Practice 2 - Teddy Thotz'n'OneKind

Refer to the case study on Teddy Thotz'n'OneKind.

Assume that Job Goh and George Wong report current annual sales at approximately $50,000 and disclose the following income statement and balance sheet for the fiscal year ended July 31 2015.

 

Jon and George sell to various individuals and retailers, ranging from small shops to large chains. They assume that net sales are expected to grow at a rate of 10% for the next year. Assume that cost of sales, all asset items and accounts payable varies directly with sales.

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Income Statement for the Year Ended July 31 2015

TeddyThotz'n'OneKind - Income Statement as at 31 July 2015
% of Sales
Teddy Thotz'n'OneKind - Balance Sheet as at 31 July 2015
Assets
% of Sales
Current Assets
Fixed Assets
 
Liabilities and Owner's Equity
% of Sales
Current Liabilities
Owner's Equity
 

Pro-Forma Income Statement

Teddy Thotz'n'OneKind - Pro-Forma Income Statement 2016
RTeddy Thotz'n'OneKind - Balance Sheet 2015 & 2016 (Pro-Forma)
Assets
Current Assets
2015
2016
Change
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{{ displayNumbers(validateNumbers(userAnswers.answer_2013_8a) +validateNumbers(userAnswers.answer_2013_9a) +validateNumbers(userAnswers.answer_2013_10a) +0)}}
Fixed Assets
 
 
Liabilities and Owner's Equity
Current Liabilities
2015
2016
Change
Owner's Equity