COMMON SIZE INCOME STATEMENT

Gilbert Lumber Company

Operating Statements for Years ending Dec. 31, 2011-2013 and for First Quarter of 2014

(thousands of dolla
2011 2012 2013

Net Sales $ 1,697 100 $ 2,013 100 $ 2,694 $ 100

Cost of Goods Sold

Beginning inventory 183 239 326

Purchases 1,278 1,524 2,042

1,461 1,763 2,368

Ending inventory 239 326 418

Total Cost of Goods Sold 1,222 72.01 1,437 71 1,950 72

Gross profit 475 27.99 576 29 744 28

Operating expenses b 425 25.04 515 26 658 24

EBIT 50 2.95 61 3 86 3
Interest expense 13 0.77 20 1 33 1

Net income before taxes 37 2.18 41 2 53 2

Provision for income taxes 6 0.35 7 0 9 0

Net income $ 31 1.83 $ 34 2 $ 44 2

 Projections
2011 2012 2013 2014
Cash $ 58 $ 48 $ 41 $ 84
rter of 2014 Accounts receivable,
net 171 222 317 $ 647
(thousands of dollars) Inventory 239 326 418 $ 853
2014 Current Assets 468 596 776 1,583
Property, net 126 140 157 320
$ 5,500 100.00 Total Assets 594 736 933 1,903

418 58.22
Notes payable, bank - 146 233 233
3,881 91.92 Notes payable, Mr.
Jones 105 - - -
4,299 150.14
Notes payable, trade - - -
418 77.44 Accounts payable 124 192 256 522
3,881 72.70 Accrued Expenses 24 30 39 80
Long-term debt,
current portion 7 7 7 7
1,619 29.44
Current liabilities 260 375 535 842
1,430 24.37 Long-term debt 64 57 50 50
189 2.92 Total liabilities 324 432 585 892
76 1.39 Net worth 270 304 348 445
113 1.53 Total liabilities and
Net worth 594 736 933 1,337
15 0.28 External Funding 567
Needed
$ 97 1.77

Debt ratio 3.28

Current ratio 1.88
Quick ratio 0.87