other Current Liabilities			106,283.39	137,715.77
Total Current Liabilities				111,523.31	145,001.97
Total Liabilities					111,523.31	145,001.97
Equity
Common Stock				10,000.00	10,000.00
Additional Paid in Capital				33,949.80	33,949.80
Retained Earnings				0.00	90,272.48
Net Income				90,272.48	106,421.96
Total Equity				134,222.28	240,644.24
TOTAL LIABILITIES & EQUITY						245,745.59	385,646.21
0.00	(0.00)

Answers

Maurice Tutor

(5)

Status NEW Posted 11 Aug 2017 12:08 AM My Price 11.00

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