The Specific Electric Company (SE) is finishing its first year of existence and is applying for an additional loan in anticipation of expansion in 2013. The bank has asked for an Income statement and Cash Flow statement for OSE’s first year. A temporary worker was hired to go through all invoices and checks and gathered the following data.
Items 2012
Accounts Payable $0
Accounts Receivable $0
Capital Equipment (depreciable)$630,000
Equipment rent/lease payments$28,000
Hourly wages $980,000
Interest paid $40,000
Loan Received in 2012$500,000
Marketing Web site $170,000
Miscellaneous expenses$624,000
Permanent Staff Salaries$1,800,000
Rent $137,000
Sales $4,000,000
a. Prepare a 2012 income statement that includes totals for COGS, SG&A, EBIT, Pre-tax Income and Net Income. Use a tax rate of 20% and compute depreciation using straight line over three years.
b. Prepare a 2012 cash flow statement
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