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Financial Overview for Investors

The I Can Make It Corporation saw increases in net sales, gross profit, operating income, net income, total assets, and retained earnings from 2019 to 2020. However, current assets like merchandise inventory and short-term investments declined. Cash flows from operating activities resulted in a net increase in cash of $37,000 for the year ended December 31, 2020.

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Evan Miñoza
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372 views3 pages

Financial Overview for Investors

The I Can Make It Corporation saw increases in net sales, gross profit, operating income, net income, total assets, and retained earnings from 2019 to 2020. However, current assets like merchandise inventory and short-term investments declined. Cash flows from operating activities resulted in a net increase in cash of $37,000 for the year ended December 31, 2020.

Uploaded by

Evan Miñoza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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I CAN MAKE IT CORPORATION

COMPARATIVE STATEMENT OF FINANCIAL PERFORMANCE


FOR THE YEAR ENDED DECEMBER 2020 AN 2019

2020 2019
Net Sales 2,486,000.00 2,075,000.00
Less: Cost of Goods Sold 1,523,000.00 1,222,000.00
Gross Profit 963,000.00 853,000.00
Expenses:
Advertising Expense 145,000.00 100,000.00
Depreciatiom Expense 85,000.00 75,000.00
Insurance Expense 100,000.00 45,000.00
Miscellaneous Expence 17,000.00 15,000.00
Office Salaries Expense 165,000.00 200,000.00
Sales Salaries Expense 240,000.00 280,000.00
Supplies Expense 26,000.00 35,000.00
Operating Income 185,000.00 103,000.00
Less: Interest Expense 44,000.00 46,000.00
Income Before Tax 141,000.00 57,000.00
Provision on Income Taxes 47,000.00 19,000.00
Net Income 94,000.00 38,000.00
I CAN MAKE IT CORPORATION
COMPARATIVE STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED DECEMBER 2020 AND 2019
2020 2019
ASSETS
Current Assets
Cash 79,000.00 42,000.00
Accounts Receivable 120,000.00 100,000.00
Merchandise Inventory 250,000.00 265,000.00
Short-term Investments 65,000.00 96,000.00
Total Current Assets 514,000.00 503,000.00

Noncurrent Assets
Buildings 625,000.00 675,000.00
Land 100,000.00 100,000.00
Office Equipment 45,000.00 50,000.00
Store Equipment 400,000.00 350,000.00
Total Noncurrent Assets 1,170,000.00 1,175,000.00

TOTAL ASSETS 1,684,000.00 1,678,000.00

LIABILITIES AND SHAREHOLDER'S EQUITY


Current Liabilities
Accounts Payable 164,000.00 190,000.00
Notes Payable - Trade 75,000.00 90,000.00
Taxes Payable 26,000.00 12,000.00
Total Current Liabilities 265,000.00 292,000.00

Noncurrent Liabilites
Notes Payable - Secures 400,000.00 420,000.00
Total Noncurrent Liabilities 400,000.00 420,000.00

Shareholder's Equity
Ordinary Shares 475,000.00 475,000.00
Retained Earnings 544,000.00 491,000.00
Total Shareholder's Equity 1,019,000.00 966,000.00

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 1,684,000.00 1,678,000.00


I CAN MAKE IT CORPORATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2020

Cash Flows from Operating Activities


Net Income 94,000.00
Depreciation 85,000.00
Operationg Income before working capitl changes 179,000.00
Increase in Accounts Receivable 20,000.00
Decrease in Merchandise Inventory 15,000.00
Net cash from operating activities 26,000.00
148,000.00
Cash Flows from Investing Activities
Purchase of store equipment 50,000.00
Net cash used in investing activities 50,000.00

Cash Flows from Financing Activities


Payment of note payable (secured) 20,000.00
Issuance of share capital 57,000.00
Dividends paid 16,000.00
Net cash used in financing activities 61,000.00

Net increase in cash 37,000.00


Cash at the beginning of the year 42,000.00

Cash at the end of the year 79,000.00

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