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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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