Problems 1. Using the data presented below: Sales Cost of Goods Gross Profit Depreciation Selling &...
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Problems 1. Using the data presented below: Sales Cost of Goods Gross Profit Depreciation Selling & Admin. Expense Other Operating Expense Big Rock Candy Mountain Mining Co. Income Statements For the Years 2015 and 2016 Net Operating Income Interest Expense Earnings Before Taxes Taxes Net Income Notes: Tax Rate Shares Earnings per Share Assets Cash Inventory Marketable Securities Accounts Receivable Total Current Assets Big Rock Candy Mountain Mining Co. Balance Sheet For the Year Ended December 31, 2016 2016 Gross Fixed Assets Accumulated Depreciation Net Plant & Equipment Total Assets Liabilities & Owner's Equity Accounts Payable Accrued Expenses Total Current Liabilities Long-term Debt Total Liabilities Common Stock ($1.00 par) Additional Paid-in-Capital Retained Earnings 2016 $369,300 285,400 83,900 26,820 23,340 1,080 32,660 7,685 24,975 9.990 $14,985 Total Owner's Equity Total Liab & Owner's Equity 40.00% $2,100 $0.29 $14,714 $1,841 $41,090 $46,910 $104,555 $388,000 $78,020 $309,980 $414,535 $35,200 $2,850 $38,050 $152,700 $190,750 2015 $354,000 281,800 72,200 26,360 21,820 1,080 22,940 7,505 15,435 6,174 $9,261 $52,100 $121,500 $50,185 $223,785 $414,535 40.00% 52,100 $0.18 2015 $10,300 $5.50 $42,100 $48,490 $101,440 $352,600 $51,200 $301,400 $402,840 $32,700 $2,740 $35,440 $158,600 $194,040 $52,100 $121,500 $35,200 $208,800 $402,840 a. Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly. b. On another worksheet, create a statement of cash flows for 2016. Do not enter any numbers directly on this worksheet. All formulas should be linked directly to the source on previous worksheets. c. Using Excel's outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section. d. Suppose that sales were $400,000 in 2016 rather than $369,300. What is the 2016 net income and retained earnings? e. Undo the changes from part d. and change the tax rate to 35%. What is the 2016 net income and retained earnings? 2. Using the data from the previous problem: a. Create a common-size income statement for 2015 and 2016. This statement should be created on a separate worksheet with all formulas linked directly to the income statement. b. Create a common-size balance sheet for 2015 and 2016. This statement should be created on a separate worksheet with all formulas linked directly to the balance sheet. c. Create a common-size statement of cash flows for 2016 that can be switched between using sales and the 2015 cash balance in the denominator. 3. Download the file named "Chapter 2 Problem 3.xlsx" from the text support Web site. (www.cengagebrain.com) a. Fill in the blanks on the financial statements for Winter Park Web Design with formulas. Some of the formulas will require links to data given in other worksheets in the workbook. b. Create a common-size income statement and balance sheet using your answers from above. Using the techniques you have learned in this chapter, you should be able to do these statements in less than one minute with formatting that is identical to the original worksheets. Problems 1. Using the data presented below: Sales Cost of Goods Gross Profit Depreciation Selling & Admin. Expense Other Operating Expense Big Rock Candy Mountain Mining Co. Income Statements For the Years 2015 and 2016 Net Operating Income Interest Expense Earnings Before Taxes Taxes Net Income Notes: Tax Rate Shares Earnings per Share Assets Cash Inventory Marketable Securities Accounts Receivable Total Current Assets Big Rock Candy Mountain Mining Co. Balance Sheet For the Year Ended December 31, 2016 2016 Gross Fixed Assets Accumulated Depreciation Net Plant & Equipment Total Assets Liabilities & Owner's Equity Accounts Payable Accrued Expenses Total Current Liabilities Long-term Debt Total Liabilities Common Stock ($1.00 par) Additional Paid-in-Capital Retained Earnings 2016 $369,300 285,400 83,900 26,820 23,340 1,080 32,660 7,685 24,975 9.990 $14,985 Total Owner's Equity Total Liab & Owner's Equity 40.00% $2,100 $0.29 $14,714 $1,841 $41,090 $46,910 $104,555 $388,000 $78,020 $309,980 $414,535 $35,200 $2,850 $38,050 $152,700 $190,750 2015 $354,000 281,800 72,200 26,360 21,820 1,080 22,940 7,505 15,435 6,174 $9,261 $52,100 $121,500 $50,185 $223,785 $414,535 40.00% 52,100 $0.18 2015 $10,300 $5.50 $42,100 $48,490 $101,440 $352,600 $51,200 $301,400 $402,840 $32,700 $2,740 $35,440 $158,600 $194,040 $52,100 $121,500 $35,200 $208,800 $402,840 a. Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly. b. On another worksheet, create a statement of cash flows for 2016. Do not enter any numbers directly on this worksheet. All formulas should be linked directly to the source on previous worksheets. c. Using Excel's outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section. d. Suppose that sales were $400,000 in 2016 rather than $369,300. What is the 2016 net income and retained earnings? e. Undo the changes from part d. and change the tax rate to 35%. What is the 2016 net income and retained earnings? 2. Using the data from the previous problem: a. Create a common-size income statement for 2015 and 2016. This statement should be created on a separate worksheet with all formulas linked directly to the income statement. b. Create a common-size balance sheet for 2015 and 2016. This statement should be created on a separate worksheet with all formulas linked directly to the balance sheet. c. Create a common-size statement of cash flows for 2016 that can be switched between using sales and the 2015 cash balance in the denominator. 3. Download the file named "Chapter 2 Problem 3.xlsx" from the text support Web site. (www.cengagebrain.com) a. Fill in the blanks on the financial statements for Winter Park Web Design with formulas. Some of the formulas will require links to data given in other worksheets in the workbook. b. Create a common-size income statement and balance sheet using your answers from above. Using the techniques you have learned in this chapter, you should be able to do these statements in less than one minute with formatting that is identical to the original worksheets.
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
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