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HW1-F13 - Please type your name Yiwen Chen Stubux Company...

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Please type your name: Yiwen Chen
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Stubux Company Income Statement For the Year Ended December 31, 2012 and 2011 (in millions) 2012% 2012 2011% 2011 Sales 100.00% 18,000 100.00% 12,500 Cost of Goods Sold 34.44% 6,200 41.60% 5,200 Gross Profit 65.56% 11,800 58.40% 7,300 Operating Expenses 0.00% 0.00% Variable Expenses 1.67% 300 2.56% 320 Fixed Expenses 13.89% 2,500 20.00% 2,500 Depreciation 0.08% 15 0.19% 24 Total 15.64% 2,815 22.75% 2,844 Earnings Before Interest and Taxes 49.92% 8,985 35.65% 4,456 Interest Expense 2.22% 400 2.87% 359 Earnings Before Taxes 47.69% 8,585 32.78% 4,097 Taxes 16.69% 3,004.75 11.47% 1,433.95 Net Income 31.00% 5,580 21.30% 2,663 Notes: 1 pt each or 7 2 pts each Tax Rate 35%
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Stubux Company Balance Sheet As of December 31, 2012 and 2011 (in millions) 2012% 2012 2011% 2011 Assets Cash 20.30% 3,000 23.36% 2,800 Accounts Receivable 50.08% 7,400 45.89% 5,500 Inventories 21.66% 3,200 23.94% 2,870 Total Current Assets 92.03% 13,600 93.19% 11,170 Land 5.41% 800 4.17% 500 Buildings and Equipment 2.88% 426 2.92% 350 Accumulated Depreciation 0.33% 49 0.28% 34 Total Fixed Assets 7.97% 1,177 6.81% 816 Total Assets 100.00% 14,777
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