FINANCE-Income Statement Cline Custom Bikes Income Statement ($000)

Income Statement
Cline Custom Bikes

Income Statement ($000)
For year
ended December 31, 2000

Sales
revenue $2,200
Less Cost of
goods sold $1,420
Gross profit $ 780
Less
operating expenses
Selling expense $300
G&A $270
Depreciation $ 30
Total operating expenses $ 600
Operating
profits $
180
Less
interest expense $ 29
Net profit
before tax $
151
Less taxes
(30%) $ 45
Net
profit after tax $
106

Statement of Retained
Earnings

Retained
Earnings balance (Jan 1 2000) $ 80
Plus: net profit after tax (for 2000) 106
Less cash
dividends on common (76)

Retained
Earnings balance (Dec 31, 2000) $
110

Balance Sheet ($000)
December
31

Assets 2000 1999

Current
assets
Cash $ 30 $ 50
Marketable Securities 10 20
Accounts receivable 320 350
Inventory 460 320
Total Current Assets $
820 $ 740
Gross Fixed
Assets $
560 $ 520
Less
accumulated depreciation $
180 $ 150
Net fixed
assets $
380 $ 370

Total Assets $1,200 $1,110

Liabilities & stockholders’ equity
Current
liabilities
Accounts payable $ 390 $ 320
Notes payable $ 110 $ 90
Accruals $ 20 $ 20
Total current liabilities $ 840 $ 780

Stockholders’
Equity
Common stock (500,000 shares,
$0.20 par) $ 100 $ 100
Paid-in capital in excess of par $ 150 $ 150
Retained earnings $ 110 $ 80
Total stockholders’ equity $ 360 $ 330

Total liabilities & stockholders’
equity $1,200 $1,110

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