Form 1120 and the Schedule L

statements-1.xls

JIM Cost of Goods Manuf

Jefferson Industrial Machine
Cost of Goods Manufactured - Consolidated
	2015	"000" Omitted
	Activity
	Beginning balance of Work in Process 1/1/15			$4,940
	Manufacturing cost for the period:
	Raw material
	Beginning balance of raw material, 1/1/15	$2,470
	Purchases of Raw Materials	20,583
	Raw materials available	$23,053
	Ending balance	-1,647
	Total raw materials used		$21,406
	Direct Labor Factory		4,117
	Variable overhead
	Indirect labor	8,233
	Supplies	4,117	12,350
	Fixed overhead
	Supervisor's salary	417
	Utilities	999
	Factory property taxes	216
	Factory assets depreciation	4,450
	Factory insurance	2,165	8,247
	Total current period manufacturing costs			46,120
	Total cost to account for			$51,060
	Ending work in process, 12/31/15			-2,744
	Cost of goods manufactured			$48,315
Jefferson Industrial Machine
Cost of Goods Sold - Consolidated
	Beginning finished goods, 1/1/15			$7,135
	Cost of goods manufactured			48,315
	Cost of goods available for sale			$55,451
	Ending finished goods, 12/31/15			-6,061
	Cost of goods sold			$49,390

Jefferson Industrial Machine
Balance Sheet - Consolidated
31-Dec-15
(dollars in thousands)
ASSETS
Current assets:
Cash	$7,948
Accounts receivable, net	10,992
Inventory	10,452
Prepaid expenses	1,009
Total current assets	$30,401
Property and equipment:
Land	3,703
Plant and equipment	45,581
Total property and equipment	49,283
TOTAL ASSETS	$79,684
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$17,183
Notes payable, short term	2,470
Total current liabilities	$19,653
Long-term liabilities:
Bonds payable, 8%	7,400
Total liabilities	$27,053
Stock holder' equity:
Common stock	42,288
Retained earnings	10,343
Total stockholders' equity	$52,631
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$79,684

Jefferson Industrial Machine
Income Statement - Consolidated
For Year Ending December 31, 2015
(dollars in thousands)
INCOME
Sales	$68,610
Cost of goods sold	-49,390
Gross margin	$19,220
Interest on checking account	7
TOTAL INCOME	$19,227
OPERATING EXPENSES
Compensation of Officers	$624
Salaries	1,520
FICA	180
FUTA and SUTA	170
Advertising expenses	3,826
State income taxes	400
Administrative expenses	2,844
Bad debt expense	333
Headquarters’ property tax	15
Charitable contributions	13
TOTAL OPERATING EXPENSES	$9,925
Net operating income	$9,302
Interest Expense	34
NET INCOME BEFORE TAXES	$9,268
Federal tax expense	3,151
NET INCOME	$6,117
Administrative expenses include:
Repairs and maintenance	$1,554,000
Rents	$120,000
Depreciation	$520,000
Pension, profit-sharing	$350,000
Employee Benefit Programs	$300,000

Jefferson Industrial Machine
Statement of Cash Flows - Consolidated
For Year Ending December 31, 2015
(dollars in thousands)
Cash sales		$35,836
Cash payments:
For inventory:
Raw materials	$20,583
Direct labor	4,117
Total operating expense	9,182
Total cash payments	$33,882
Net cash inflow form operating activities		$1,954
Beginning balance of cash 1/1/15		5,994
Ending balance of cash 12/31/15		$7,948