Finance Calculations
| Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014. |
| INCOME STATEMENT, 2014 | |||
| (Figures in $ Thousands) | |||
| Revenue | $ | 3,500 | |
| Cost of goods sold | 3,150 | ||
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| EBIT | $ | 350 | |
| Interest | 70 | ||
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| Earnings before taxes | $ | 280 | |
| State and federal tax | 112 | ||
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| Net income | $ | 168 | |
| Dividends | 112 | ||
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| Additions to retained earnings | $ | 56 | |
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| BALANCE SHEET (Year-End, 2014) | |||
| (Figures in $ Thousands) | |||
| Assets | |||
| Net working capital | $ | 350 | |
| Fixed assets | 1,400 | ||
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| Total assets | $ | 1,750 | |
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| Liabilities and shareholders’ equity | |||
| Long-term debt | $ | 700 | |
| Shareholders’ equity | 1,050 | ||
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| Total liabilities and shareholders’ equity | $ | 1,750 | |
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| The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015. |
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