Using the data presented below: Mike Owjai Manufacturing Balance Sheet For the Year Ended December 31, 2014
Question:
Mike Owjai Manufacturing
Balance Sheet
For the Year Ended December 31, 2014
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a. 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.
b. On another worksheet, create a statement of cash flows for 2014. Do not enter any numbers directly on this worksheet. All formulas should be linked directly to the source on previous worksheets.
c. Using Excels outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section.
d. Suppose that sales were $2,850,000 in 2014 rather than $2,625,000. What is the 2014 net income and retained earnings?
e. Undo the changes from part d, and change the tax rate to 40%. What is the 2014 net income and retained earnings?
Using the data from the previous problem:
a. Create a common-size income statement for 2013 and 2014. This statement should be created on a separate worksheet with all formulas linked directly to the income statement.
b. Create a common-size balance sheet for 2013 and 2014. This statement should be created on a separate worksheet with all formulas linked directly to the balance sheet.
c. Create a common-size statement of cash flows for 2014 that can be switched between using sales and the 2013 cash balance in the denominator.
Download the file named "Chapter 2 Problem 3.xlsx" from the text support Web site, (www.cengage.com/finance/mayes)
a. Fill in the blanks on the financial statements for Winter Park Web Design with formulas. Some of the formulas will require links to data given in other worksheets in the workbook.
b. Create a common-size income statement and balance sheet using your answers from above. Using the techniques you have learned in this chapter, you should be able to do these statements in less than one minute with formatting that is identical to the original worksheets.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Financial Analysis with Microsoft Excel
ISBN: 978-1285432274
7th edition
Authors: Timothy R. Mayes, Todd M. Shank