D 1 Income Statements 23 3 Sales 4 COGS except depr. 5 Depreciation 2019 $3,432,000 2,864,000 18,900 2020 $5,834,400 4,980,000 2021Expected $7,035,600 5,800,000 116,960 120,000 6 Other Expenses 340,000 720,000 612,960 7 Total Operating Costs $3,222,900 $5,816,960 $6,532,960 8 EBIT $209,100 $17,440 $502,640 9 Interest Expense 62,500 176,000 10 EBT $146,600 ($158,560) 11 Taxes (40%) 58,640 12 Net Income $87,960 -63,424 ($95,136) 80,000 $422,640 169,056 $253,584 13 14 Other Data 2015 2016 2017E 15 Stock Price $8.50 $6.00 $12.17 16 Shares Outstanding 100,000 100,000 250,000 17 EPS $0.88 ($0.95) $1.01 18 DPS $0.22 $0.11 $0.22 19 Tax Rate 40% 40% 40% 20 Book Value Per Share $6.64 $5.58 $7.91 21 Lease Payments $40,000 $40,000 $40,000 22 23 24 1 Balance Sheets 23 3 Assets 4 Cash 5 Short-Term Investments. 6 Accounts Receivable 2019 2020 2021Expected $9,000 $7,282 $14,000 48,600 20,000 71,632 351,200 632,160 878,000 7 Inventories 715,200 1,287,360 1,716,480 8 Total Current Assets $1,124,000 $1,946,802 9 Gross Fixed Assets 491,000 1,202,950 $2,680,112 1,220,000 10 Less: Accumulated Depreciation 146,200 11 Net Fixed Assets $344,800 12 Total Assets 13 $1,468,800 $939,790 $2,886,592 263,160 $3,516,952 383,160 $836,840 14 Liabilities And Equity 2013 2014 2015e 15 Accounts Payable 16 Notes Payable 17 Accruals $145,600 $324,000 200,000 720,000 $359,800 300,000 136,000 284,960 380,000 18 Total Current Liabilities. $481,600 $1,328,960 19 Long-Term Debt 323,432 1,000,000 20 Common Stock (100,000 Shares) 460,000 460,000 2222222 21 Retained Earnings 203,768 97,632 $1,039,800 500,000 1,680,936 296,216 Total Equity $663,768 $557,632 $1,977,152 23 Total Liabilities And Equity $1,468,800 $2,886,592 $3,516,952 24 25 26 27