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# Understanding financial ratios in a case study financial plans and

Total Liabilities and Owner’s

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 Income Statement, Eden’s Garden Net Sales Revenue* \$689,247 Cost of Goods Sold Beginning Inventory, 1/1/xx \$78,271 + Purchases \$403,569 Goods available for Sale \$481,840 – Ending Inventory, 12,31/xx \$86,157 Cost of Goods Sold \$395,683 Gross Profit \$293,564 Operating Expenses Advertising \$22,150 Insurance \$9,187 Depreciation Building \$26,705 Autos \$7,895 Equipment \$11,200 Salaries \$116,541 Uniforms \$4,018 Repairs and Maintenance \$9,097 Travel \$2,658 Entertainment \$2,798 Total Operating Expenses \$212,249 General Expenses Utilities \$7,987 Telephone \$2,753 Professional Fees \$3,000 Postage \$1,892 Payroll Taxes \$11,589 Total General Expenses \$27,221 Other Expenses Interest Expense \$21,978 Bad check Expense \$679 Miscellaneous expense \$1,248 Total Other Expenses \$23,905 Total Expenses \$263,375 Net Income \$30,189

 *Credit sales represented \$289,484 of this total. year-end financial statements from their accountant. At their last meeting with their accountant, Shelley Edison, three months ago, the Edens had mentioned that they seemed to be having trouble paying their bills on time. “Some of our suppliers have threatened to put us on ‘credit hold,– said Joe.

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