Problems Big Rock Candy Mountain Mining Co. Income Statements Using the data presented below: For the Years 2015 and 2016 $369,300 285.400 83,900 26,820 23,340 1,080 2015 2016 $354,000 281,800 72.200 Sales Cost of Goods Gross Profit 26,360 21,820 1,080 22,940 7,505 15,435 6,174 Depreciation Selling & Admin. Expense Other Operating Expense Net Operating Income Interest Expense Earnings Before Taxes Taxes 32,660 7,685 24.975 9,990 $9,261 $14,985 Net Income Notes: 40.00% 40.00% $2,100 $0.29 Tax Rate Shares 52,100 $0.18 Eamings per Share Big Rock Candy Mountain Mining Co. Balance Sheet For the Year Ended December 31, 2016 2016 2015 Assets $14,714 $1,84y $41,090 $46,910 $104,555 $388,000 $78,020 $309,980 $414,535 $10,300 Cash Marketable Securities Accounts Receivable $550 $42,100 $48,490 $101,440 $352,600 Inventory Total Current Assets Gross Fixed Assets Accumulated Depreciation Net Plant & Equipment $51,200 $301,400 $402,840 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 Eamings Total Owner's Equity Total Liab. & Owner's Equity $35,200 $2,850 $38,050 $152,700 $190,750 $52,100 $121,500 $50,185 $223,785 $414,535 $32,700 $2,740 $35,440 $158,600 $194,040 $52,100 $121,500 $35,200 $208,800 $402,840 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 a. 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. b. Using Excel's outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section. c. Suppose that sales were $400,000 in 2016 rather than $369,300. What is the 2016 net income and retained earnings? d. Undo the changes from part d, and change the tax rate to 35% . What is the 2016 net income and retained earnings? e. Using the data from the previous problem: 2. 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. a. 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. b. 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. C