FIN 419 ASSIST Perfect Education/fin419assist.cofi FIN 419 ASSIST Perfect Education/fin419assist.cofi | Page 54

$3,255,000. Assume interest expense to be $375,000 and taxes are to
be 40% of taxable income. You will now have income statements for
2015 and 2016 for ICS Manufacturing.
This is the balance sheet information for ICS Manufacturing
Company:
ICS Manufacturing Company
Balance Sheet for year ending December 31, 2015
Assets
Cash
Payable
Liabilities
$2,625,000
$5,825,000
Accounts Receivable
Liabilities $3,365,000
Accounts
$2,715,000 Other Current
Inventories
$1,514,000
Liabilities $9,190,000 Total Current
Total Current Assets
$6,854,000