A fire destroyed your firm’s ending balance sheet and income statement after the year-end but before the financial statements are released. However, you have been successful in obtaining the numbers for the beginning balance sheet and the statement of cash flows, which are provided to you and your team members in Excel format. Fields representing the missing balance sheet and income statement are highlighted in yellow in the Excel sheet

Required:

The report should also list and explain:
i. Any additional information that you believe is necessary to complete the
assignment properly, and
ii. Any resulting assumptions that you need to make in order to complete the
assignment.

CONSOLIDATED BALANCE SHEETS (USD $)	End of year 2	End of year 1
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents		598
Receivables, net		230
Inventories, net		2309
Other current assets		47
Total current assets		3184
Property and equipment, net of accumulated depreciation		1292
Assets held for sale		1
Goodwill		76
Intangible assets, net		29
Other assets, net		32
Assets, Total		4614
Current liabilities:		0
Current portion of long-term debt		0
Accounts payable		2030
Accrued expenses		380
Other current liabilities		150
Total current liabilities		2560
Long-term debt		604
Other long-term liabilities		239
Commitments and Contingencies		0
Stockholders Equity Attributable to Parent [Abstract]		0
Preferred stock, nonvoting, $00001 par value		0
Common stock, voting, $00001 par value		0
Additional paid-in capital		520
Treasury stock, at cost		-27
Accumulated other comprehensive income (loss)		3
Retained earnings		715
Total stockholders equity		1210
Liabilities and Stockholders Equity, Total		4613
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Year 2
Net sales
Cost of sales, including purchasing and warehousing costs
Gross profit
Selling, general and administrative expenses
Operating income
Interest expense
Other income, net
Total other, net
Income before provision for income taxes
Provision for income taxes
Net income
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Year 2
Cash flows from operating activities:
Net income	$392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	208
Share-based compensation	13
Loss on property and equipment, net	1
Other	2
Provision for deferred income taxes	-2
Excess tax benefit from share-based compensation	-16
Increase Decrease in Operating Capital
Receivables, net	-32
Inventories, net	-204
Other assets	11
Accounts payable	113
Accrued expenses	63
Other liabilities	-4
Net cash provided by operating activities	545
Cash flows from investing activities:
Purchases of property and equipment	-196
Payments to Acquire Businesses, Gross	-186
Sale of certain assets of acquired business	19
Proceeds from sales of property and equipment	1
Net cash used in investing activities	-362
Cash flows from financing activities:
(Decrease) increase in bank overdrafts	-3
Decrease in financed vendor accounts payable	0
Issuance of senior unsecured notes	449
Payment of debt related costs	-9
Borrowings under credit facilities	0
Payments on credit facilities	0
Dividends paid	-18
Proceeds from the issuance of common stock, primarily exercise of stock options	4
Tax withholdings related to the exercise of stock appreciation rights	-22
Excess tax benefit from share-based compensation	16
Repurchase of common stock	-81
Contingent payment accrued on acquisitions	5
Other	-1
Net cash provided by (used in) financing activities	331
Net increase (decrease) in cash and cash equivalents	514
Cash and cash equivalents, beginning of period	598
Cash and cash equivalents, end of period	1,112
Supplemental cash flow information:
Interest paid	35
Income tax payments	219
Non-cash transactions:
Accrued purchases of property and equipment	21
Retirement of common stock	0
Contingent consideration accrued on acquisitions	0
Changes in other comprehensive income	1
Declared but unpaid cash dividends	$4

Answer rating: 100% (QA)

CONSOLIDATED BALANCE SHEETS USD End of year 2 End of year 1 Current assets Cash and cash equivalents ... View the full answer