please show your work First choice Inc. Income Statement For the year ending Dec
ID: 2626666 • Letter: P
Question
please show your work
First choice Inc.
Income Statement
For the year ending December 31, 2014
Sales (all on credit)
$21,415
Costs of goods sold
16,408
Depreciation expense
1,611
Earnings before interest and taxes
$3,396
Interest expense
1,282
EBT
$2,114
Income taxes
740
Net Income
$1,374
First choice Inc..
Balance Sheet
As of December 31, 2013 and 2014
Increase/
2013
2014
(decrease)
Current Assets:
Cash
$668
$297
($371)
Accounts receivable
1,611
1,527
($84)
Inventory
3,848
2,947
($901)
Total current assets
$6,127
$4,771
($1,356)
Fixed assets (net)
17,489
17,107
($382)
Total assets
$23,616
$21,878
($1,738)
Current liabilities:
Accounts payable
$1,694
$1,532
($162)
Notes payable
2,500
0
($2,500)
Total current liabilities
$4,194
$1,532
($2,662)
Long term debt
9,800
10,650
$850
Stockholder
please show your work
First choice Inc.
Income Statement
For the year ending December 31, 2014
Sales (all on credit)
$21,415
Costs of goods sold
16,408
Depreciation expense
1,611
Earnings before interest and taxes
$3,396
Interest expense
1,282
EBT
$2,114
Income taxes
740
Net Income
$1,374
First choice Inc..
Balance Sheet
As of December 31, 2013 and 2014
Increase/
2013
2014
(decrease)
Current Assets:
Cash
$668
$297
($371)
Accounts receivable
1,611
1,527
($84)
Inventory
3,848
2,947
($901)
Total current assets
$6,127
$4,771
($1,356)
Fixed assets (net)
17,489
17,107
($382)
Total assets
$23,616
$21,878
($1,738)
Current liabilities:
Accounts payable
$1,694
$1,532
($162)
Notes payable
2,500
0
($2,500)
Total current liabilities
$4,194
$1,532
($2,662)
Long term debt
9,800
10,650
$850
Stockholder
Explanation / Answer
a. What is the investment in net current assets (NCAI) for 2014?
NCAI = Change in current assets
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