Chester, Inc. Balance Sheet As on December 31, 2015 2014 2013 Assets Current assets:
Chester, Inc. | |||
Income Statement | |||
For the Year Ending December 31, | |||
2015 | 2014 | 2013 | |
Revenue: | |||
Sales | 288,876,206 | 271,839,067 | 307,716,148 |
Less: Sales Return | 23,110,096 | 12,432,247 | 5,621,979 |
Net sales | 265,766,110 | 259,406,820 | 302,094,169 |
Less: Cost of Goods Sold | 179,103,248 | 161,029,981 | 176,961,437 |
Gross Profit | 86,662,862 | 98,376,839 | 125,132,732 |
Less: Expenses | |||
Administrative Wages Expense | 19,706,506 | 18,344,399 | 21,094,132 |
Advertising Expense | 1,058,391 | 1,161,276 | 1,121,425 |
Auto Expenses | 214,001 | 235,763 | 261,218 |
Bad Debt Expense | 13,900,800 | 5,875,403 | 2,028,032 |
Bonus Expense | 459,000 | 504,000 | – |
Depreciation Expense | 617,155 | 581,102 | 166,250 |
Freight | 4,325,068 | 4,749,095 | 5,378,689 |
Insurance Expense | 951,774 | 1,045,085 | 1,067,428 |
Legal and Professional Expense | 8,987,069 | 11,037,039 | 4,506,417 |
Maintenance Expense | 87,641 | 96,020 | 76,420 |
Miscellaneous Office Expense | 25,390 | 27,803 | 21,279 |
Payroll Tax Expense | 1,609,342 | 1,767,149 | 1,938,736 |
Pension/Profit-Sharing Plan Ex | 3,366,000 | 3,696,000 | 3,750,000 |
Phone | 53,651 | 57,911 | 95,467 |
Postal | 79,360 | 87,140 | 160,042 |
Property Tax Expense | 101,319 | 110,252 | 100,619 |
Rent or Lease Expense | 2,230,615 | 1,370,273 | 3,254,357 |
Research and Development | 3,080,313 | 532,425 | 38,639,554 |
Utilities | 155,600 | 170,765 | 169,554 |
Warehouse Salaries | 5,270,689 | 5,848,120 | 5,791,730 |
Warranty Expense | 1,422,381 | 1,297,104 | 1,375,352 |
Total Expenses | 67,702,065 | 58,594,124 | 90,996,701 |
Net Operating Income | 18,960,797 | 39,782,715 | 34,136,031 |
Add: Other Income | |||
Income from Investments | 678,112 | 573,158 | 600,791 |
Interest Income | 142,168 | 147,707 | 255,379 |
Less: Other Expenses | |||
Interest Expense | 2,942,147 | 3,373,056 | 1,093,750 |
Loss on Legal Settlement | – | – | 23,965,000 |
Net Income Before Income Tax | 16,838,930 | 37,130,524 | 9,933,451 |
Less: Income Tax Expenses | |||
Income Tax Expense – Federal | 7,269,540 | 14,142,240 | 2,956,250 |
Income Tax Expense – State | 1,258,000 | 2,503,200 | 536,250 |
Net Income | 8,311,390 | 20,485,084 | 6,440,951 |
Earnings Per Share | $ 1.00 | $ 2.48 | $ 0.78 |
Chester, Inc. | |||
Balance Sheet | |||
As on December 31, | |||
2015 | 2014 | 2013 | |
Assets | |||
Current assets: | |||
Cash on Hand | 2,511 | 2,459 | 2,483 |
Checking Account – Operating | 243,892 | 252,858 | 247,646 |
MMKT Accounts | 1,205,563 | 983,161 | 806,288 |
Accounts Receivable | 49,042,528 | 56,472,091 | 20,513,628 |
Other Receivables | 1,200,000 | 1,400,000 | – |
Allowance for Doubtful Accounts | (2,942,552) | (2,387,691) | (1,578,525) |
Inventory | 65,990,780 | 75,351,471 | 23,531,507 |
Reserve for Inventory Obsolescence | (10,558,525) | (12,136,103) | (3,765,000) |
Prepaid Insurance | 2,667,722 | 2,830,474 | 1,829,143 |
Prepaid Rent | – | – | 250,000 |
Office Supplies | 9,182 | 9,565 | 9,259 |
Investments – Trading | 6,978,923 | 6,850,198 | 6,935,712 |
Total current assets | 113,840,024 | 129,628,483 | 48,782,141 |
Fixed assets: | |||
Land | 131,040 | 131,040 | 146,250 |
Buildings and Land Improvements | 833,775 | 698,775 | 779,882 |
Machinery, Equipment, Office Furniture | 3,280,589 | 3,280,589 | 541,522 |
Accum. Depreciation | (1,403,257) | (786,102) | (205,000) |
Other Noncurrent Assets | – | – | 67,301 |
Total fixed assets | 2,842,147 | 3,324,302 | 1,329,955 |
Total Assets | 116,682,171 | 132,952,785 | 50,112,096 |
Liabilities | |||
Current liabilities: | |||
Accounts Payable | 12,850,648 | 19,488,866 | 8,934,591 |
Wages Payable | 198,384 | 264,513 | 36,838 |
FICA Employee Withholding | 7,089 | 9,452 | 1,648 |
Medicare Withholding | 9,589 | 12,785 | 730 |
Federal Payroll Taxes Payable | 99,192 | 132,256 | 7,541 |
State Payroll Taxes Payable | 46,200 | 61,630 | 3,519 |
FICA Employer Withholding | 7,089 | 9,452 | 1,648 |
Medicare Employer Withholding | 9,589 | 12,785 | 730 |
Income Taxes Receivable/Payable | 6,011,540 | 3,205,440 | – |
Line of Credit | 47,481,737 | 52,231,360 | 12,500,000 |
Current Portion Long-Term Debt | 721,480 | 677,640 | – |
Interest payable | 568,429 | 470,311 | – |
Bonuses payable | 459,000 | 504,000 | – |
Dividend payable | 15,000,000 | 15,250,000 | 6,000,000 |
Total current liabilities | 83,469,966 | 92,330,490 | 27,487,245 |
Long Term Liabilities: | |||
Long Term Notes Payable | 12,040,880 | 12,762,360 | – |
Total Long Term Liabilities | 12,040,880 | 12,762,360 | – |
Total Liabilities | 95,510,846 | 105,092,850 | 27,487,245 |
Stockholder’s Equity | |||
Common Stock | 10,131,250 | 10,131,250 | 10,131,250 |
Paid-in Capital | 9,278,750 | 9,278,750 | 9,278,750 |
Retained Earnings | 1,761,325 | 8,449,935 | 3,214,851 |
Total Stockholder’s Equity | 21,171,325 | 27,859,935 | 22,624,851 |
Total liabilities and Stockholder’s Equity | 116,682,171 | 132,952,785 | 50,112,096 |
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