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Acme Corp. Prepared by:
Prior Year Financial Statements
January 31, 2008
Acme Corporation
Balance Sheet
December 31, 2012 and 2011
Assets 2012 2011
Current Assets:
Cash $ 1,015,000 $ 727,000
Accounts receivable, net 1,517,700 1,213,500
Inventories 556,000 249,000
Other current assets 280,000 353,500
Total current assets 3,368,700 2,543,000
Machinery and equipment 2,275,900 1,674,500
Motor vehicles 66,700 48,000
Office equipment 45,000 33,000
Leasehold improvements 197,500 181,500
Gross equipment and leasehold improvements 2,585,100 1,937,000
Less accumulated depreciation and amortization 1,375,000 965,500
Net value 1,210,100 971,500
Other assets 147,000 61,500
Total Assets $ 4,725,800 $ 3,576,000
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable 1,094,300 222,000
Accrued expenses 1,220,000 1,082,000
Other current liabilities 95,000 82,500
Total current liabilities 2,409,300 1,386,500
Stockholders' Equity
Common stock 394,500 394,500
Retained earnings 1,922,000 1,795,000
Total equity 2,316,500 2,189,500
Total liabilities and equity $ 4,725,800 $ 3,576,000
Acme Corporation
Statement of Income and Retained Earnings
For the Years Ended December 31, 2012, 2011, 2010
2012 2011 2010
Net Sales $ 9,358,000 $ 8,979,000 $ 7,340,600
Cost of Sales 7,521,000 6,725,500 5,505,600
Gross Margin 1,837,000 2,253,500 1,835,000
Selling, general and administrative expenses 1,625,000 1,516,500 1,213,000
Income before income taxes 212,000 737,000 622,000
Provision for income taxes 85,000 297,500 248,000
Net income $ 127,000 $ 439,500 $ 374,000
Retained earnings, beginning of year 1,795,000 1,355,500 981,500
Retained earnings, ending of year $ 1,922,000 $ 1,795,000 $ 1,355,500
Acme Corporation
Statement of Cash Flows
For the Years Ended December 31, 2012, 2011, 2010
2012 2011 2010
Cash flows from operating activities:
Net income $ 127,000 $ 439,500 $ 374,000
Adjustments
Depreciation Expense 409,500 97,000 87,000
(Increase) decrease in accounts receivable (304,200) (303,500) (250,000)
(Increase) decrease in inventories (307,000) (63,000) (50,000)
(Increase) decrease in other current assets 73,500 (88,500) 35,000
Increase (decrease) in accounts payable 872,300 123,000 (70,000)
Increase (decrease) in accrued expenses 138,000 255,000 (22,000)
Increase (decrease) in other current liabilities 12,500 8,500 11,000
Net cash provided by operating activities $ 1,021,600 $ 468,000 $ 115,000
Cash flows from investing activities:
Purchase of equipment & leasehold improvements $ (648,100) $ (272,500) $ (209,000)
Acquisition of other assets (85,500) (11,500) (18,000)
Net cash used in investing activities $ (733,600) $ (284,000) $ (227,000)
Net increase (decrease) in cash $ 288,000 $ 184,000 $ (112,000)
&L&F&R&A

PL1

Acme Corp. Prepared by:
Percentage Analysis - Planning
2012 Common Size Ratio 2011 Common Size Ratio $ %
$ $ CHG CHG
Current Assets:
Cash $ 1,015,000 21.5% $ 727,000 20.3% 288,000 39.6%
Accounts receivable, net 1,517,700 32.1% 1,213,500 33.9% 304,200 25.1%
Inventories 556,000 249,000 7.0%
Other current assets 280,000 353,500 9.9%
Total current assets 3,368,700 2,543,000 71.1%
Machinery and equipment 2,275,900 1,674,500 46.8%
Motor vehicles 66,700 48,000 1.3%
Office equipment 45,000 33,000 0.9%
Leasehold improvements 197,500 181,500 5.1%
Gross equipment & leasehold improve 2,585,100 1,937,000 54.2%
Less accumulated depr & amort 1,375,000 965,500 27.0%
Net value 1,210,100 971,500 27.2%
Other assets 147,000 3.1% 61,500 1.7% 85,500 139.0%
Total Assets $ 4,725,800 $ 3,576,000 100.0%
Current Liabilities:
Accounts payable 1,094,300 222,000 6.2%
Accrued expenses 1,220,000 1,082,000 30.3%
Other current liabilities 95,000 82,500 2.3%
Total current liabilities 2,409,300 1,386,500 38.8%
Stockholders' Equity
Common stock 394,500 394,500 11.0%
Retained earnings 1,922,000 1,795,000 50.2%
Total equity 2,316,500 2,189,500 61.2%
Total liabilities and equity $ 4,725,800 $ 3,576,000 100.0%
2012 Common Size Ratio 2011 Common Size Ratio $ %
$ $ CHG CHG
Net Sales $ 9,358,000 100.0% $ 8,979,000 100.0%
Cost of Sales 7,521,000 80.4% 6,725,500 74.9%
Gross Margin 1,837,000 19.6% 2,253,500 25.1%
Selling, general & administrative exp 1,625,000 17.4% 1,516,500 16.9%
Income before income taxes 212,000 2.3% 737,000 8.2%
Provision for income taxes 85,000 0.9% 297,500 3.3%
Net income $ 127,000 1.4% $ 439,500 4.9%
Audit Conclusions:
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PL2

Acme Corp. Prepared by:
Percentage Analysis - Planning
Industry Average 2012 2012 2011 2010
Acid Test Ratio =(cash + accounts receivable) / current liabilities (times) 1.7 1.4 1.5
Current Ratio =current assets / current liabilities (times) 3.1 1.8 1.9
Day's Sales in Receivables =accounts receivable / (net credit sales/365) (days) 40.0 59.2 49.3 45.2
Cost of Goods Sold to Inventory =cost of goods sold / average ending inventory (times) 38.0 39.7 47.5
Working Capital to Total Assets =(current assets - current liabilities) / total assets (percent) 30.0% 32.3% 33.0%
Debt to Equity = total liabilities / total stockholders' equity (times) 0.5 0.6 0.6
Long-term Debt to Equity = total long-term debt / total stockholders' equity (percent) 30.0% 0.0% 0.0%
Return on Assets = net income / average total assets (percent) 12.0% 14.0% 15.0%
Return on Equity = net income / average stockholders' equity (percent) 20.0% 22.0% 24.0%
Operating Profit to Sales = income before taxes / total sales (percent) 9.0% 8.2% 8.5%
Net Income to Sales = net income / total sales (percent) 5.0% 4.9% 5.1%
Sales to Accounts Receivable =total sales / average ending accounts receivable (times) 10.0 7.4 8.1
Sales to Inventory =total sales / average ending inventory (times) 30.0 36.1 39.5
Sales to Working Capital =total sales / (current assets - current liabilities) (times) 8.0 7.8 8.1
Sales to Fixed Assets =total sales / net fixed assets (times) 10.0 9.2 9.2
Audit Conclusions:
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