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 |
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 | |
| Add: | ||
| 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.