Stetson Skydiving Adventures Income Statement For the Years 2010 and 2011 Fiscal Year 2011 2010 sales 3,500,000 3,230,000 Cost of Goods Sold 2,273,300 2,162,500 Gross Profit 1,226,700 1,067,500 selling and G&A Expenses 869,800 835,000 Lease Expenses 65,000 65,000 Depreciation 1,450,800 71,000 EBIT Interest Expense 86,000 Earings Before Taxes 95,900 Taxes Net Icome 62,335 18,525 Notes: Tax Rate Shares Outstanding 50,000 40,000 Earnings per Share Dividends per Share 0.73 Addition to RE per Share Stetson Skydiving Adventures Balance Sheet For the Years Ended Dec 31, Assets Fiscal Year 2011 2010 Cash 52,000 41,000 Accounts Receivable 420,000 372,000 Inverntory 515,000 420,000 Total Current Assets 987,000 833,000 Gross Fixed Assets 2,680,000 2,170,000 Accumulated Depreciation 569,000 485,000 Net Fixed Assets 2,111,000 1,685,000 Total Assets 3,098,000 2,518,000 Liabilities and Owners' Equity Accounts Payable 505,000 290,000 Notes Payable 99,750 122,960 Other Current Liabilities 32,560 29,800 Total Current Liabilities 637,310 442,760 Long-term Debt 1,171,100 1,061,000 Total Liabilities 1,711,100 1,381,000 Common Stock at Par 100,000 80,000 Paid-in Capital 691,000 542,000 Retained Earnings 598,335 536,000 total Shareholder's Equity 1,389,335 1,158,000 Total Laibilities and Owners' Equity 3,100,435 2,539,000
A. Recreate the income statement and balance sheet by filling in the yellow blank cells with formulas. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly. Note that the Addition to RE per share stands for addition to retained earnings per one share and can be calculated as earnings per share minus dividend per share OR (Net Income Dividend)/Shares Outstanding. B. On another worksheet, create a statement of cash flows for 2015. Use formulas linked directly to the source on previous two worksheets. No numbers in the statement of cash flows can be typed in! C. On separate worksheets, create a common-size income statement and a common-size balance sheet linked to the original income statement and balance sheet. You should be able to do these statements fairly quickly. For each common size statement, calculate just one formula and use copy-paste-special to copy and paste the formula into all accounts. The formatting on common size statements should be identical to that in the original worksheets (only number format will differ). D. Using the Excel outliner, create an outline on the cash flow statement and the balance sheet such that, when collapsed, the statements show only the subtotals for each section.