THIS QUESTION IS FOR PERSONAL USE ONLY

MINI CASE Ed Cowan was recently hired by Tuxedo Air Inc. to assist the organization with its financial planning and to evaluate the organization's performance. Ed graduated from university six years ago with a finance degree. He has been employed in the finance department of a TSXIOO company since then. Tuxedo Air was founded 12 years ago bg friends Mark Taglor and Jack Rodwell. The organization manufactured and sold light airplanes over this period, and its products have received high reviews for safety and reliability. The organization has a niche market in that it sells primarilg to individuals who own and flg their own airplanes. The compang has two models; the Sparrow, which sells for $53,000, and the Vulture, which sells for $78,000. Although the company manufactures aircraft, its operations are different from commercial aircraft companies. Tuxedo Air builds aircraft to order. Bg using prefabricated parts, the organization can complete the manufacture of an airplane in only five weeks. The organization also receives a deposit on each order, as well as another partial payment before the order is complete. In contrast, a commercial airplane mag take one and one-half to two gears to manufacture once the order is placed. Mark and Jack have provided the following financial statements. Ed has gathered the industry ratios for the light airplane manufacturing industry