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# Question: You have the 2023 financials for Bulldawg Enterprise in the tab of this worksheet titled "Project1"

24 Jan 2024,2:19 AM

 You have the 2023 financials for Bulldawg Enterprise in the tab of this worksheet titled "Project1". Based on that and the additional information included in the worksheet: 1) Compute the projected income statement for 2024. 2) Complete the balance sheet for 2024, except for the cash amount. Note that we will not be "plugging" any balance sheet items. That means since you have the information needed to determine each line item on the balance sheet, none of the balance sheet amounts should be determined by adding up all the Asset and Liability items and "plugging" the remaining item. This will allow you to determine if your Cash Flow Statement is correct, since the cash balance calculated by your Cash Flow Statement should provide the number that balances your balance sheet. 3) Complete the Cash Flow Statement for 2024. Use the cash increase or decrease from the Cash Flow Statement for 2023 to determine the cash balance for the end of year 2024 cash balance, thus finishing your balance sheet for 2024 as well. 4) Compute a two-way data table which produces the Cash at end of 2024: Use I48 to N58 as marked in yellow for the data table. Analyze possible sales increases from 1% to 10% in increments of 1%, storing these values in the column (I49:I58). Analyze possible tax rates from 20% to 40% in increments of 5%, storing these values in the column (J48:N48).

 Project 1: Spring 2024 Balance Sheets 2023 2024 Assets Cash \$         50,000 Cash computed from Cash Flow Statement Accounts receivable 350,000 380,000 A/R as given Inventories 700,000 760,000 Inventory as given Total current assets \$   1,100,000 \$      1,140,000 Gross fixed assets 700,000 770,000 Gross Fixed assets as given Less: accumulated depreciation 150,000 A/D calculated based on depreciation Net fixed assets \$      550,000 Total assets \$   1,650,000 Liabilities and equity Accounts payable \$      150,000 \$          180,000 A/P as given Notes payable 200,000 150,000 N/P as given Accruals 100,000 100,000 Accruals as given Total current liabilities \$      450,000 Long-term debt 400,000 425,000 LTD as given Total debt \$      850,000 \$          425,000 Common stock (100,000 shares) 600,000 600,000 C/S as given Retained earnings 200,000 R/E calculated Total common equity \$      800,000 \$          600,000 Total liabilities and equity \$   1,650,000 \$      1,025,000 Balance check \$                    - Balance check should be zero Income Statements 2023 2024 Sales \$   3,432,000 2023 Sales increase by 10.0% Cost of goods sold 2,864,000 Cost of goods percentage constant for all years Other expenses 358,672 Other expenses remain the same for 2024. Total operating expenses excluding depreciation \$   3,222,672 \$                       - Depreciation 120,000 Depreciation constant for both years. Earnings before interest and taxes (EBIT) \$         89,328 Interest expense 45,000 Interest expense remains constant for both years. Earnings before taxes (EBT) \$         44,328 Taxes 15,515 The tax rate for both years is 35.0% Net income \$         28,813 Earnings Per Share \$           0.288 EPS should be calculated Dividends Per Share \$0.000 Dividends are 0.0% of net income for all both years Shares outstanding 100,000 100,000 Two-way data table Statement of Cash Flows 2024 Operating Activities Net Income Depreciation and amortization Change in accounts payable Change in accruals Change in accounts receivable Change in inventories Net cash provided by operating activities \$                       - Long-Term Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Financing Activities Change in notes payable Increase in long-term debt Payment of cash dividends Net cash provided by financing activities Summary Net increase (decrease) in cash Cash at beginning of the year Cash at end of the year

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