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Excel 1 - Common Sized Financial Statements - Irvin

The document contains the trial balance, balance sheet, and income statement for Lydex Company for the years ending 2023 and 2022. The trial balance shows account balances for assets, liabilities, equity, revenues, and expenses. The balance sheet compares assets, liabilities, and equity between the two years, and the income statement compares revenues, expenses, and net income between years. Overall, the company saw increases in most asset and revenue accounts from 2022 to 2023.

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174 views

Excel 1 - Common Sized Financial Statements - Irvin

The document contains the trial balance, balance sheet, and income statement for Lydex Company for the years ending 2023 and 2022. The trial balance shows account balances for assets, liabilities, equity, revenues, and expenses. The balance sheet compares assets, liabilities, and equity between the two years, and the income statement compares revenues, expenses, and net income between years. Overall, the company saw increases in most asset and revenue accounts from 2022 to 2023.

Uploaded by

api-581024555
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Lydex Company

Trial Balance
2023 2022
Cash $ 960,000 $ 1,260,000
Marketable securities - 300,000
Accounts receivable, net 2,700,000 1,800,000
Inventory 3,900,000 2,400,000
Prepaid expenses 240,000 180,000
Plant and equipment, net 9,300,000 8,940,000
Current liabilities 3,900,000 2,760,000
Note payable, 10% 3,600,000 3,000,000
Common stock, $78 par value 7,800,000 7,800,000
Retained earnings 1,320,000 1,068,000
Dividends 360,000 252,000
Sales (all on account) 15,750,000 12,480,000
Cost of goods sold 12,600,000 9,900,000
Selling and administrative expenses 1,590,000 1,560,000
Interest expense 360,000 300,000
Income tax expense 360,000 216,000
$ 32,370,000 $ 32,370,000 $ 27,108,000 $ 27,108,000

Common dividends 360,000 252,000


Beginning retained earnings 1,320,000 1,068,000

Income taxes rate 30%

Lydex Company
Comparative Balance Sheet
2023 2022 Vertical Analysis Horizontal Analysis
Assets Change/
Current assets: 2023 2022 Change Base Year
Cash $ 960,000 $ 1,260,000 5.6% 8.5% $ (300,000) -23.8%
Marketable securities - 300,000 0.0% 2.0% (300,000) -100.0%
Accounts receivable, net 2,700,000 1,800,000 15.8% 12.1% 900,000 50.0%
Inventory 3,900,000 2,400,000 22.8% 16.1% 1,500,000 62.5%
Prepaid expenses 240,000 180,000 1.4% 1.2% 60,000 33.3%
Total current assets 7,800,000 5,940,000 45.6% 39.9% 1,860,000 31.3%
Plant and equipment, net 9,300,000 8,940,000 54.4% 60.1% 360,000 4.0%
Total assets $ 17,100,000 $ 14,880,000 100.0% 100.0% $ 2,220,000 14.9%
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities 3,900,000 2,760,000
Note payable, 10% 3,600,000 3,000,000
Total liabilities 7,500,000 5,760,000
Stockholders' equity:
Common stock, $78 par value 7,800,000 7,800,000
Retained earnings
Total stockholders' equity 7,800,000
Total liabilities and stockholders' equity

Lydex Company Vertical Analysis Horizontal Analysis


Comparative Income Statement and Reconciliation Change/
2023 2022 2023 2022 Change Base Year
Sales (all on account) $ 15,750,000 $ 12,480,000 100.0% $ 3,270,000 26.2%
Cost of goods sold 12,600,000 9,900,000 80.0% 79.3% 2,700,000 27.3%
Gross margin 3,150,000 2,580,000 20.0% 20.7% 570,000 22.1%
Selling and administrative expenses 1,590,000 1,560,000 10.1% 12.5% 30,000 1.9%
Net operating income 1,560,000 1,020,000 9.9% 8.2% 540,000 52.9%
Interest expense 360,000 300,000 2.3% 2.4% 60,000 20.0%
Net income before taxes 1,200,000 720,000 7.6% 5.8% 480,000 66.7%
Income taxes 30% 360,000 216,000 2.3% 1.7% 144,000 66.7%
Net income 840,000 504,000 5.3% 4.0% 336,000 66.7%
Common dividends 360,000 252,000 108,000
Net income retained 480,000 252,000 228,000
Beginning retained earnings 1,320,000 1,068,000 252,000
Ending retained earnings $ 1,800,000 $ 1,320,000 $ 480,000

Created by Nicole Irvin


11/27/2021 16:43

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