Problem IV - Ihaveseenthisbefore, Inc.

Problem IV - Ihaveseenthisbefore, Inc. -
Using the following ratios for Ihaveseenthisbefore, Inc. complete the balance sheet and income statement for 2002.
Profit Margin	10%
Times interest earned	6	Times
Receivable turnover	5	Times
Acid test ratio	3:1
Current Ratio	4:1
Debt to total assets ratio	40%

Ihaveseenthisbefore, Inc.
Balance sheet
As of December 31,
	2002	2001
Assets
Cash	30000	15000
Marketable securities	25000	20000
Accounts receivable		15000
Inventory		30000
PPE - net	210000	170000
Total Assets		250000

Liabilities and stockholder's equity
Accounts Payable		10000
Short term notes payable	25000	15000
Bonds Payable		40000
Common Stock	172000	145000
Retained earninings	50000	40000
Total Liabilities and stockholder's equity		250000

Ihaveseenthisbefore, Inc.
Income Statement
For the year ended December 31, 2002
Net Sales		200000
Cost of goods sold		105000
Gross profit		95000
Expenses
Depreciation expense
Interest expense	5000
Selling expense	7000
Administrative expense	13000
Total expenses
Income before income tax
Income tax expense
Net Income

Problem IV - Ihaveseenthisbefore, Inc.

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