Home / Questions / The most recent financial statements for Beneke Fabricators,Inc., follow. Sales for 2012
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The most recent financial statements for Beneke Fabricators,Inc., follow. Sales for 2012 are projected to grow by 25 percent.Interest expense will remain constant; the tax rate and thedividend payout rate will also remain constant. Costs, otherexpenses, current assets, fixed assets and accounts payableincrease spontaneously with sales. |
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BENEKE FABRICATORS, INC. 2011 Income Statement |
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Sales |
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$ |
758,000 |
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Costs |
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593,000 |
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Other expenses |
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14,000 |
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Earnings beforeinterest and taxes |
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$ |
151,000 |
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Interest paid |
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10,000 |
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Taxable income |
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$ |
141,000 |
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Taxes (40%) |
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56,400 |
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Net income |
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84,600 |
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Dividends |
$ |
33,840 |
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Addition to retainedearnings |
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50,760 |
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BENEKE FABRICATORS, INC. Balance Sheet as of December 31, 2011 |
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Assets |
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Liabilities and Owners’ Equity |
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Current assets |
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Currentliabilities |
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Cash |
$ |
21,740 |
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Accountspayable |
$ |
55,900 |
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Accountsreceivable |
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34,060 |
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Notespayable |
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15,100 |
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Inventory |
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71,020 |
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Total |
$ |
71,000 |
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Total |
$ |
126,820 |
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Long-term debt |
$ |
102,000 |
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Fixed assets |
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Owners’ equity |
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Netplant and equipment |
$ |
275,000 |
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Commonstock and paid-in surplus |
$ |
102,000 |
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Retainedearnings |
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126,820 |
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Total |
$ |
228,820 |
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Total assets |
$ |
401,820 |
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Total liabilitiesand owners’ equity |
$ |
401,820 |
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