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Simplicity Electronics Financials

A Product Costing Example 

Simplicity Electronics, Inc.
INCOME STATEMENT (000,000) BALANCE SHEET (000,000)
ANNUAL SALES 24.0 CURRENT ASSETS
CASH 0.4
COST OF SALES MARKETABLE SECURITIES 0.3
DIRECT LABOR 4.2 ACCOUNTS RECEIVABLE 2.9
DIRECT MATLS 6.4 INVENTORIES 4.3
FACTORY OH(169%DL) 7.1 PREPAID EXPENSES 0.0
TOTAL 17.7
TOTAL CURRENT ASSETS 7.9
GROSS PROFIT 6.3
PLANT & EQUIPMENT
G&A EXPENSE 1.4 LAND 1.1
SELLING EXPENSE 1.1 BUILDINGS/IMPROVEMENTS 5.6
SUBTOTAL 2.5 EQUIPMENT 4.2
SUBTOTAL 10.9
INCOME FROM OPERATIONS 3.8 LESS:DEPRECIATION 2.7
style="border-style:none;border-color:inherit;border-width:medium;padding:0px 0px 0px 30px;"> NET FIXED ASSETS 8.2
OTHER INCOME 0.5
INTEREST EXPENSE 0.6 TOTAL ASSETS 16.1
PRETAX PROFIT 3.7 CURRENT LIABILITIES
TAXES (@50%) 1.9 NOTES PAYABLE 0.1
CURRENT PORTION LT DEBT 0.3
NET INCOME 1.9 ACCRUED PAYROLL 0.4
ACCOUNTS PAYABLE 0.2
INCOME TAX PAYABLE 0.3
TOTAL CURRENT LIABILITIES 1.2
LONG-TERM DEBT 2.7
TOTAL LIABILITIES 3.9
STOCKHOLDER'S EQUITY
COMMON STOCK 2.4
PAID-IN CAPITAL 2.8
RETAINED EARNINGS 3.0
TOTAL EQUITY CAPITAL 8.2
TOTAL LIABILITIES/CAPITAL 12.1


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