Income Statement and Balance Sheet, business and finance homework help.
1. Using your 2015/2016 Income Statement and Balance Sheet, add a column for percentage of total. Compute the percentages for each line item for the financial statements. For the 2015 Income Statement, what is the percentage of COGS as compared to total sales? Is this figure reasonable and what is COGS and why is it important to a company?
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| ICS Manufacturing Company | |
| Income Statement for 2015 | |
| Sales Revenue | 35,500,000 |
| Cost of Goods Sold | 12,725,000 |
| Selling, General and Admin Exp | 11,200,000 |
| Depreciation Exp | 3,200,000 |
| EBIT | 8,375,000 |
| Interest Expense | 350,000 |
| Taxable Income | 8,025,000 |
| Taxes | 3,210,000 |
| Net Income | 4,815,000 |
2016
| ICS Manufacturing Company | |
| Pro Forma Income Statement for 2016 | |
| Sales Revenue | 37,346,000 |
| Cost of Goods Sold | 13,297,625 |
| Selling, General and Admin Exp | 11,625,600 |
| Depreciation Exp | 3,255,000 |
| EBIT | 9,167,775 |
| Interest Expense | 375,000 |
| Taxable Income | 8,792,775 |
| Taxes | 3,517,110 |
| Net Income | 5,275,665 |
| ICS Manufacturing Company | ||||
| Balance Sheet for Year Ending Decemeber 2015 | ||||
| Assets | Liabilities | |||
| Cash | 2,625,000 | Acounts Payable | 5,825,000 | |
| Accounts Receivable | 2,715,000 | Other Current Liabilities | 3,365,000 | |
| Inventories | 1,514,000 | Total Current Liabilities | 9,190,000 | |
| Total Current Assets | 6,854,000 | |||
| Long Term Assets | Long Term Liabilities | |||
| P,P, & E | 12,745,000 | Long Term Debt | 1,225,000 | |
| Goodwill | 1,205,000 | Other LT Debt | 2,230,000 | |
| Intangible Assets | 5,275,000 | Total LT Debt | 3,455,000 | |
| Total LT Assets | 19,225,000 | Total Liabilities | 12,645,000 | |
| Total Assets | 26,079,000 | |||
| Owner’s Equity | ||||
| Common Stock | 6,425,000 | |||
| Retained Earnings | 7,009,000 | |||
| Total Owners’ Equity | 13,434,000 | |||
| Total Liab/OE | 26,079,000 | |||
| ICS Manufacturing Company | ||||
| Pro Forma Balance Sheet for Year 2016 | ||||
| Assets | Liabilities | |||
| Cash | 2,825,000 | Acounts Payable | 5,825,000 | |
| Accounts Receivable | 3,122,250 | Other Current Liabilities | 3,365,000 | |
| Inventories | 2,043,900 | Total Current Liabilities | 9,190,000 | |
| Total Current Assets | 7,991,150 | |||
| Long Term Assets | Long Term Liabilities | |||
| P,P, & E | 14,745,000 | Long Term Debt | 3,225,000 | |
| Goodwill | 1,205,000 | Other LT Debt | 3,367,150 | |
| Intangible Assets | 5,275,000 | Total LT Debt | 6,592,150 | |
| Total LT Assets | 21,225,000 | Total Liabilities | 15,782,150 | |
| Total Assets | 29,216,150 | |||
| Owner’s Equity | ||||
| Common Stock | 6,425,000 | |||
| Retained Earnings | 7,009,000 | |||
| Total Owners’ Equity | 13,434,000 | |||
| Total Liab/OE | 29,216,150 | |||
| Difference to balance | – | |||
Income Statement and Balance Sheet, business and finance homework help
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