FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Below is the balance sheet and income statement for Chin Corporation. You are needed to analyze the financial statements. Use the horizontal, vertical, ratio methods to analyze the financial statements. For the vertical and horizontal analysis, type the accounts and dollar values for the years 2018 and 2017 (as listed on the financial statements even if there is no dollar value for an account). For the ratio analysis, make sure to compute 2 ratios from each section. 

Income Statement

Period Ending:

12/31/2018

12/31/2017

   

Total Revenue

$76,512,000

$78,291,000

   

Cost of Revenue

$54,884,000

$56,586,000

   

Gross Profit

$21,628,000

$21,706,000

   

Operating Expenses

       

Research and Development

$0

$0

   

Sales, General, and Admin.

$13,886,000

$13,599,000

   

Non-Recurring Items

$0

$0

   

Other Operating Items

$0

$0

   

Operating Income

$7,832,000

$8,079,000

   

Add'l income/expense items

-$323,000

$1,173,000

   

Earnings Before Interest and Tax

$7,508,000

$9,253,000

   

Interest Expense

$103,000

$113,000

   

Earnings Before Tax

$7,405,000

$9,140,000

   

Income Tax

$1,641,000

$407,000

   

Minority Interest

$89,000

-$27,000

   

Equity Earnings/Loss Unconsolidated Subsidiary

-$371,000

-$454,000

   

Net Income-Cont. Operations

$5,482,000

$8,251,000

   

Net Income

$5,393,000

$8,278,000

   

Net Income Applicable to Common Shareholders

$5,393,000

$8,278,000

   

 

Balance Sheet

 

Period Ending:

12/31/2018

12/31/2017

   

Current Assets

       

Cash and Cash Equivalents

$14,009,000

$13,281,000

   

Short-Term Investments

$17,116,000

$11,967,000

   

Net Receivables

$11,033,000

$11,649,000

   

Inventory

$5,465,000

$5,902,000

   

Other Current Assets

$5,502,000

$4,601,000

   

Total Current Assets

$53,125,000

$47,401,000

   

Long-Term Assets

       

Long-Term Investments

$117,958,000

$105,928,000

   

Fixed Assets

$12,054,000

$7,020,000

   

Goodwill

$7,261,000

$6,944,000

   

Intangible Assets

$8,396,000

$8,293,000

   

Other Assets

$7,108,000

$6,767,000

   

Deferred Asset Charges

$7,515,000

$7,207,000

   

Total Assets

$213,416,000

$189,561,000

   

Current Liabilities

       

Accounts Payable

$39,062,000

$37,319,000

   

Short-Term Debt / Current Portion of Long-Term Debt

$11,309,000

$11,593,000

   

Other Current Liabilities

$7,435,000

$6,017,000

   

Total Current Liabilities

$57,806,000

$54,929,000

   

Long-Term Debt

$5,882,000

$5,135,000

   

Other Liabilities

$100,200,000

$84,532,000

   

Deferred Liability Charges

$5,090,000

$4,801,000

   

Misc. Stocks

$6,153,000

$6,237,000

   

Minority Interest

$72,000

$80,000

   

Total Liabilities

$175,131,000

$155,635,000

   

Stock Holders Equity

       

Common Stocks

$8,154,000

$7,899,000

   

Capital Surplus

$25,648,000

$20,966,000

   

Retained Earnings

-$2,154,000

-$946,000

   

Treasury Stock

$11,947,000

$11,446,000

   

Other Equity

-$5,382,000

-$5,517,000

   

Total Equity

$38,213,000

$33,847,000

   

Total Liabilities & Equity

$213,416,000

$189,561,000

   

 

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