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    Financial Briefing: Turning Gears, Inc. Consolidated Statement of Operations

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    ishu
    Turning Gears, Inc. saw an increase in net sales and gross profit from the previous year to the current year. Total operating expenses also increased from the previous year to the current year, but income from operations remained steady. Net income increased slightly from the previous year to the current year. On the balance sheet, total assets increased from the previous year to the current year due to increases in property and equipment and deferred income taxes. Total current liabilities increased slightly, while total stockholders' equity increased substantially due to growth in retained earnings.

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    Financial Briefing: Turning Gears, Inc. Consolidated Statement of Operations

    Uploaded by

    ishu
    18 views2 pages
    Turning Gears, Inc. saw an increase in net sales and gross profit from the previous year to the current year. Total operating expenses also increased from the previous year to the current year, but income from operations remained steady. Net income increased slightly from the previous year to the current year. On the balance sheet, total assets increased from the previous year to the current year due to increases in property and equipment and deferred income taxes. Total current liabilities increased slightly, while total stockholders' equity increased substantially due to growth in retained earnings.

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    STATEMENT

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    TG Financial Briefing

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    Turning Gears, Inc. saw an increase in net sales and gross profit from the previous year to the current year. Total operating expenses also increased from the previous year to the current year, but income from operations remained steady. Net income increased slightly from the previous year to the current year. On the balance sheet, total assets increased from the previous year to the current year due to increases in property and equipment and deferred income taxes. Total current liabilities increased slightly, while total stockholders' equity increased substantially due to growth in retained earnings.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views2 pages

    Financial Briefing: Turning Gears, Inc. Consolidated Statement of Operations

    Uploaded by

    ishu
    Turning Gears, Inc. saw an increase in net sales and gross profit from the previous year to the current year. Total operating expenses also increased from the previous year to the current year, but income from operations remained steady. Net income increased slightly from the previous year to the current year. On the balance sheet, total assets increased from the previous year to the current year due to increases in property and equipment and deferred income taxes. Total current liabilities increased slightly, while total stockholders' equity increased substantially due to growth in retained earnings.

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    of 2

    FINANCIAL BRIEFING

    Turning Gears, Inc. Consolidated Statement of Operations


    (In thousands, except share and per common share data)

    March 31
    P/Y2 P/Y C/Y
    Net Sales $517,584 $653,470 $817,920
    Cost of Sales $248,440 $385,547 $482,572
    Gross Profit $269,144 $267,923 $335,348
    Operation Expenses
    Selling, General administrative $75,211 $70,204 $86,653
    Research and development $34,254 $40,987 $70,512
    Advertising $45,845 $50,654 $65,221
    Depreciation and amortization $6,985 $6,523 $7,521
    Total operating expenses $162,295 $168,368 $229,907
    Income from operations $78,890 $99,555 $105,441
    Interest expense ($987) ($3,542) ($1,596)
    Interest income $756 $526 $653
    Other Income (expense) $542 $532 $5,485
    Income(loss) before provision for income $107,160 $97,071 $109,983
    taxes and equity losses
    Income (loss) before provision for income $107,160 $97,071 $109,983
    taxes
    Provision (benefit) for income taxes $43,936 $39,799 $45,093
    Net income (loss) $63,224 $57,272 $64,890
    Net income (loss) per common share basic $6.08 $5.50 $5.75
    ASSIGNMENT BRIEFING

    Turning Gears, Inc. Balance Sheet


    (In thousands)

    P/Y C/Y
    Assets
    Current Assets
    Cash and Cash equivalents $26,532 $48,569
    Accounts receivable $506,541 $459,685
    Inventories $20,562 $65,214
    Prepaid expenses and other current assets $3,521 $10,956
    Notes received due from related parties $685 $562
    Deferred income taxes $5,854 $15,623
    Total current assets $563,695 $600,609
    Property and equipment, net $1,225,243 $1,356,255
    Other assets $520 $456
    Deferred income taxes $6,542 $6,539
    Intangible assets, net $28,542 $19,562
    Total assets $1,824,542 $1,983,421
    Liabilities and stockholders’ equity
    Current liabilities $248,744 $271,485
    Accounts payable $256,652 $235,614
    Accrued liabilities $226,324 $260,864
    Deferred revenue $115,586 $95,648
    Cooperative advertising $35,749 $65,659
    Income Taxes payable $75,542 $80,462
    Total current liabilities $958,597 $1,009,732
    Long-term debt $38,951 $40,584
    Deferred income taxes $15,974 $14,331
    Redeemable convertible series A preferred stock, 21,978 22,542
    Stockholder’s equity
    Class A common stock 7 3
    Additional paid –in capital $562,789 $587,845
    Deferred Compensation ($14,658) ($15,385)
    Notes receivable from stockholders ($13,584) ($12,542)
    Accumulated other comprehensive income $907 $965
    Retained Earnings $253,588 $335,349
    Total stockholders’ equity $789,042 $896,232
    Total liabilities and stockholder’s equity $1,824,542 $1,983,421

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