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BS 2295 quiz

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School

Western University**We aren't endorsed by this school

Course

BUSINESS 2295

Subject

Accounting

Date

Jan 10, 2025

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3

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CABEZA CUSTOM T-SHIRTS INC. Statement of earnings (Income statement) For the fiscal year ending May 31, 2023 Revenue : Gross sales: $5,750,000 COGS: $1,493,000 Beginning inventory $21,000 Ending inventory: $27,600 Purchases: $1,500,000 Gross profit: $4,256,600 Operating expenses: Selling Expenses: $65,000 General & Administrative Expenses: $38,000 Maintenance & Repairs Expense: $10,250 Rent Expense: $40,000 Depreciation Expense: $10,000 Salaries Expense: $350,000 Total operating expenses: $513,250 Interest Expense: $16,000 Net income before tax: $3,727,350 Income tax expense: $926,837.50 Net income: $2,800,512.50

CABEZA CUSTOM T-SHIRTS INC. Statement of retained earnings For the fiscal year ending May 31, 2023 CABEZA CUSTOM T-SHIRTS INC. Balance sheet As of May 31, 2023 Retained earnings May 31, 2022: $55,000 Net profit: $2,800,512.50 Dividends: $2,700,000 Retained Earnings, May 31, 2023: $155,512.50 Assets

CABEZA CUSTOM T-SHIRTS INC. Insights For the fiscal year ending May 31, 2023. 2023 was definitely a successful year for the company and there was substantial revenue and a very healthy net income, but due to paying out a significant amount in dividends it's very difficult to reinvest it back into the company. In terms of liabilities, there's been a short-term working capital loan of $35,088, which suggests a need for additional financing. While this loan helps cover the short-term needs, there should be evaluation whether it's being used efficiently. There needs to be long term goals set aside and a strict plan to adhere to in order to gain the maximum advantage.

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