Kudler Fine Foods_Vertical analysis

Kudler Fine Foods
Balance Sheet
December 31, 2003

Assets
Current Assets:
Cash $1,430,000
Accounts Receivable $86,000
Less: Reserve for Bad Debts $0
$86,000 $86,000
Merchandise Inventory $429,000
Prepaid Expenses $26,000
Notes Receivable $0
Total Current Assets $1,971,000 $1,971,000
Fixed Assets:
Vehicles $63,000
Less: Accumulated Depreciation $27,750
$35,250 $35,250
Furniture and Fixtures $435,000
Less: Accumulated Depreciation $186,000
$249,000 $249,000
Equipment $634,000
Less: Accumulated Depreciation $214,000
$420,000 $420,000
Total Fixed Assets $704,250 $704,250
Other Assets:
Goodwill $0
Total Other Assets $0 $0
Total Assets $2,675,250
Liabilities and Capital
Current Liabilities:
Accounts Payable $96,500
Sales Tax Payable $3,950
Payroll Taxes Payable $15,840
Accrued Wages Payable $0
Unearned Revenues $0
Short-Term Notes Payable $0
Short Term Bank Loan Payable $0
Total Current Liabilities $116,290 $116,290
Long Term Liabilities:
Long-Term Notes Payable $630,000
Total Long Term Liabilities $630,000 $630,000
Total Liabilities $746,290 $746,290
Capital:
Owner’s Equity $746,290
Net Profit $1,182,670
Total Capital $1,928,960 $1,928,960
Total Liabilities and Capital $2,675,250

Income Statement PDF Version

Kudler Fine Foods
Income Statement
For the Year Ended December 31, 2003

Revenue:
Gross Sales $10,804,000
Less: Sales Returns and Allowances $7,800
Net Sales $10,796,200
Costs of Goods Sold:
Beginning Inventory $467,890
AID:
Purchases $3,752,891
Freight In $165,010
Direct Labor $3,769,591
Indirect Expenses $748,539
$8,903,921
Less: Ending Inventory $429,090
Cost of Goods Sold $8,474,831 $8,474,831
Gross Profit(Loss) $2,321,369
Expenses:
Advertising $263,000
Amortization $2,700
Bad Debts $2,300
Bank Charges $19,258
Charitable Contributions $5,000
Bonuses $65,000
Systems & Network Contract $82,000
Credit Card Fees $125
HR Payroll Outsource $8,500
Depreciation $27,750
Dues and Subscriptions $29,403
Insurance $65,000
Custodial Contract $48,000
Interest $63,768
Maintenance Contract $36,000
Miscellaneous $1,100
Office Expenses $8,300
Operating Supplies $5,500
Software Licenses $8,200
Permits and Licenses $3,500
Postage $46,000
Professional Fees $32,157
Office Lease $63,000
Repairs $850
Telephone $16,500
Travel $4,500
Utilities $7,900
Vehicle Expenses $11,458
Wages $725,650
Total Expenses $1,652,49 $1,652,49
Net Operating Income $668,950
Other Income:
Gain (Loss) on Sale of Assets $0
Interest Income $7,845
Total Other Income $7,845 $7,845
Net Income (Loss) $676,795

Prepare Vertical analysis of Income statement and Balance sheet.

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