Calculate the financial statement for the City Tire.

  

Tire City, Inc. Name: Financial Statements For Years Ending 12/31 1993 1994 1995 INCOME STATEMENT Net sales 16,230 20,355 23,505 Cost of sales 9,430 11,898 13,612 Gross Profit 6,800 8,457 9,893 SG&A expenses 5,195 6,352 7,471 Depreciation 160 180 213 Net interest expense 119 106 94 Pre-tax income 1,326 1,819 2,115 Income taxes 546 822 925 Net income 780 997 1,190 Dividends 155 200 240 Dividend rate 20% 20% 20% BALANCE SHEET Assets Cash 508 609 706 A/R 2,545 3,095 3,652 Inventories 1,630 1,838 2,190 Total current assets 4,683 5,542 6,548 Gross PP&E 3,232 3,795 4,163 Accumulated depreciation 1,335 1,515 1,728 Net PP&E 1,897 2,280 2,435 Total assets 6,580 7,822 8,983 Liabilities & shareholders’ equity Current maturities of long-tem debt 125 125 125 A/P 1,042 1,325 1,440 Accrued expenses 1,145 1,432 1,653 Total current liabilities 2,312 2,882 3,218 Long-term debt 1,000 875 750 Total liabilities 3,312 3,757 3,968 Common stock 1,135 1,135 1,135 Retained earnings 2,133 2,930 3,880 Total shareholders’ equity 3,268 4,065 5,015 Total liabilities & shareholders’ equity 6,580 7,822 8,983Calculate the financial statement for the City Tire.