Tax- 700 FINAL

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Trial Balance

Chester, Inc.
Trial Balances for years ending December 31, 2013, 2014 and 2015
				Increase /(Decrease)
Account Description	2,013	2014	2015	2014	2015
Cash on Hand	$2,483	$2,459	$2,511
Checking Account - Operating	247,646	252,858	243,892
MMKT Accounts	806,288	983,161	1,205,563
Investments - Trading	6,935,712	6,850,198	6,978,923	(85,514)	128,725
Accounts Receivable	20,513,628	56,472,091	49,042,528	35,149,297	(7,984,424)
Allowance for Doubtful Accounts	(1,578,525)	(2,387,691)	(2,942,552)
Other Receivables	0	1,400,000	1,200,000	1,400,000	(200,000)
Inventory	23,531,507	75,351,471	65,990,780	43,448,861	(7,783,113)
Reserve for Inventory Obsolescence	(3,765,000)	(12,136,103)	(10,558,525)
Prepaid Insurance	1,829,143	2,830,474	2,667,722	1,001,331	(162,752)
Prepaid Rent	250,000	- 0	- 0	(250,000)	- 0
Office Supplies	9,259	9,565	9,182	306	(383)
Land	146,250	131,040	131,040
Buildings and Land Improvements	779,882	698,775	833,775
Machinery, Equipment, Office Furniture	541,522	3,280,589	3,280,589
Accum. Depreciation	(205,000)	(786,102)	(1,403,257)
Other Noncurrent Assets	67,301	- 0	- 0
Accounts Payable	(8,934,591)	(19,488,866)	(12,850,648)	10,554,275	(6,638,218)
Wages Payable	(36,838)	(264,513)	(198,384)	227,675	(66,129)
FICA Employee Withholding	(1,648)	(9,452)	(7,089)	7,804	(2,363)
Medicare Withholding	(730)	(12,785)	(9,589)	12,055	(3,196)
Federal Payroll Taxes Payable	(7,541)	(132,256)	(99,192)	124,715	(33,064)
State Payroll Taxes Payable	(3,519)	(61,630)	(46,200)	58,111	(15,430)
FICA Employer Withholding	(1,648)	(9,452)	(7,089)	7,804	(2,363)
Medicare Employer Withholding	(730)	(12,785)	(9,589)	12,055	(3,196)
Income Taxes Receivable/Payable	0	(3,205,440)	(6,011,540)	3,205,440	2,806,100
Line of Credit	(12,500,000)	(52,231,360)	(47,481,737)	39,731,360	(4,749,623)
Current Portion LT Note Payable	0	(677,640)	(721,480)	677,640	43,840
Interest payable	0	(470,311)	(568,429)	470,311	98,118
Bonuses payable	0	(504,000)	(459,000)	504,000	(45,000)
Dividend payable	(6,000,000)	(15,250,000)	(15,000,000)	9,250,000	(250,000)
Long-Term Note Payable		(12,762,360)	(12,040,880)
Common Stock	(10,131,250)	(10,131,250)	(10,131,250)
Paid-in Capital	(9,278,750)	(9,278,750)	(9,278,750)
Retained Earnings (Beginning Balance)	(2,773,900)	(3,214,851)	(8,449,935)
Dividends	6,000,000	15,250,000	15,000,000
Sales	(307,716,148)	(271,839,067)	(288,876,206)
Sales Returns	5,621,979	12,432,247	23,110,096
Income from Investments	(665,079)	(658,672)	(549,387)
Unrealized (Gains) and Losses - Investments	64,288	85,514	(128,725)
Interest Income	(255,379)	(147,707)	(142,168)
Cost of Goods Sold	176,961,437	161,029,981	179,103,248
Administrative Wages Expense	21,094,132	18,344,399	19,706,506
Advertising Expense	1,121,425	1,161,276	1,058,391
Auto Expenses	261,218	235,763	214,001
Bad Debt Expense	2,028,032	5,875,403	13,900,800
Bonus Expense	0	504,000	459,000
Depreciation Expense	166,250	581,102	617,155
Freight	5,378,689	4,749,095	4,325,068
Insurance Expense	1,067,428	1,045,085	951,774
Legal and Professional Expense	4,506,417	11,037,039	8,987,069
Maintenance Expense	76,420	96,020	87,641
Miscellaneous Office Expense	21,279	27,803	25,390
Payroll Tax Expense	1,938,736	1,767,149	1,609,342
Pension/Profit-Sharing Plan Ex	3,750,000	3,696,000	3,366,000
Phone	95,467	57,911	53,651
Postal	160,042	87,140	79,360
Property Tax Expense	100,619	110,252	101,319
Rent or Lease Expense	3,254,357	1,370,273	2,230,615
Research and Development	38,639,554	532,425	3,080,313
Utilities	169,554	170,765	155,600
Warehouse Salaries	5,791,730	5,848,120	5,270,689
Warranty Expense	1,375,352	1,297,104	1,422,381
Interest Expense	1,093,750	3,373,056	2,942,147
Income Tax Expense - Federal	2,956,250	14,142,240	7,269,540
Income Tax Expense - State	536,250	2,503,200	1,258,000
Loss on Legal Settlement	23,965,000	- 0	- 0

Income Statement

Use this worksheet to prepare a Multi-step Income Statement to include EPS
	Check Figures:
	2015 Net Income	$ 8,311,390
	2014 Gross Profit	$ 98,376,839
	2013 Total Expenses	$ 90,996,701
	Chester, Inc.
	Income Statement
	For the Year Ending December 31,
		2013	2014	2015
	Revenue:
	Net sales	302,094,169	259,406,820	265,766,110
	Less: Cost of Goods Sold	176,961,437	161,029,981	179,103,248
	Gross Profit	125,132,732	98,376,839	86,662,862
	Less: Expenses
	Administrative Wages Expense	21,094,132	18,344,399	19,706,506
	Advertising Expense	1,121,425	1,161,276	1,058,391
	Auto Expenses	261,218	235,763	214,001
	Bad Debt Expense	2,028,032	5,875,403	13,900,800
	Bonus Expense	- 0	504,000	459,000
	Depreciation Expense	166,250	581,102	617,155
	Freight	5,378,689	4,749,095	4,325,068
	Insurance Expense	1,067,428	1,045,085	951,774
	Legal and Professional Expense	4,506,417	11,037,039	8,987,069
	Maintenance Expense	76,420	96,020	87,641
	Miscellaneous Office Expense	21,279	27,803	25,390
	Payroll Tax Expense	1,938,736	1,767,149	1,609,342
	Pension/Profit-Sharing Plan Ex	3,750,000	3,696,000	3,366,000
	Phone	95,467	57,911	53,651
	Postal	160,042	87,140	79,360
	Property Tax Expense	100,619	110,252	101,319
	Rent or Lease Expense	3,254,357	1,370,273	2,230,615
	Research and Development	38,639,554	532,425	3,080,313
	Utilities	169,554	170,765	155,600
	Warehouse Salaries	5,791,730	5,848,120	5,270,689
	Warranty Expense	1,375,352	1,297,104	1,422,381
	Total Expenses	90,996,701	58,594,124	67,702,065
	Net Operating Income	34,136,031	39,782,715	18,960,797
	Add: Other Income
	Income from Investments	600,791	573,158	678,112
	Interest Income	255,379	147,707	142,168
	Less: Other Expenses
	Interest Expense	1,093,750	3,373,056	2,942,147
	Loss on Legal Settlement	23,965,000	- 0	- 0
	Net Income Before Income Tax	9,933,451	37,130,524	16,838,930
	Less: Income Tax Expenses
	Income Tax Expense - Federal	2,956,250	14,142,240	7,269,540
	Income Tax Expense - State	536,250	2,503,200	1,258,000
	Net Income	6,440,951	20,485,084	8,311,390

Statement of Retained Earnings

Use this worksheet to complete a Statement of Retained Earnings
Check Figures:
2015 Shareholders' Equity	$ 21,171,325
2014 Shareholders' Equity	$ 27,859,935
2013 Shareholders' Equity	$ 22,624,851
Chester, Inc.
Statement of Retained Earnings for years ending December 31,
	2013	2014	2015
Opening balance	2,773,900	3,214,851	8,449,935
Add: Net income during the year	6,440,951	20,485,084	8,311,390
Less: Dividend	6,000,000	15,250,000	15,000,000
Closing balance	3,214,851	8,449,935	1,761,325
Chester, Inc.
Shareholder's Equity As on December 31,
	2013	2014	2015
Common Stock	10,131,250	10,131,250	10,131,250
Paid-in Capital	9,278,750	9,278,750	9,278,750
Retained Earnings	3,214,851	8,449,935	1,761,325
Total Stockholder's Equity	22,624,851	27,859,935	21,171,325

Balance Sheet

Use this worksheet to complete a Classified Balance Sheet
Check Figures:
2015 Total Current Assets	$ 113,840,024
2014 Current Liabilities	$ 92,330,490
2013 Total Assets	$ 50,112,096
Chester, Inc.
Balance Sheet
As on December 31,
	2013	2014	2015
Assets
Current assets:
Cash on Hand	2,483	2,459	2,511
Checking Account - Operating	247,646	252,858	243,892
MMKT Accounts	806,288	983,161	1,205,563
Accounts Receivable	20,513,628	56,472,091	49,042,528
Other Receivables	- 0	1,400,000	1,200,000
Allowance for Doubtful Accounts	(1,578,525)	(2,387,691)	(2,942,552)
Inventory	23,531,507	75,351,471	65,990,780
Reserve for Inventory Obsolescence	(3,765,000)	(12,136,103)	(10,558,525)
Prepaid Insurance	1,829,143	2,830,474	2,667,722
Prepaid Rent	250,000	- 0	- 0
Office Supplies	9,259	9,565	9,182
Investments - Trading	6,935,712	6,850,198	6,978,923
Total current assets	48,782,141	129,628,483	113,840,024
Fixed assets:
Land	146,250	131,040	131,040
Buildings and Land Improvements	779,882	698,775	833,775
Machinery, Equipment, Office Furniture	541,522	3,280,589	3,280,589
Accum. Depreciation	(205,000)	(786,102)	(1,403,257)
Other Noncurrent Assets	67,301	- 0	- 0
Total fixed assets	1,329,955	3,324,302	2,842,147
Total Assets	50,112,096	132,952,785	116,682,171
Liabilities
Current liabilities:
Accounts Payable	8,934,591	19,488,866	12,850,648
Wages Payable	36,838	264,513	198,384
FICA Employee Withholding	1,648	9,452	7,089
Medicare Withholding	730	12,785	9,589
Federal Payroll Taxes Payable	7,541	132,256	99,192
State Payroll Taxes Payable	3,519	61,630	46,200
FICA Employer Withholding	1,648	9,452	7,089
Medicare Employer Withholding	730	12,785	9,589
Income Taxes Receivable/Payable	- 0	3,205,440	6,011,540
Line of Credit	12,500,000	52,231,360	47,481,737
Current Portion Long-Term Debt	- 0	677,640	721,480
Interest payable	- 0	470,311	568,429
Bonuses payable	- 0	504,000	459,000
Dividend payable	6,000,000	15,250,000	15,000,000
Total current liabilities	27,487,245	92,330,490	83,469,966
Long Term Liabilities:
Long Term Notes Payable	- 0	12,762,360	12,040,880
Total Long Term Liabilities	- 0	12,762,360	12,040,880
Total Liabilities	27,487,245	105,092,850	95,510,846
Stockholder's Equity
Common Stock	10,131,250	10,131,250	10,131,250
Paid-in Capital	9,278,750	9,278,750	9,278,750
Retained Earnings	3,214,851	8,449,935	1,761,325
Total Stockholder's Equity	22,624,851	27,859,935	21,171,325
Total liabilities and Stockholder's Equity	50,112,096	132,952,785	116,682,171

Statement of Cash Flows

Use this Worksheet to complete a Statement of Cash Flows
	Check Figures:
2015 Net Cash from Operating Activities	$ 20,775,751
2014 Net Cash from Investing Activities	$ (2,575,449)
2015 Net Increase (Decrease) in Cash	$ 213,488
Chester, Inc.
Statement of Cash flows
For the Year Ending December 31,
	2014	2015
Cash flows from operating activities
Net profit	20,485,084	8,311,390
Add/Less:
Depreciation Expense	581,102	617,155
Investment - Trading	85,514	(128,725)
Accounts Receivable	(35,149,297)	7,984,424
Other Receivables	(1,400,000)	200,000
Inventory	(43,448,861)	7,783,113
Prepaid Insurance	(1,001,331)	162,752
Prepaid Rent	250,000
Office Supplies	(306)	383
Accounts Payable	10,554,275	(6,638,218)
Wages Payable	227,675	(66,129)
FICA Employee Withholding	7,804	(2,363)
Medicare Withholding	12,055	(3,196)
Federal Payroll Taxes Payable	124,715	(33,064)
State Payroll Taxes Payable	58,111	(15,430)
FICA Employer Withholding	7,804	(2,363)
Medicare Employer Withholding	12,055	(3,196)
Income Taxes Receivable/Payable	3,205,440	2,806,100
Interest payable	470,311	98,118
Bonuses payable	504,000	(45,000)
Dividend payable	9,250,000	(250,000)
Net cash flows from operating activities	(35,163,850)	20,775,751
Cash flow from investing activities
Purchases of Machinery, Equipment, Office Furniture	(2,739,067)	- 0
Purchases of Buildings and Land Improvements	- 0	(135,000)
Sale Proceeds of Other Non Current Assets	67,301	- 0
Sale Proceeds of	81,107	- 0
Sale Proceeds of land	15,210	- 0
Net Cash flow from investing activities	(2,575,449)	(135,000)
Cash flows from financing activities
Dividend Paid	(15,250,000)	(15,000,000)
Long Term Notes Payable	12,762,360	- 0
Repayment of Long Term Notes Payable	- 0	(721,480)
Line of Credit	39,731,360	(4,749,623)
Current Portion LT Note Payable	677,640	43,840
Net Cash flows from financing activities	37,921,360	(20,427,263)
Net changes in cashflows during the year	182,061	213,488
Opening balance	1,056,417	1,238,478
Closing balance	1,238,478	1,451,966

BS Analysis

Vertical Analysis of Balance Sheet				Horizontal Analysis of Balance Sheet
Chester, Inc.				Chester, Inc.
Vertical Analysis of Balance Sheet				Horizontal Analysis of Balance Sheet
As on December 31, 200__				As on December 31, 200__
	2013	2014	2015		2014	2015
Assets				Assets
Current assets:				Current assets:
Cash on Hand	0.00%	0.00%	0.00%	Cash on Hand	-0.97%	2.11%
Checking Account - Operating	0.49%	0.19%	0.21%	Checking Account - Operating	2.10%	-3.55%
MMKT Accounts	1.61%	0.74%	1.03%	MMKT Accounts	21.94%	22.62%
Accounts Receivable	40.94%	42.48%	42.03%	Accounts Receivable	175.29%	-13.16%
Other Receivables	0.00%	1.05%	1.03%	Other Receivables	0.00%	-14.29%
Allowance for Doubtful Accounts	-3.15%	-1.80%	-2.52%	Allowance for Doubtful Accounts	51.26%	23.24%
Inventory	46.96%	56.68%	56.56%	Inventory	220.22%	-12.42%
Reserve for Inventory Obsolescence	-7.51%	-9.13%	-9.05%	Reserve for Inventory Obsolescence	222.34%	-13.00%
Prepaid Insurance	3.65%	2.13%	2.29%	Prepaid Insurance	54.74%	-5.75%
Prepaid Rent	0.50%	0.00%	0.00%	Prepaid Rent	-100.00%	0.00%
Office Supplies	0.02%	0.01%	0.01%	Office Supplies	3.30%	-4.00%
Investments - Trading	13.84%	5.15%	5.98%	Investments - Trading	-1.23%	1.88%
Total current assets	97.35%	97.50%	97.56%	Total current assets	165.73%	-12.18%
Fixed assets:				Fixed assets:
Land	0.29%	0.10%	0.11%	Land	-10.40%	0.00%
Buildings and Land Improvements	1.56%	0.53%	0.71%	Buildings and Land Improvements	-10.40%	19.32%
Machinery, Equipment, Office Furniture	1.08%	2.47%	2.81%	Machinery, Equipment, Office Furniture	505.81%	0.00%
Accum. Depreciation	-0.41%	-0.59%	-1.20%	Accum. Depreciation	283.46%	78.51%
Other Noncurrent Assets	0.13%	0.00%	0.00%	Other Noncurrent Assets	-100.00%	0.00%
Total fixed assets	2.65%	2.50%	2.44%	Total fixed assets	149.96%	-14.50%
Total Assets	100.00%	100.00%	100.00%	Total Assets	165.31%	-12.24%
Liabilities				Liabilities
Current liabilities:				Current liabilities:
Accounts Payable	17.83%	14.66%	11.01%	Accounts Payable	118.13%	-34.06%
Wages Payable	0.07%	0.20%	0.17%	Wages Payable	618.04%	-25.00%
FICA Employee Withholding	0.00%	0.01%	0.01%	FICA Employee Withholding	473.54%	-25.00%
Medicare Withholding	0.00%	0.01%	0.01%	Medicare Withholding	1651.37%	-25.00%
Federal Payroll Taxes Payable	0.02%	0.10%	0.09%	Federal Payroll Taxes Payable	1653.83%	-25.00%
State Payroll Taxes Payable	0.01%	0.05%	0.04%	State Payroll Taxes Payable	1651.35%	-25.04%
FICA Employer Withholding	0.00%	0.01%	0.01%	FICA Employer Withholding	473.54%	-25.00%
Medicare Employer Withholding	0.00%	0.01%	0.01%	Medicare Employer Withholding	1651.37%	-25.00%
Income Taxes Receivable/Payable	0.00%	2.41%	5.15%	Income Taxes Receivable/Payable	0.00%	87.54%
Line of Credit	24.94%	39.29%	40.69%	Line of Credit	317.85%	-9.09%
Current Portion Long-Term Debt	0.00%	0.51%	0.62%	Current Portion Long-Term Debt	0.00%	6.47%
Interest payable	0.00%	0.35%	0.49%	Interest payable	0.00%	20.86%
Bonuses payable	0.00%	0.38%	0.39%	Bonuses payable	0.00%	-8.93%
Dividend payable	11.97%	11.47%	12.86%	Dividend payable	154.17%	-1.64%
Total current liabilities	54.85%	69.45%	71.54%	Total current liabilities	235.90%	-9.60%
Long Term Liabilities:				Long Term Liabilities:
Long Term Notes Payable	0.00%	9.60%	10.32%	Long Term Notes Payable	0.00%	-5.65%
Total Long Term Liabilities	0.00%	9.60%	10.32%	Total Long Term Liabilities	0.00%	-5.65%
Total Liabilities	54.85%	79.05%	81.86%	Total Liabilities	282.33%	-9.12%
Stockholder's Equity				Stockholder's Equity
Common Stock	20.22%	7.62%	8.68%	Common Stock	0.00%	0.00%
Paid-in Capital	18.52%	6.98%	7.95%	Paid-in Capital	0.00%	0.00%
Retained Earnings	6.42%	6.36%	1.51%	Retained Earnings	162.84%	-79.16%
Total Stockholder's Equity	45.15%	20.95%	18.14%	Total Stockholder's Equity	23.14%	-24.01%
Total liabilities and Stockholder's Equity	100.00%	100.00%	100.00%	Total liabilities and Stockholder's Equity	165.31%	-12.24%

IS Analysis

Complete a Horizontal and Vertical Analysis of the Income Statement in this worksheet.
Vertical Analysis of Income statement				Horizontal Analysis of Income statement
Chester, Inc.				Chester, Inc.
Vertical Analysis of Income statement				Horizontal Analysis of Income statement
For the Year Ending December 31, 20__				For the Year Ending December 31,20__
	2013	2014	2015		2014	2015
Revenue:				Revenue:
Net sales	100.00%	100.00%	100.00%	Net sales	-14.13%	2.45%
Less: Cost of Goods Sold	58.58%	62.08%	67.39%	Less: Cost of Goods Sold	-9.00%	11.22%
Gross Profit	41.42%	37.92%	32.61%	Gross Profit	-21.38%	-11.91%
Less: Expenses				Less: Expenses
Administrative Wages Expense	6.98%	7.07%	7.41%	Administrative Wages Expense	-13.04%	7.43%
Advertising Expense	0.37%	0.45%	0.40%	Advertising Expense	3.55%	-8.86%
Auto Expenses	0.09%	0.09%	0.08%	Auto Expenses	-9.74%	-9.23%
Bad Debt Expense	0.67%	2.26%	5.23%	Bad Debt Expense	189.71%	136.59%
Bonus Expense	0.00%	0.19%	0.17%	Bonus Expense	0.00%	-8.93%
Depreciation Expense	0.06%	0.22%	0.23%	Depreciation Expense	249.54%	6.20%
Freight	1.78%	1.83%	1.63%	Freight	-11.71%	-8.93%
Insurance Expense	0.35%	0.40%	0.36%	Insurance Expense	-2.09%	-8.93%
Legal and Professional Expense	1.49%	4.25%	3.38%	Legal and Professional Expense	144.92%	-18.57%
Maintenance Expense	0.03%	0.04%	0.03%	Maintenance Expense	25.65%	-8.73%
Miscellaneous Office Expense	0.01%	0.01%	0.01%	Miscellaneous Office Expense	30.66%	-8.68%
Payroll Tax Expense	0.64%	0.68%	0.61%	Payroll Tax Expense	-8.85%	-8.93%
Pension/Profit-Sharing Plan Ex	1.24%	1.42%	1.27%	Pension/Profit-Sharing Plan Ex	-1.44%	-8.93%
Phone	0.03%	0.02%	0.02%	Phone	-39.34%	-7.36%
Postal	0.05%	0.03%	0.03%	Postal	-45.55%	-8.93%
Property Tax Expense	0.03%	0.04%	0.04%	Property Tax Expense	9.57%	-8.10%
Rent or Lease Expense	1.08%	0.53%	0.84%	Rent or Lease Expense	-57.89%	62.79%
Research and Development	12.79%	0.21%	1.16%	Research and Development	-98.62%	478.54%
Utilities	0.06%	0.07%	0.06%	Utilities	0.71%	-8.88%
Warehouse Salaries	1.92%	2.25%	1.98%	Warehouse Salaries	0.97%	-9.87%
Warranty Expense	0.46%	0.50%	0.54%	Warranty Expense	-5.69%	9.66%
Total Expenses	30.12%	22.59%	25.47%	Total Expenses	-35.61%	15.54%
Net Operating Income	11.30%	15.34%	7.13%	Net Operating Income	16.54%	-52.34%
Add: Other Income				Add: Other Income
Income from Investments	0.20%	0.22%	0.26%	Income from Investments	-4.60%	18.31%
Interest Income	0.08%	0.06%	0.05%	Interest Income	-42.16%	-3.75%
Less: Other Expenses				Less: Other Expenses
Interest Expense	0.36%	1.30%	1.11%	Interest Expense	208.39%	-12.78%
Loss on Legal Settlement	7.93%	0.00%	0.00%	Loss on Legal Settlement	-100.00%	ERROR:#DIV/0!
Net Income Before Income Tax	3.29%	14.31%	6.34%	Net Income Before Income Tax	273.79%	-54.65%
Less: Income Tax Expenses				Less: Income Tax Expenses
Income Tax Expense - Federal	0.98%	5.45%	2.74%	Income Tax Expense - Federal	378.38%	-48.60%
Income Tax Expense - State	0.18%	0.96%	0.47%	Income Tax Expense - State	366.80%	-49.74%
Net Income	2.13%	7.90%	3.13%	Net Income	218.04%	-59.43%

Ratios

Calculate and Present at least three Liquidity, Solvency and Profitability Ratios in this Worksheet
			2013			2014			2015			Under Amour	Industry Average
			Amounts (in '000)		Answer	Amounts (in '000)		Answer	Amounts (in '000)		Answer
Liquidity ratios
Current Ratio	Current Assets	=	$ 48,782,141.00	=	1.77	$ 129,628,483.00	=	1.40	$ 113,840,024.00	=	1.36	3.13	3.03
	Current Liabilities		$ 27,487,245.00			$ 92,330,490.00			$ 83,469,966.00
Quick Ratio	Quick Assets *		$ 26,936,491.00	=	0.98	$ 63,582,641.00	=	0.69	$ 2,792,200.00	=	0.03	1.18	0.46
	Current Liabilities		$ 27,487,245.00			$ 92,330,490.00			$ 83,469,966.00
Working Capital	Current Assets - Current Liabilities	=	$48,782,141 - $27,487,245	=	$ 21,294,896.00	$129,628,483 - $92,330,490	=	$ 37,297,993.00	$113,840,024 - $83,469,966	=	$ 30,370,058.00
Solvency Ratios
Equity	Total Equity		$ 22,624,851.00		45.1%	$ 27,859,935.00		21%	$ 21,171,325.00		18%
Ratio	Total Assets		$ 50,112,096.00			$ 132,952,785.00			$ 116,682,171.00
Debt to	Total Liabilities		$ 27,487,245.00		0.55	$ 105,092,850.00		0.79	$ 95,510,846.00		0.82	0.38	0.31
Equity	Total Equity		$ 50,112,096.00			$ 132,952,785.00			$ 116,682,171.00
Times interest	EBIT*		$ 11,027,201.00		10.08	$ 40,503,580.00		12.01	$ 19,781,077.00		6.72	27.43
Earned	Interest expense		$ 1,093,750.00			$ 3,373,056.00			$ 2,942,147.00
Profitability Ratios
Net Profit	Net Income		$ 6,440,951.00		2.1%	$ 20,485,084.00		7.9%	$ 8,311,390.00		3.1%	5.87%	8.73%
Margin (%)	Sales		$ 302,094,169.00			$ 259,406,820.00			$ 265,766,110.00
Gross Profit	Gross Profit		$ 125,132,732.00		41.4%	$ 98,376,839.00		37.9%	$ 86,662,862.00		32.6%	48.08%	49.89%
on Sales (%)	Sales		$ 302,094,169.00			$ 259,406,820.00			$ 265,766,110.00
Return	Net Income		$ 6,440,951.00		12.9%	$ 20,485,084.00		15.4%	$ 8,311,390.00		7.1%	15.41%
on Equity (%)	Total Equity		$ 50,112,096.00			$ 132,952,785.00			$ 116,682,171.00