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Using all following three Financial Statements provide an analysis on Apix's assets, liabilities, cash, and profit. As well, choose 2 additional components on each of the sheets, and provide your initial impression on the company financial situation.
Apex PrintingBalance SheetsAs of December 31, 2013 and 2012
000$
Assets
2013
2012
Cash
6,000
5,700
Accounts Receivable
2,350
2,300
Inventory
12,100
6,500
Total Current Assets
20,450
14,500
Land
25,000
20,000
Building & Equipment
300,000
Less: Accumulated Depreciation - Building & Equipment
(187,850)
(160,000)
Total Long Term Assets
137,150
160,000
Total Assets
157,600
174,500
Liabilities and Stockholders' Equity
Accounts Payable
4,600
3,500
Salaries Payable
0
2,100
Interest Payable
1,500
Short Term Notes Payable
12,000
Taxes Payable
5,600
Total Current Liabilities
18,100
11,200
Mortgate Payable
54,950
100,000
Total Long Term Liabilities
Common Stock
60,000
Retained Earnings
24,550
3,300
Total Stockholders' Equity
84,550
63,300
Total Liabilities and Stockholders' Equity
Apex Printing Income Statements For the Periods Ended December 31, 2013 and 2012
Revenue:
450,000
475,000
Less: Cost of Goods Sold
(324,300)
(374,500)
Less: Depreciation Expense
(27,850)
(26,000)
Gross Margin
97,850
74,500
Selling, General & Administrative Expenses
(29,100)
(32,000)
Income Before Interest & Taxes
68,750
42,500
Interest Expense
(7,500)
(6,000)
Income Before Taxes
61,250
36,500
Income Taxes
(35,000)
(30,000)
Net Income
26,250
Apex Printing
Statement of Cash Flows
For the Period Ended December 31, 2013
Cash Flows from Operating Activities:
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation Expense
27,850
Increase in accounts receivable
(50)
Increase in inventory
(5,600)
Decrease in salaries payable
(2,100)
Increase in interest payable
Decrease in taxes payable
Increase in Short Term notes Payable
Increase in accounts payable
1,100
Net Cash Flow from Operating Activities
55,350
Cash Flows from Investing Activities:
Cash paid to purchase land
(5,000)
Net Cash Flow from Investing Activities
Cash Flows From Financing Activities:
Cash paid for mortgage
(45,050)
Cash paid for dividends
Net Cash Flow from Financing Activities
(50,050)
Net Increase in Cash
300
Plus: Cash Balance at December 31, 2012
Cash Balance at December 31, 2013
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