Is a line of credit for $350,000 in 2007 sufficient? Why or why not? ...
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Is a line of credit for $350,000 in 2007 sufficient? Why or why not? 
Quarter 2007 (thousands of dollars) ing Statements for Years Ending December 31, 2004-2006, and for First 2004 2005 2006 First Quarter Net sales Cost of goods sold $1,624 $ 1304 $1,916 $1535 $2,242 $1.818 2007 $ 608 S 499 Gross profit on sales S 109 Operating expenseb Interest expense Net income before taxes 272 $307 347 $ 94 Provision for income taxes Net income a In the first quarter of 2006, sales were $514,000 and net income was $4,000. 6 Operating expenses include a normal level of cash salary for Mr. Jones in all periods
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