1. Calculate accumulated depreciation on 12/31/17.

2. Calculate common dividends paid during 2017.

3. 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. 

4. 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. 

 

5. 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:

 

6. Calculate retained earnings/(losses) on 12/31/17.

7. Calculate the non-controlling interest balance on the balance sheet on 12/31/17.

8. Calculate total current assets on the balance sheet on 12/31/17.

9. Calculate total cash from operations for the year ended 12/31/17.

10. Calculate total cash from investing activities for the year ended 12/31/17.

11. Calculate total cash from financing activities for the year ended 12/31/17.

12. Calculate total change in cash for the year ended 12/31/17.

 

 

'Data for Fancy Pants Balances as of: Accounts PayableAccounts ReceivableAdditional Paid-In-CapitalCash And EquivalentsCommon Stock (Par Value)Current Portion of Long-Term DebtDeferred Revenue (Current)Deferred Tax Asset (Non-current)Deferred Tax Liability (Non-current)Accumulated DepreciationGoodwillIntangible AssetsInventoryLong-Term DebtNon-controlling Interest (NCI)Notes PayableLong Term InvestmentsNet PP&EPreferred StockPre-Paid Expenses (Current)Retained Earnings / (Losses)Treasury Stock 1Wages Payable (Current) bV 120.574.8146.434.65649.6453.012.643.5(3,432.0)34.245.0132.6214.0100.0235123.9212.712.450.0(403.6)(112.3)67.8 prIEEVE Y 130.582.4163.5TBD7.468.4532.034.652.3(3,956.7)34.270.0145.7275.0TBD34.2145.3246.013.535.0TBD(123.2)725 Activities during the year: P LV Capital expenditures 580.0Cost of Goods Sold (excluding D&A) 3,256.0Dividend Payout Ratio (dividends / net income to common shareholders) 40%Income Tax 35%Net Interest Expense 45.6Net Revenues 5,800.0Non-controlling Interest Expense (After-Tax) 25.0Other Operating Expenses (excluding D&A) 16.5Purchases of intangible assets 45.0Preferred dividends 5.0Research And Development (excluding D&A) 56.3Proceeds from sale of land with book value of $15 (classify relevant impact on income statem« 20.0Selling, General, & Administrative (excluding D&A) 1,488.0Write-down of PP&E (classify relevant impact on income statement as a non-operating item) 7.0 Net income - refers to net income available to common, preferred shareholders, as well as consolidated ncNet income to common & preferred - refers to net income available to common and preferred shareholdeNet income to common - refers to net income available to common shareholders