I am having trouble, I need to provide my memo with a horzontal analysis but I o
ID: 2386600 • Letter: I
Question
I am having trouble, I need to provide my memo with a horzontal analysis but I only have one year of statements can that be done and if so how?
here is the information
Kudler Fine Foods
Balance Sheet
December 31, 2003
Assets
Current Assets:
Cash
Accounts Receivable
Less: Reserve for Bad Debts
Merchandise Inventory
Prepaid Expenses
Notes Receivable
$86,000
$0 $1,430,000
$86,000
$429,000
$26,000
$0
Total Current Assets $1,971,000
Fixed Assets:
Vehicles
Less: Accumulated Depreciation
Furniture and Fixtures
Less: Accumulated Depreciation
Equipment
Less: Accumulated Depreciation
$63,000
$27,750
$435,000
$186,000
$634,000
$214,000
$35,250
$249,000
$420,000
Total Fixed Assets $704,250
Other Assets:
Goodwill $0
Total Other Assets $0
TOTAL ASSETS $2,675,250
Liabilities and Capital
Current Liabilities:
Accounts Payable
Sales Tax Payable
Payroll Taxes Payable
Accrued Wages Payable
Unearned Revenues
Short-Term Notes Payable
Short-Term ank Loan Payable
$96,500
$3,950
$15,840
$0
$0
$0
$0
Total Current Liabilities $116,290
Long-Term Liabilities:
Long-Term Notes Payable $630,000
Total Long-Term Liabilities $630,000
TOTAL LIABILITIES $746,290
Capital:
Owner's Equity
Net Profit $746,290
$1,182,670
TOTAL CAPITAL $1,928,960
TOTAL LIABILITIES AND CAPITAL $2,675,250
Kudler Fine Foods
Income Statement
For the Year Ended December 31, 2003
Revenue:
Gross Sales
Less: Sales Returns and Allowances $10,804,000
$7,800
Net Sales $10,796,200
Cost of Goods Sold:
Beginning Inventory
Add:
Purchases
Freight-in
Direct Labor
Indirect Expenses
$467,890
$3,752,891
$165,010
$3,769,591
$748,539
$8,903,921
Less: Ending Inventory $429,090
Cost of Goods Sold $8,474,831
Gross Profit (Loss) $2,321,369
Expenses:
Advertising 263,000
Amortization 2,700
Bad Debts 2,300
Bank Charges 19,258
Charitable Contributions 5,000
Bonuses 65,000
Systems & Network Contract 82,000
Credit Card Fees 125
HR Payroll Outsource 8,500
Depreciation 27,750
Dues and Subscriptions 29,403
Insurance 65,000
Custodial Contract 48,000
Interest 63,768
Maintenance Contract 36,000
Miscellaneous 1,100
Office Expenses 8,300
Operating Supplies 5,500
Software Licenses 8,200
Permits and Licenses 3,500
Postage 46,000
Professional Fees 32,157
Office Lease 63,000
Repairs 850
Telephone 16,500
Travel 4,500
Utilities 7,900
Vehicle Expenses 11,458
Wages 725,650
Explanation / Answer
Assets
Current Assets:
Cash
Accounts Receivable
Less: Reserve for Bad Debts
Merchandise Inventory
Prepaid Expenses
Notes Receivable
$86,000
$0
$1,430,000
$86,000
$429,000
$26,000
$0
Total Current Assets
$1,971,000
Fixed Assets:
Vehicles
Less: Accumulated Depreciation
Furniture and Fixtures
Less: Accumulated Depreciation
Equipment
Less: Accumulated Depreciation
$63,000
$27,750
$435,000
$186,000
$634,000
$214,000
$35,250
$249,000
$420,000
Total Fixed Assets
$704,250
Other Assets:
Goodwill
$0
Total Other Assets
$0
TOTAL ASSETS
$2,675,250
Liabilities and Capital
Current Liabilities:
Accounts Payable
Sales Tax Payable
Payroll Taxes Payable
Accrued Wages Payable
Unearned Revenues
Short-Term Notes Payable
Short-Term ank Loan Payable
$96,500
$3,950
$15,840
$0
$0
$0
$0
Total Current Liabilities
$116,290
Long-Term Liabilities:
Long-Term Notes Payable
$630,000
Total Long-Term Liabilities
$630,000
TOTAL LIABILITIES
$746,290
Capital:
Owner's Equity
Net Profit
$746,290
$1,182,670
TOTAL CAPITAL
$1,928,960
TOTAL LIABILITIES AND CAPITAL
$2,675,250
Assets
Current Assets:
Cash
Accounts Receivable
Less: Reserve for Bad Debts
Merchandise Inventory
Prepaid Expenses
Notes Receivable
$86,000
$0
$1,430,000
$86,000
$429,000
$26,000
$0
Total Current Assets
$1,971,000
Fixed Assets:
Vehicles
Less: Accumulated Depreciation
Furniture and Fixtures
Less: Accumulated Depreciation
Equipment
Less: Accumulated Depreciation
$63,000
$27,750
$435,000
$186,000
$634,000
$214,000
$35,250
$249,000
$420,000
Total Fixed Assets
$704,250
Other Assets:
Goodwill
$0
Total Other Assets
$0
TOTAL ASSETS
$2,675,250
Liabilities and Capital
Current Liabilities:
Accounts Payable
Sales Tax Payable
Payroll Taxes Payable
Accrued Wages Payable
Unearned Revenues
Short-Term Notes Payable
Short-Term ank Loan Payable
$96,500
$3,950
$15,840
$0
$0
$0
$0
Total Current Liabilities
$116,290
Long-Term Liabilities:
Long-Term Notes Payable
$630,000
Total Long-Term Liabilities
$630,000
TOTAL LIABILITIES
$746,290
Capital:
Owner's Equity
Net Profit
$746,290
$1,182,670
TOTAL CAPITAL
$1,928,960
TOTAL LIABILITIES AND CAPITAL
$2,675,250
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