Use the following current year financial statements for Precision Manufacturing to perform ratio analysis. Precision Manufacturing Income Statement Revenue 8,200,000 Cost of goods sold
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Use the following current year financial statements for Precision Manufacturing to perform ratio analysis.
Precision Manufacturing Income Statement
Revenue 8,200,000
Cost of goods sold 5,100,000
Gross profit 3,100,000
Operating expenses 2,500,000
Operating income (EBIT) 600,000
Interest expense 390,000
Earnings before taxes 210,000
Taxes (at 40%) 84,000
Net income 126,000
Precision Manufacturing Balance Sheet
Current assets
Cash 125,000
Accounts receivable 900,000
Inventory 575,000
Total current assets 1,600,000
Non-current assets
Fixed assets 5,500,000
Accumulated depreciation (1,100,000)
Net fixed assets 4,400,000
Total assets $6,000,000
Current liabilities
Accounts payable $945,000
Accrued liabilities 855,000
Total current liabilities 1,800,000
Non-current liabilities
Bonds payable 2,600,000
Total liabilities 4,400,000
Shareholders’ equity
Common stock 140,000
Retained earnings 1,460,000
Total shareholders’ equity 1,600,000
Total liabilities and shareholders’ equity $6,000,000
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