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.