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.
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.
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.
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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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
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
