Comparative Statements of Income & Balance Sheets For Southwest Materials, Inc.,
ID: 2451040 • Letter: C
Question
Comparative Statements of Income & Balance Sheets
For Southwest Materials, Inc., are as follows:
Southwest Materials, Inc.
Consolidated Statements of Income
For the Last Two Fiscal Years of Operations
(000’s $)
20x3 20x2
Net Sales $93,000 $89,460
Cost of Sales 70,600 68,440
Gross Profit 22,400 21,020
Selling, G&A Expenses 9,300 9,390
Operating Profit 13,100 11,630
Interest Expense (470) (450)
Interest Income 90 90
G(L) on Sale of Assets 2,450 2,710
Income Before Taxes 15,170 13,980
Provision for Taxes 5,110 4,920
Net Income $10,060 $ 9,060
Additional Information:
The following data concerning Capital Expenditures, Sale Proceeds, and Sale (Gain)Loss resulted from the purchase and sale of P.P.&E. throughout the year.
20x3 20x2
(Capital Expenditures) (9,750) (7,250)
Proceeds from Sale of P.P.&E. 3,900 3,570
(Gain)Loss on Sale of P.P.&E. (2,450) (2,710)
Net (Incr)Decr in P.P.&E. (8,300) (6,390)
Southwest Materials, Inc.
Consolidated Balance Sheets
For the Last Two Fiscal Years of Operations
20x3 20x2
Assets
Current Assets
Cash & Cash Equivalents $ 4,270 $ 3,640
Accounts Receivable, Net 12,000 11,310
Inventories 4,000 3,840
Prepaid Expense 900 750
Total Current Assets 21,170 19,540
Property, Plant & Equipment
Land 21,770 20,110
Plant & Equipment 101,390 94,750
Gross P. P. & E. 123,160 114,860
Less: Accumulated Depreciation 56,010 51,220
Net Property, Plant & Equipment 67,150 63,640
Goodwill 7,000 6,830
Other Assets 5,000 4,380
Total Assets $100,320 $ 94,390
Liabilities & Equity
Current Liabilities
Accounts Payable $ 5,400 $ 5,320
Accrued Liabilities 4,300 4,320
Current Portion L-T-Debt 950 1,140
Total Current Liabilities 10,650 10,780
Long-Term Liabilities
Long-Term Debt 11,500 15,120
Deferred Income Taxes 7,500 6,910
Accrued Employee Benefits 3,500 3,610
Total Long-Term Liabilities 22,500 25,640
Total Liabilities 33,150 36,420
Stockholders’ Equity
Common Stock, $0.10 Par Val 240 240
Capital in Excess of Par 2,350 2,350
Retained Earnings 64,880 56,020
Less Cost of Treasury Stock (300) (640)
Total Stockholders’ Equity 67,170 57,970
Total Liabilities & Equity $100,320 $ 94,390
Southwest Materials, Inc.
Consolidated Statement of Cash Flows
For the Last Fiscal Year of Operations
Cash Flows from Operating Activities
Net Income _________
Adjustments to Reconcile Net Income
To Net Cash Provided by Operations
Depreciation/Depletion/Amort Expense _________
(Gain)Loss on Sale of Assets _________
Net Changes, Oper Assets & Liabilities
(Incr)Decr Accounts Receivable _________
(Incr)Decr Inventories _________
(Incr)Decr Prepaid Expenses _________
Incr(Decr) Accounts Payable _________
Incr(Decr) Accrued Liabilities _________
Incr(Decr) Current Portion, L-T-Debt _________
Net Cash Provided by Operating Activities _________
Cash Flows from Investing Activities
Purchases of Property, Plant & Equipment _________
Proceeds from Sale of Property, Plant & Equipment _________
(Incr)Decr in Other Assets _________
Payments for Business Acquisitions _________
Net Cash Resulting from Investing Activities _________
Cash Flows from Financing Activities
Inc(Decr) Long-Term Debt _________
Inc(Decr) Deferred Taxes _________
Inc(Decr) Employee Benefits _________
Repurchase of Company Stock _________
Payment of Dividends _________
Net Cash Resulting from Financing Activities _________
Net Incr(Decr) in Cash _________
Cash & Cash Equivalents at Beginning of Year _________
Cash & Cash Equivalents at End of Year _________
Explanation / Answer
Comparative Statements of Income & Balance Sheets For Southwest Materials, Inc.,
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