Question: You will need to complete the 2017 Cash Flow Statement. In addition, you will also prepare the Common Sized Financial Statements for the 2 years
You will need to complete the 2017 Cash Flow Statement. In addition, you will also prepare the "Common Sized Financial Statements" for the 2 years shown. This is the chart used to complete the common sized financial statement and cash flow statement. Can you check my work on the other charts and help me verify my answers are accurate and to find the missing info?
| Bob Smith, Inc. Common Sized Financial Statement | ||||||
| Assets | ||||||
| 2016 | 2017 | Change from 2016 to 2017 | ||||
| Net Sales | $3,155,848 | |||||
| Amount | Percent | Amount | Percent | Amount | Percent | |
| Cash | $16,566 | 0.65% | $33,411 | 1.2% | $16,845 | 0.01% |
| Accounts Receivable | $318,768 | 12.5% | $260,205 | 9.8% | $58,563 | 0.11% |
| Inventory | $352,740 | 13.9% | $423,819 | 15.9% | $71,079 | 0.13% |
| Other Current Assets | $29,912 | 1.1% | $41,251 | 1.5% | ($11,339) | 0.01% |
| Plant, Property & Equipment | $1,403,220 | 55.3% | $1,512,675 | 57% | $109,455 | |
| Goodwill & Other Assets | $412,565 | 16.2% | $382,145 | 14.4% | $30,420 | 0.13% |
| Total Assets | $2,533,771 | $2,653,506 | ($119,735) | |||
| Liabilities & Equity | ||||||
| Accounts Payable | $332,004 | 13% | $378,236 | 14.2% | $46,232 | 1.2% |
| Wages Payable | $7,862 | 0.31% | $14,487 | 0.54% | $6,625 | 0.53% |
| Accrued Income Taxes | $16,815 | 0.66% | $21,125 | 0.79% | $4,310 | 0.78% |
| Total Current Liabilities | $356,681 | 14% | $413,848 | 15.5% | $57,167 | 13.3% |
| Long-term Debt Bank Notes | $793,515 | 31.3% | $679,981 | 25.6% | $113,534 | 17.5% |
| Total Liabilities | $1,150,196 | 45.3% | $1,093,829 | 41.2% | $56,367 | 22.5% |
| Total Common Equity | $1,383,575 | 54.6% | $1,559,677 | 58.7% | $176,102 | 26.6% |
| Total Liabilities & Equity | $2,533,771 | $2,653,506 | $119,735 | |||
| Bob Smith, Inc. Statement of Cash Flows for the Year End December 31, 2017 | |
| Period Ending: | Dec-17 |
| Cash flows from operating activities | |
| Net Income | $3,155,848 |
| Depreciation | $212,366 |
| Accounts Receivable | $58,563 |
| Inventory | ($71,079) |
| Other Current Assets | ($11,339) |
| Accounts Payable | $46,232 |
| Wages Payable | $6,625 |
| Taxes | ($225,700) |
| Accrued Income Taxes | $4,310 |
| Net cash provided by operation activities | |
| Cash flow from investing activities: | |
| Goodwill and other assets | $30,420 |
| PP&E | ($109,445) |
| Depreciation | ($212,366) |
| Net cash from Investments | |
| Cash flows from financing activities | |
| Long-term debt bank notes | (113,534) |
| Dividends paid | $2,966,412 |
| Tax | |
| Net cash used in financing activities | |
| Net increase (decrease) in cash & cash | $16,845 |
| Cash start of period | $33,411 |
| Cash end of period | $16,566 |
| Quick Ratio | 0.44 |
| Current Ratio | 1.83 |
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