(solution) Download H1 worksheet to your computer. Based on the Principle 1

(solution) Download H1 worksheet to your computer. Based on the Principle 1

  1. Download H1 worksheet to your computer. Based on the Principle 1 and Principle 2, you should make Excel to do as much of the work as possible. Whenever possible, a formula should be used rather than entering numbers. Format the worksheet so that it is easy to understand. Make borders, shading, and font choices if you think it appropriate, so the financial statements look like professional.
  1. Construct the Statement of Cash Flow for 2015 in a different worksheet. The numbers in the Statement of Cash Flows should be linked to the related numbers either in the Balance Sheet or in the Income Statement. All three worksheets (balance sheet, income statement, statement of cash flows) should be in the same workbook. Compare the net Change in Cash Balance from the statement of cash flows with the cash holdings in 2015 and 2014 balance sheet. What is their relationship?
  1. Construct the 2015 and 2014 common-size balance sheets and income statements.
  1. Construct the 2015 common-size statement of cash flows using both sales and the beginning cash balance as the denominator. You are expected to use the CHOOSE () function in Excel to switch the denominators.
  1. Use Excel?s Outliner tool to create appropriate outlines for three financial statements.
  1. Discuss the results and your findings.
  1. This homework accounts for a total of 50 points, including the points for the format. You have two weeks to work on the homework. You can use the online assignment submission tool to submit your completed H1. The due date & time is 11:59pm on Sunday, September 11th.

SL High Tech
Income Statements
For the Years 2014 and 2015
2015
Sales
3050000
Cost of Goods
2074000
Gross Profit
976000
Depreciation
63800
Selling & Admin. Expense 425000
Lease Expense
65000
Net Operating Income
422200
Interest Expense
112000
Earnings Before Taxes
310200
Taxes
108570
Net Income
201630 2014
2500000
1700000
800000
58000
390000
65000
287000
68000
219000
76650
142350 Notes:
Tax Rate
Shares
Earnings per Share 35.00%
30,000
$4.75 35.00%
38,000
$5.31 SL High Tech
Balance Sheet
For the Year Ended December 31, 2015
2015
Assets
Cash
86300
Marketable Securities
185000
Accounts Receivable
438000
Inventory
520000
Total Current Assets
1229300
Gross Fixed Assets
2680000
Accumulated Depreciation
548800
Net Plant & Equipment
2131200
Total Assets
3360500
Liabilities & Owner's Equity
Accounts Payable
Accrued Expenses
Total Current Liabilities
Long-term Debt
Total Liabilities
Common Stock ($20 par)
Retained Earnings
Total Owner's Equity
Total Liab. & Owner's Equity 605400
89370
694770
1168100
1862870
760000
737630
1497630
3360500 2014
41000
21000
372000
420000
854000
2170000
485000
1685000
2539000 310000
32000
342000
1061000
1403000
600000
536000
1136000
2539000