1H03 AB Income Statement.

Income Statement – 1H03 AB 1Chemalite, Inc.

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2Income Statement from January 1, 2003 to June 30, 2003 3 4 Sales$0 5Cost of Sales$0 6Gross Profit$0 7Depreciation Expenses$0 8Operating Expense($7,500) 9Net Income($7,500) 10 Cash Flows – 1H03 AB 1Chemalite, Inc. 2Cash Flows Statement from January 1, 2003 to June 30, 2003 3 4 Cash flows from Operating Activities 5 Cash collections$0 6Cash payments for purchases($75,000) 7Cash payments for operating expenses($7,500) 8Interest and taxes$0 9Total cash payments($82,500) 10Net cash provided by operating activities($82,500) 11 2 Cash flows from Investing 13 Purchase of hard assets (machinery)($62,500) 14Total Cash flows from investing($62,500) 15 16 Cash flows from Financing 17 Sale of stock$375,000 18Total cash flow from financing$375,000 19 20 Cash Summary 21 Cash on January 1, 2003$375,000 22Net Change in Cash($145,000) 23Cash on June 30, 2003$230,000 24 Balance Sheet – 1H03 AB 1Chemalite, Inc. 2Balance Sheet for June 30, 2003 3 4 Assets 5 Current Assets 6 Cash$230,000 7Accounts Receivable$0 8Inventory$75,000 9Total current assets$305,000 10 11 Fixed Assets 12 Equipment$62,500 13Patent$125,000 4Total fixed assets$187,500 15Intangible assets$0 16Total assets$492,500 17 18 Liabilities and Shareholders Equity 19 Liabilities 20 Current Liabilities 21 Accounts payable$0 22Taxes payable$0 23Total Current Liabilities$0 24 25 Long-term liabilities 26 Long-term loans$0 27Total liabilities$0 28 29 Shareholders’ Equity 30 Common Stock$500,000 31Retained Earnings($7,500) 32Total shareholders’ equity$492,500 33Total liabilities and shareholders’ equity$492,500 34 Income Statement – 2003 AB 1Chemalite, Inc. 2Income Statement for the year ending Deceber 31, 2003 3 4 Sales$754,500 Cost of Sales 6 Materials($195,000) 7Manufacturing($350,000) 8Total COGS($545,000) 9Gross Profit$209,500 10Gross Margin28% 11Depreciation Expense($25,000) 12Operating Expense($133,750) 13Operating Income$50,750 14Interest Expense($750) 15Net Income before Taxes$50,000 16Income Taxes 17 Net Income after Taxes$50,000 18 Balance Sheet – 2003 AB 1Chemalite, Inc. 2Balance Sheet for the year ending Deceber 31, 2003 3 4 Assets 5 Current Assets 6 Cash$113,000 7Accounts Receivable$69,500 8Inventory$55,000 9Total current assets$237,500 10 11 Fixed Assets 12 Equipment$212,500 3Patent$100,000 14Total fixed assets$312,500 15Intangible assets$0 16Total assets$550,000 17 18 Liabilities and Shareholders Equity 19 Liabilities 20 Current Liabilities 21 Accounts payable$0 22Taxes payable$0 23Total Current Liabilities$0 24 25 Long-term liabilities 26 Long-term loans$0 27Total liabilities$0 28 29 Shareholders’ Equity 30 Common Stock$500,000 31Retained Earnings$50,000 32Total shareholders’ equity$550,000 33Total liabilities and shareholders’ equity$550,000 34 Cash Flows – 2003 AB 1Chemalite, Inc. 2Cash Flows Statement for the year ending Deceber 31, 2003 3 Cash flows from Operating Activities 5 Cash collections$685,000 6Cash payments for purchases($600,000) 7Cash payments for operating expenses($133,750) 8Interest($750) 9Tax$0 10Total cash payments($734,500) 11Net cash provided by operating activities($49,500) 12 13 Cash flows from Investing 14 Purchase of hard assets (machinery)($212,500) 15Total Cash flows from investing($212,500) 16 17 Cash flows from Financing 18 Sale of stock$375,000 19Total cash flow from financing$375,000 20 21 Cash Summary 22 Net Change in Cash$113,000 23Cash on January 1, 2003$0 24Cash on June 30, 2003$113,000 25