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    Minicase 2

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    TompelGEDE GT
    S&S Air, Inc. saw increases in sales, gross profit, net income, and retained earnings from 2021 to 2022. Total assets grew from $18.3 million to $20.6 million over this period. Current assets increased from $2.1 million to $2.3 million, while net fixed assets rose from $16.3 million to $18.3 million. Liabilities also increased, with current liabilities growing from $2.8 million to $2.9 million and long-term debt expanding from $5.1 million to $5.7 million.

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    Minicase 2

    Uploaded by

    TompelGEDE GT
    20 views2 pages
    S&S Air, Inc. saw increases in sales, gross profit, net income, and retained earnings from 2021 to 2022. Total assets grew from $18.3 million to $20.6 million over this period. Current assets increased from $2.1 million to $2.3 million, while net fixed assets rose from $16.3 million to $18.3 million. Liabilities also increased, with current liabilities growing from $2.8 million to $2.9 million and long-term debt expanding from $5.1 million to $5.7 million.

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    S&S Air, Inc. saw increases in sales, gross profit, net income, and retained earnings from 2021 to 2022. Total assets grew from $18.3 million to $20.6 million over this period. Current assets increased from $2.1 million to $2.3 million, while net fixed assets rose from $16.3 million to $18.3 million. Liabilities also increased, with current liabilities growing from $2.8 million to $2.9 million and long-term debt expanding from $5.1 million to $5.7 million.

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    20 views2 pages

    Minicase 2

    Uploaded by

    TompelGEDE GT
    S&S Air, Inc. saw increases in sales, gross profit, net income, and retained earnings from 2021 to 2022. Total assets grew from $18.3 million to $20.6 million over this period. Current assets increased from $2.1 million to $2.3 million, while net fixed assets rose from $16.3 million to $18.3 million. Liabilities also increased, with current liabilities growing from $2.8 million to $2.9 million and long-term debt expanding from $5.1 million to $5.7 million.

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    S&S Air ,Inc.

    % to
    Income Statement 2021 2022
    Sales

    Amount Amount
    Particulars
    ($ ) ($ )

    Sales    37,038,492 100.00%    41,483,111.04

    Cost of Goods Sold -27,629,530 -74.60% -30,945,073.60

    Gross Profit      9,408,962 25.40% 10,538,037.44

    Other Expenses     -4,696,692 -12.68%      -5,260,295.04

    Depreciation     -1,659,882 -4.48%      -1,859,067.84

    EBIT      3,052,388 8.24%       3,418,674.56

    Interest Expense        -580,078        -580,078.00

    Taxable Income      2,472,310       2,838,596.56

    Taxes @25%        -618,078        -709,649.14

    Net Income      1,854,232       2,128,947.42

    Dividends        -5,65,000 -30.47%        -648,708.09

    Addition to Retained
         1,289,232       1,480,239.33
    Earnings

    S&S Air ,Inc.

    Balance Sheet 2021 % to Sales 2022

    Amount Amount
    Assets
    ($ ) ($ )
    Cash       419,970 1.13%         470,366.40

    Account Receivable       674,475 1.82%         755,412.00

    Inventories       988,129 2.67%       1,106,704.48

       
    Total Current Assets 5.62%     2,332,482.88
    2,082,574

    Net Fixed Assets 16,305,556 44.0233%    18,262,222.72

    Total Assets 18,388,130 49.64600% 20,594,705.60

    Liabilities and Owners Equity

    Accounts Payable       854,685 2.31%         957,247.20

       
    Notes Payable       1 951,642.00
    1,951,642

       
    Total Current Liabilities     2 908,889.20
    2,806,327

       
    Long-Term Debt       5,723,774.07
    5,100,000

    Common Stock       410,000         410,000.00

    Retained Earnings 10,071,803    11,552,042.33

    Total Liab. and Owners Equity 18,388,130 20,594,705.60

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