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Adams Corp
Balance Sheet
as at 31st December 1987
Assets Liab & Equity
Current Assets Accounts Payable 93,600
Cash 30,000 Notes Payable -
Accounts Rec. 320,000 Long Term Debt 400,000 8%
Inv 237,800 Common Stock 504,200
Total Current Assets 587,800 Retained Earnings 390,000
Fixed Assets
Plant & Equip 1,000,000
Less: Acc. Dep 200,000 800,000
Total Assets 1,387,800 Total Liab & Equity 1,387,800
Production
Units Calculation
Nov Dec Jan Feb Mar
Units Sold 1,129,032 1,500,000 1,700,000 1,200,000 1,400,000
+ Cl. St 2,600,000 2,900,000 2,600,000 3,400,000 4,500,000
- Op.St 2,600,000 2,900,000 2,600,000 3,400,000
Purchases 1,800,000 1,400,000 2,000,000 2,500,000
To Check whether Dec Cl. St is Correct Take End. Inv from Balance sheet
and divide by December Cost '237800/.082 = 2,900,000
Jan Feb Mar
Op.St 2,900,000 2,600,000 3,400,000
Purchases 1,400,000 2,000,000 2,500,000
GAFS 4,300,000 4,600,000 5,900,000
Cl. St 2,600,000 3,400,000 4,500,000
Units Sold 1,700,000 1,200,000 1,400,000
Feb 3,400,000
Jan Prod 1,400,000 0.090 $ 126,000
Feb Prod 2,000,000 0.090 $ 180,000 $ 306,000
Mar 4,500,000
Feb Prod 2,000,000 0.090 180,000
Mar Prod 2,500,000 0.090 225,000 $ 405,000
COGS
Adams Corporation
P&L Statement
For Quarter 1, 1988
Account Jan Feb Mar Qtr
Sales $ 263,500 $ 186,000 $ 217,000 $ 666,500
Less: COGS $ 139,400 $ 98,400 $ 126,000 $ 363,800
Gross Profit $ 124,100 $ 87,600 $ 91,000 $ 302,700
Less: Dep $ 8,333 $ 8,333 $ 8,333 $ 25,000
Less: Op Exp $ 52,700 $ 37,200 $ 43,400 $ 133,300
EBIT $ 63,067 $ 42,067 $ 39,267 $ 144,400
Less: Interest $ 2,667 $ 2,667 $ 2,667 $ 8,000
EBT $ 60,400 $ 39,400 $ 36,600 $ 136,400
Less: Tax $ 24,160 $ 15,760 $ 14,640 $ 54,560
EAT $ 36,240 $ 23,640 $ 21,960 $ 81,840
Less: Dividends $ 18,120 $ 11,820 $ 10,980 $ 40,920
Net Income $ 18,120 $ 11,820 $ 10,980 $ 40,920
Rec & Pmt Schedule
Pmt Trend:
Imth 100% $ 93,600 $ 84,000 $ 120,000
$ 93,600 $ 84,000 $ 120,000
Op $320,000 $ 93,600 Op
+ Sales $666,500 $354,000 +Purchases
- Receipts $676,500 $297,600 - Payments
Acc Rec $310,000 $150,000 Acc Pay
Cash Budget
Adams Corporation
Cash Budget
For Quarter 1, 1988
Account Jan Feb Mar Qtr
Op Cash $ 30,000 $ 25,000 $ 25,000 $ 30,000
Add:
Receipts $203,750 $248,000 $ 224,750 $ 676,500
Cash Available $233,750 $273,000 $ 249,750 $ 706,500
Less: Payments
Purchases $ 93,600 $ 84,000 $ 120,000 $ 297,600
Labor $ 28,000 $ 40,000 $ 50,000 $ 118,000
Overheads $ 14,000 $ 20,000 $ 25,000 $ 59,000
Op Exp $ 52,700 $ 37,200 $ 43,400 $ 133,300
Interest $ 8,000 $ 8,000
Taxes $ 54,560 $ 54,560
Dividends $ 40,920 $ 40,920
Total Payments $188,300 $181,200 $ 341,880 $ 711,380
Net Cash $ 45,450 $ 91,800 $ (92,130) $ (4,880)
Min Cash Bal $ 25,000 $ 25,000 $ 25,000 $ 25,000
Purch Mkt Sec $ 20,450 $ 66,800
Cash Shortfall $ 117,130 $ 29,880
Sold Mkt Sec $ 87,250
Sht Term Loan $ 29,880
Adams Corp
Balance Sheet
as at 31st March 1988
Assets Liab & Equity
Current Assets Accounts Payable 150,000
Cash 25,000 Notes Payable 29,880
Accounts Rec. 310,000 Long Term Debt 400,000
Inv 405,000 Common Stock 504,200
Total Current Assets 740,000 Retained Earnings 390,000
Fixed Assets Add: Net Profit for Yr 40,920
Plant & Equip 1,000,000
Less: Acc. Dep 225,000 775,000
Total Assets 1,515,000 Total Liab & Equity 1,515,000