Please help me create the 2023 pro forma financial statements (Statement of Cash Flows, Balance Sheet, Income
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Please help me create the 2023 pro forma financial statements (Statement of Cash Flows, Balance Sheet, Income Statement) for The Boston Beer Company assuming the trends will continue for 2023.
The Boston Beer Company Projected Comprehensive Income Statement Sheet for the year ended December 31, 2023 (in Thousands) | |||
2023 (Projected) | 2022 | 2021 | |
Revenue | $ 2,222,667 | $ 2,196,650 | |
Less excise taxes | 132,333 | 139,028 | |
Net revenue | 2,090,334 | 2,057,622 | |
Cost of goods sold | 1,228,348 | 1,259,830 | |
Gross profit | 861,986 | 797,792 | |
Operating expenses: | |||
Advertising, promotional, and selling expenses | 578,400 | 606,994 | |
General and administrative expenses | 157,534 | 133,624 | |
Contract termination costs and other | 5,379 | 30,678 | |
Impairment of intangible asset | 27,100 | - | |
Impairment of brewery assets | 2,782 | 18,499 | |
Total operating expenses | 771,195 | 789,795 | |
Operating income | 90,791 | 7,997 | |
Other income (expense): | |||
Interest income (expense), net | 2,561 | (110) | |
Other (expense) income, net | (1,916) | (978) | |
Total other income (expense), net | 645 | (1,088) | |
Income before income tax provision (benefit) | 91,436 | 6,909 | |
Income tax provision (benefit) | 24,173 | (7,644) | |
Net income | $ 67,263 | $ 14,553 | |
Net income per common share - basic | $ 5.46 | $ 1.19 | |
Net income per common share - diluted | $ 5.44 | $ 1.17 | |
Weighted-average number of common shares - basic | 12,317 | 12,280 | |
Weighted-average number of common shares - diluted | 12,345 | 12,436 | |
Net income | $ 67,263 | $ 14,553 | |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (269) | (32) | |
Defined benefit plans liability adjustment | 253 | 90 | |
Total other comprehensive (loss) income, net of tax | 16 | 58 | |
Comprehensive income | $ 67,247 | $ 14,611 | |
The Boston Beer Company Projected Comprehensive Balance Sheet for the year ended December 31, 2023 (in Thousands) | |||
2023 (Projected) | 2022 | 2021 | |
Assets | |||
Current Assets: | |||
Cash and cash equivalents | $ 180,560 | $ 26,853 | |
Restricted cash | - | 39,468 | |
Accounts receivable | 56,672 | 55,022 | |
Inventories | 148,450 | 149,118 | |
Prepaid expenses and other current assets | 27,461 | 21,462 | |
Income tax receivable | 10,126 | 53,418 | |
Total current assets | 423,269 | 345,341 | |
Property, plant, and equipment, net | 667,909 | 664,815 | |
Operating right-of-use assets | 43,768 | 52,774 | |
Goodwill | 112,529 | 112,529 | |
Intangible assets | 76,324 | 103,677 | |
Third-party production prepayments | 61,339 | 88,294 | |
Other assets | 35,635 | 19,354 | |
Total assets | $ 1,420,773 | $ 1,386,784 | |
Liabilities and Stockholders' Equity | |||
Current Liabilities: | |||
Accounts payable | $ 84,248 | $ 85,920 | |
Accrued expenses and other current liabilities | 111,153 | 161,552 | |
Current operating lease liabilities | 8,866 | 7,634 | |
Total current liabilities | 204,267 | 255,106 | |
Deferred income taxes, net | 96,592 | 87,495 | |
Non-current operating lease liabilities | 45,274 | 53,849 | |
Other liabilities | 6,091 | 6,925 | |
Total liabilities | 352,224 | 403,375 | |
Commitments and Contingencies(See Note N) | |||
Stockholders' Equity: | |||
Class A Common Stock, $0.01par value; 22,700,000shares authorized; 10,238,009 | 102 | 102 | |
and 10,183,801issued and outstanding as of December 31, 2022 and | |||
December 25, 2021, respectively | |||
Class B Common Stock, $0.01par value; 4,200,000shares authorized; 2,068,000 | 21 | 21 | |
issued and outstanding at December 31, 2022 and December 25, 2021 | |||
Additional paid-in capital | 629,515 | 611,622 | |
Accumulated other comprehensive loss | (210) | (194) | |
Retained earnings | 439,121 | 371,858 | |
Total stockholders' equity | 1,068,549 | 983,409 | |
Total liabilities and stockholders' equity | $ 1,420,773 | $ 1,386,784 | |
The Boston Beer Company Consolidated Statement of Cash Flows for the year ended December 31, 2023 (in Millions) | |||
2023 (Projected) | 2022 | 2021 | |
Cash flows provided by operating activities: | |||
Net income | $ 67,263 | $ 14,553 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 81,356 | 72,096 | |
Impairment of intangible asset | 27,100 | - | |
Impairment of brewery assets | 2,782 | 18,499 | |
Gain on sale of property, plant, and equipment | (237) | (217) | |
Change in right-of-use assets | 7,972 | 8,018 | |
Other non-cash expense (income) | 326 | (182) | |
Stock-based compensation expense | 13,988 | 18,615 | |
Deferred income taxes | 9,097 | (5,225) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,042) | 23,071 | |
Inventories | 131 | (21,224) | |
Prepaid expenses, income tax receivable, and other current assets | 38,652 | (49,073) | |
Third-party production prepayments | 26,955 | (16,635) | |
Other assets | (14,031) | (5,699) | |
Accounts payable | (2,219) | (27,361) | |
Accrued expenses and other current liabilities | (50,358) | 38,894 | |
Change in operating lease liabilities | (6,516) | (8,229) | |
Other liabilities | (274) | (3,604) | |
Net cash provided by operating activities | 199,945 | 56,297 | |
Cash flows used in investing activities: | |||
Purchases of property, plant, and equipment | (90,582) | (147,919) | |
Proceeds from sale of property, plant, and equipment | 2,076 | 1,157 | |
Other investing activities | - | 145 | |
Net cash used in investing activities | (88,506) | (146,617) | |
Cash flows provided by (used in) financing activities: | |||
Proceeds from exercise of stock options and sale of investment shares | 7,946 | 10,465 | |
Net cash paid on note payable and finance leases | (1,672) | (1,570) | |
Cash borrowed on line of credit | 30,000 | - | |
Cash paid on line of credit | (30,000) | - | |
Payment of tax withholding on stock-based payment awards and investment shares | (3,474) | (15,536) | |
Net cash provided by (used in) financing activities | 2,800 | (6,641) | |
Change in cash and cash equivalents | 114,239 | (96,961) | |
Cash and cash equivalents and restricted cash at beginning of period | 66,321 | 163,282 | |
Cash and cash equivalents and restricted cash at end of period | $ 180,560 | $ 66,321 | |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | $ 16,980 | $ 53,889 | |
Income taxes refunded | $ 45,124 | $ 12,668 | |
Cash paid for amounts included in measurement of lease liabilities | |||
Operating cash flows for operating leases | $ 8,510 | $ 10,495 | |
Operating cash flows for finance leases | $ 71 | $ 121 | |
Financing cash flows for finance leases | $ 1,598 | $ 1,499 | |
Right-of-use-assets obtained in exchange for operating lease obligations | $ (827) | $ 2,309 | |
Right-of-use-assets obtained in exchange for finance lease obligations | $ - | $ 472 | |
Change in purchase of property, plant and equipment in accounts payable and accrued expenses | $ 1,045 | $ 15,824 | |
Supplemental disclosure of cash, cash equivalents and restricted cash | 2023 (Projected) | 2022 | 2021 |
Cash and cash equivalents | $ 180,560 | $ 26,853 | |
Restricted cash | - | 39,468 | |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ - | $ 180,560 | $ 66,321 |
I do not need every row calculated just the totals for each sections.
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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