Joes fly-by-night oil | Accounting homework help

Prepare a graph of sales and net income for the years 2008 – 2011. For the
purposes of this exercise, assume the following historical sales and net income figures for Joe’s Fly-By-Night Oil:

Year Sales Net Income

2008 $8,200 $1,500
2009 $8,000 $1,400
2010 $9,000 $1,600
2011 $10,000 $1,800

Comment on the results displayed on the graph.

• Prepare a pie chart of Joe’s Fly-By-Night Oil’s expense distribution for 2011 and comment on the results displayed.

• Prepare a pie chart of Joe’s Fly-By-Night Oil’s asset distribution for Dec 31, 2011 and comment on the results displayed.

• Prepare a pie chart of Joe’s Fly-By-Night Oil’s capital structure for Dec 31, 2011
and comment on the results displayed.

Income Statement 2012


Sales 10,000

Cost of Goods Sold 4,000

GP 6,000

SG&A Expenses 3,000

EBIT 3,000

Intrest 200

Before Tax Earnings 2,800

Taxes 1,000

Net Income 1,800

EPS $1.80

Dividends $600

Addition to retained Earnings $1,200




Balance sheet 2012


Cash $5,000

A/R 3,000

Inventory 17,000

Current Assests 25,000

Equipment 27,000

Less accumulated Dep. (12,000)

Equipment Net 15,000

Total Assets 40,000

Liabilities and Equity

A/p 17,000

Current Liabilities 17,000

Long Term Debt 3,000

Total Liabilities 20,000

Common Stock 7,000

Retained Earnings 13,000

Total Equity 20,000

Total Liabilities & Equity 40,000



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