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Oceanview Marine Company Assignment 2
Balance Sheet
31-Dec-15
Assets	2015	2014	2013
Current Assts
Cash	$ 1,320,096	$ 1,089,978	$ 1,200,347
Accounts Receivable:	$ 1,646,046	$ 1,285,593	$ 1,180,982
Inventories	$ 13,524,349	$ 12,356,400	$ 11,461,231
Prepaid Expenses	$ 17,720	$ 15,826	$ 15,275
Deposits	$ 7,916	$ 5,484	$ 4,329
Total Current Assets	$ 16,516,127	$ 14,753,281	$ 13,862,164
Property, Plant, Equipment
at cost, less accumulated depreciation	$ 596,517	$ 612,480	$ 627,771
TOTAL ASSETS	$ 17,112,644	$ 15,365,761	$ 14,489,935
LIABILITIES
Current Liabilites
Note Payable - Bank	$ 5,100,000	$ 4,250,000	$ 4,000,000
Accounts payable	$ 1,750,831	$ 1,403,247	$ 1,106,574
Accrued Liabilities	$ 257,800	$ 217,003	$ 211,250
Federal Income Tax Payable	$ 35,284	$ 45,990	$ 39,725
Current portion of long-term debt	$ 5,642	$ 5,642	$ 5,642
Total Current Liabilities	$ 7,149,557	$ 5,921,882	$ 5,363,191
Long-Term Liabilities
Long-Term Debt	$ 409,824	$ 415,466	$ 421,108
TOTAL LIABILITIES	$ 7,559,381	$ 6,337,348	$ 5,784,299
STOCKHOLDERS EQUITY
Common Stock	$ 10,000	$ 10,000	$ 10,000
Additional paid in capital	$ 2,500,000	$ 2,500,000	$ 2,500,000
Retaind Earnings	$ 7,043,263	$ 6,518,413	$ 6,195,636
Total Stockholder Equity	$ 9,553,263	$ 9,028,413	$ 8,705,636
TOTAL LIABILITIES AND STOCKHOLDER EQUITY	$ 17,112,644	$ 15,365,761	$ 14,489,935
Liquidity ratios:	unadjusted 12/31/2015	unadjusted 12/31/2014	CHANGE	Percent Change	Industry Average
Current Ration	2.31	2.49	-0.18	-7.23%	1.53
Quick Ratio	0.42	0.4	0.02	5.00%	0.43
Sales/Receivable Ratio	16.05	17.78	-1.73	-9.73%	20.29
Number of days sales in A/R	?	?	?	?	17.99
Inventory Turnover	?	?	?	?	1.41
PROFITABILITY/PERFORMANCE RATIOS:
Gross Profit Margin (%)	?	?	?	?	39.83%
Income before taxes / owners' equity	?	?	?	?	0.06
Income before taxes / total assets	0.06	0.04	0.02	50.00%	0.04
Sales / Long - term assets	44.29	37.33	6.96	18.64%	19.07
Sales / Total Assets	1.54	1.49	0.05	3.36%	1.32
Sales / Working Capital	2.82	2.59	0.23	8.88%	2.18
SOLVENCY RATIOS
Owners Equity / Total Assets	0.56	0.59	-0.03	-5.08%	0.31
Long - Term Assets / owners' Equity	0.06	0.07	-0.01	-14.29%	0.47
Current Liabilities / Owners Equity	?	?	?	?	1.13
Total Liabilities / Owners Equity	?	?	?	?	2.03
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