The Specific Electric Company (SE) is finishing its first year of existence and is applying for an…

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The Specific Electric Company (SE) is finishing its first year of existence and is applying for an additional loan in anticipation of expansion in 2013. The bank has asked for an Income statement and Cash Flow statement for OSE’s first year. A temporary worker was hired to go through all invoices and checks and gathered the following data.

Items 2012

Accounts Payable $0

Accounts Receivable $0

Capital Equipment (depreciable)$630,000

Equipment rent/lease payments$28,000

Hourly wages $980,000

Interest paid $40,000

Loan Received in 2012$500,000

Marketing Web site $170,000

Miscellaneous expenses$624,000

Permanent Staff Salaries$1,800,000

Rent $137,000

Sales $4,000,000

a. Prepare a 2012 income statement that includes totals for COGS, SG&A, EBIT, Pre-tax Income and Net Income. Use a tax rate of 20% and compute depreciation using straight line over three years.

b. Prepare a 2012 cash flow statement

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