Using the data presented below:

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?

Big Rock Candy Mountain Mining Co. Income Statements For the Years 2015 and 2016 2016 2015 Sales $369,300 $354,000 Cost of Goods 285,400 281,800 Gross Profit 83,900 72,200 Depreciation 26,820 26,360 Selling & Admin. Expense 23,340 21,820 Other Operating Expense 1,080 1,080 Net Operating Income 32,660 22,940 Interest Expense 7,685 7,505 Earnings Before Taxes 24,975 15,435 Taxes 9,990 6,174 Net Income $14,985 $9,261 Notes: Tax Rate 40.00% 40.00% Shares 52,100 52,100 Earnings per Share $0.29 $0.18