FIN$101$ Graded Project

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Objective

Demonstrate the ability to perform financial calculations and analyses related to the concepts covered in this course.

Purpose

The purpose of this project is to give you practical experience with financial computations and decision making in the Financial Management field. In this project, youll calculate and analyze company balance sheets in the role of a financial manager. Your assignment is to analyze the financial position of the companies mentioned and make recommendations about the most productive use of their assets and the ideal financial structures for their balance sheets. Show all calculations or calculator inputs for credit. Do all work using equations and a calculator. Do not submit or use an Excel spreadsheet to calculate.

Part $1$: Financial Statements and Ratios

$1$A$.$ Youre the chief financial officer $($CFO$)$ of Worldwide Widget Manufacturing, Inc. The company manufactures and sells widgets at factories in the United States and internationally. Listed below are partial financial statements for Worldwide Widget Manufacturing, Inc. Fill in the missing information in each of the following financial statements. Answer spaces are given below.

Worldwide Widget Manufacturing, Inc.

Balance Sheet as of December $31,2022,$ and $2021$

$($in millions of dollars$)$

$2022202120222021$

Assets Liabilities and Equity

Current assets: Current liabilities:

Cash and marketable securities $$427$ $$322$ Accrued wages and taxes $$309$ $$257$

Accounts receivable a$.?259$ Accounts payable $381$ b$.?$

Inventory $815797$ Notes payable $$492$ $$421$

Total $$1,542$ $$1,378$ Total $$1,182$ $$997$

Fixed assets: Long$-$term debt: $1,934$ c$.?$

Gross plant and equipment d$.?$ $$2,817$ Total $3,1162,956$

Less: Depreciation $368254$ Stockholders equity:

Net plant and equipment $$2,872$ $$2,563$ Preferred stock $(30$ million shares$)$ $$30$ $$30$

Other long$-$term assets $521487$ Common stock and paid$-$in surplus $(250$ million shares$)300$ e$.?$

Retained earnings $1,4891,142$

Total FA f$.?$ $$3,050$ Total Equity $$1,819$ $$1,472$

Total assets $$4,935$ $$4,428$ Total liabilities and equity $$4,935$ $$4,428$

Accounts receivable for $2022\_\_\_\_\_\_\_\_$

Accounts payable for $2021\_\_\_\_\_\_\_\_$

Long$-$term debt for $2022\_\_\_\_\_\_\_\_$

Gross plant and equipment for $2021\_\_\_\_\_\_\_\_$

Common stock and paid$-$in surplus $(250$ million shares$)$ for $2021\_\_\_\_\_\_\_\_$

Total FA for $2022\_\_\_\_\_\_\_\_$

Worldwide Widget Manufacturing, Inc.

Income Statement for Years Ending December $31,2022,$ and $2021$

$($in millions of dollars$)$

$20192018$

Net sales g$.?$ $$2,018$

Less: Cost of goods sold $753$ h$.?$

Gross profits $$1,623$ $$1,189$

Less: Other operating expenses $423167$

Earnings before interest, taxes, depreciation, and amortization $($EBITDA$)$ $$1,200$ $$1,022$

Less: Depreciation $114114$

Earnings before interest and taxes $($EBIT$)$ $$1,086$ $ $908$

Less: Interest i$.?128$

Earnings before taxes $($EBT$)$ $$949$ $$780$

Less: Taxes j$.?234$

Net income $$664$ $$546$

Less: Preferred stock dividends $9898$

Net income available to common stockholders $$566$ $$448$

Less: Common stock dividends $219199$

Addition to retained earnings $$347$ $$249$

Per $($common$)$ share data:

Earnings per share $($EPS$)$ k$.?$ $$1\mathrm{.}79$

Dividends per share $($DPS$)$ $$0\mathrm{.}88$ l$.?$

Book value per share $($BVPS$)$ m$.?$ $$5\mathrm{.}77$

Market value per share $($MVPS$)$ $$23\mathrm{.}97$ $$22\mathrm{.}47$

Net sales for $2022\_\_\_\_\_\_\_\_$

Less: Cost of goods sold for $2021\_\_\_\_\_\_\_\_$

Less: Interest for $2022\_\_\_\_\_\_\_\_$

Less: Taxes for $2021\_\_\_\_\_\_\_\_$

Earnings per share $($EPS$)$ for $2022\_\_\_\_\_\_\_\_$

Dividends per share $($DPS$)$ for $2021\_\_\_\_\_\_\_\_$

Book value per share $($BVPS$)$ for $2022\_\_\_\_\_\_\_\_$

Worldwide Widget Manufacturing, Inc.

Statement of Cash Flows for Year Ending December $31,2022$

$($in millions of dollars$)$

Section A$.$ Cash flows from operating activities

Net income n$.?$

Additions $($sources of cash$)$:

Depreciation $114$

Increase in accrued wages and taxes o$.?$

Increase in accounts payable $62$

Subtractions $($uses of cash$)$:

Increase in accounts receivable $41$

Increase in inventory p$.?$

Net cash flow from operating activities q$.?$

Section B$.$ Cash flows from investing activities

Subtractions:

Increase in fixed assets $$343$

Increase in other long$-$term assets r$.?$

Net cash flow from investing activities: s$.?$

Section C$.$ Cash flows from financing activities

Additions:

Increase in notes payable t$.?$

Increase in common and preferred stock $0$

Subtractions:

Decrease in long$-$term debt $25$

Pay dividends u$.?$

Net cash flow from financing activities: v$.?$

Section D$.$ Net change in cash and marketable securities $$105$

Net income $\_\_\_\_\_\_\_\_$

Increase in accrued wages and taxes $\_\_\_\_\_\_\_\_$

Increase in inventory $\_\_\_\_\_\_\_\_$

Net cash flow from operating activities $\_\_\_\_\_\_\_\_$

Increase in other long$-$term assets $\_\_\_\_\_\_\_\_$

Net cash flow from investing activities $\_\_\_\_\_\_\_\_$

Increase in notes payable $\_\_\_\_\_\_\_\_$

Pay dividends $\_\_\_\_\_\_\_\_$

Net cash flow from financing activities $\_\_\_\_\_\_\_\_$

Worldwide Widget Manufacturing, Inc.

Statement of Retained Earnings as of December $31,2022$

$($in millions of dollars$)$

Balance of retained earnings, December $31,2021$ $$1,142$

Plus: Net income for $2022$ w$.?$

Preferred stock x$.?$

Common stock $219$

Total cash dividends paid $317$

Balance of retained earnings, December $31,2022$ $$1,489$

Plus: Net income for $2022\_\_\_\_\_\_\_\_$

Preferred stock $\_\_\_\_\_\_\_\_$

$1$B$.$ For each of the items listed below indicate on which of the major statements they would be found $(1,2,3,$ or $4)$ and the amount shown on the statements above:

$1.$ Balance sheet $3.$ Statement of cash flows

$2.$ Income statement $4.$ Statement of retained earnings

Earnings before taxes for $2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Gross plant and equipment for $2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Increase in fixed assets, December $31,2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Net sales for $2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Balance of retained earnings, December $31,2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Common stock and paid$-$in surplus for $2021\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Net cash flow from investing activities, December $31,2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Increase in inventory, December $31,2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Accrued wages and taxes for $2021\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

Book value per share $($BVPS$)$ for $2022\_\_\_\_\_\_\_\_$; $$\_\_\_\_\_\_\_\_$

$2.$ Youll need to compare your companys ratios with the industrys standards.

Worldwide Widget Manufacturing, Inc.

Company Industry Comparison

Current ratio $2\mathrm{.}2$ times

Quick ratio $1\mathrm{.}1$ times

Cash ratio $0\mathrm{.}35$ times

Inventory turnover $2$ times or $1$ time

Days sales in inventory $135$ days or $335$ days

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