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

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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