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1) Using end-of-year balance for your calculation, what is the inventory turnover for Fancy Pants for 2017? a) 2.5x b) 22.3x c) 23.4x d) 39.8x --> I put 22.3x

2) Using end-of-year balance for your calculation, what is the days sales outstanding (DSO) for Fancy Pants for 2017 (assume all revenues are credit sales)? 7, 5, 35, 15 --> I put 5 days

3) Assuming Fancy Pants deferred tax liabilities are due solely to differences between book and tax accounting for depreciation, which of the following statements is most accurate for the full year 2017?

Differences between book and tax accounting for depreciation resulted in Fancy Pants paying $3.1 million less to the IRS in taxes than the tax expense reported on the income statement.

Differences between book and tax accounting for depreciation resulted in Fancy Pants paying $3.1 million more to the IRS in taxes than the tax expense reported on the income statement.

Differences between book and tax accounting for depreciation resulted in Fancy Pants paying $8.8 million more to the IRS in taxes than the tax expense reported on the income statement. (

Differences between book and tax accounting for depreciation resulted in Fancy Pants paying $8.8 million less to the IRS in taxes than the tax expense reported on the income statement.

Differences between book and tax accounting for depreciation resulted in Fancy Pants paying $52.3 million less to the IRS in taxes than the tax expense reported on the income statement.

4) Calculate gross profit margin for the year ended 12/31/17. Assume no depreciation & amortization expense is allocated to cost of sales. The correct answer is:

55.4%

43.3%

43.9% --> what I put

44.5%

56.1%

5) Calculate EBIT for the year ended 12/31/17. The correct answer is:

423.5

431.5

438.5

463.5

494.8

6) Calculate EBITDA for the year ended 12/31/17. The correct answer is:

985.2

983.2

981.2

963.2

438.5

7)Calculate common dividends paid during 2017. The correct answer is:

88.3

89.6

90.2

91.6

94.8

8) Calculate net income to common & preferred shareholders for the year ended 12/31/17. Hint: Net income to common & preferred shareholders refers to net income after allocation to noncontrolling interests. The correct answer is:

229.1

231.7

242.1

262.8

279.1

9) Wall Street Analysts ignore certain income and expense required by GAAP when arriving at results (these adjustments are called Non-GAAP adjustments). Specifically, for Fancy Pants, analysts ignore gains and losses on sales, asset write downs, and amortization.

Calculate Non-GAAP pretax income for the year ended 12/31/17. The correct answer is:

372.9

408.9

412.9

469.2

504.1

10) Wall Street Analysts ignore certain income and expense required by GAAP when arriving at results (these adjustments are called Non-GAAP adjustments). Specifically, for Fancy Pants, analysts ignore gains and losses on sales, asset write downs, and amortization. Calculate Non-GAAP Net Income for the year ended 12/31/17.

Hint: Net income refers to net income available to common, preferred and consolidated non-controlling interests. Also, remember to adjust taxes to reflect that certain expenses / income are ignored when calculating non-GAAP results.

The correct answer is:

268.4

276.1

255.4

250.4

246.4

11)

Calculate accumulated depreciation on 12/31/17. The correct answer is:

(2,907.3)

(3,432.0)

(3,956.7)

(3,971.7)

(3,978.7)

12) Calculate retained earnings/(losses) on 12/31/17. The correct answer is:

(236.1)

(263.4)

(266.1)

(269.1)

(271.1)

13) Calculate the non-controlling interest balance on the balance sheet on 12/31/17. The correct answer is:

61.5

75.0

100.0

125.0

138.5

14) Calculate total current assets on the balance sheet on 12/31/17. The correct answer is:

297.7

515.3

551.9

1,081.9

1,709.9

15) Calculate total cash from operations for the year ended 12/31/17. The correct answer is:

717.6

848.6

850.6

868.6

875.6

16)

Calculate total cash from investing activities for the year ended 12/31/17. The correct answer is:

583.6

626.4

631.4

646.4

666.4

17)

Calculate total cash from financing activities for the year ended 12/31/17. The correct answer is:

(16.4)

(5.7)

5.0

10.0

184.2

18) Calculate total change in cash for the year ended 12/31/17. The correct answer is:

204.2

254.2

229.2

257.2

234.2

Data for Fancy Pants Balances as of: 12/31/16 12/31/17 Activities during the year: Capital expenditures Cost of Goods Sold (excluding D&A) 2017 580.0 3,256.0 Accounts Payable Accounts Receiva ble Additional Paid-In Capital Cash And Equivalents Common Stock (Par Valuc) Current Portion of Long-Term Debt Deferred Revenue (Current Deferred Tax Asset (Non-current) Deferred Tax Liability (Non-current 120.5 74.8 146.4 34.6 5.6 49.6 53.0 12.6 43.5 3,432.0) 34.2 45.0 132.6 214.0 100.0 23.5 123.9 212.7 12.4 50.0 (403.6) 112.3) 67.8 130.5 2.4 Dividend Payout Ratio (dividendset income to common shareholders 163.5Income Tax 40% 35% 45.6 5,800.0 25.0 16.5 45.0 5.0 56.3 20.0 1,488.0 7.0 TBD Net Interest Expense 7.4 Net Revenues 68.4 Non-controlling Interest Expense (After-Tax) 32.0 Other Operating Expenses (excluding D&A 34,6 Purchases of intangible assets 52.3 Preferred dividends TBD Research And Development (excluding D&A) 34.2 Proceeds from sale of land with book value of $15 (classify relevant impact on income statement as a non-operating item 70.0 Selling, General,& Administrative (excluding D&A) Goodwill Intangible Assets Inventory Long-Term Debt Non-controlling Interest (NCI) Notes Payable Write-down of PP&E (classify relevant impact on income statement as a non-operating item) 145.7 275.0 TBD 34.2 one Term Investments Net PP&E Preferred Stock Pre-Paid Expenses (Current) Retained Earnings/ Treasury Stock Wages Payable (Current) 145.3 Net income- refers to net income available to common, preferred shareholders, as well as consolidated noncontrolline interests. 46.0 Net income to common& preferred-refers to net income available to common and preferred shareholders 13.5 Net income to common-refers to net income available to common shareholders 35.0 TBD 123.2) 72.5