1. Calculate the number of shares outstanding for the company and the market price per share at the end of 2020. 2. Calculate the cash flow from operations, net capital spending, and the change in NWC to calculate the cash flow from assets. Then, calculate the cash flow to creditors and cash flow to shareholders to calculate the cash flow from assets from the uses side and confirm that the cash-flow identity is satisfied. 3. Use information from the balance sheet and income statement to calculate the following financial ratios and the market value added (MVA).

(Whenever balance sheet numbers are used to calculate financial ratios, please ensure that you use the average of the 2019 and 2020 numbers in your calculation. To calculate MVA, you can assume that the average book value number for common stock and paid-in-surplus is the amount that the shareholders initially invested in the company.)

Short-term Solvency Ratios Current Ratio Quick Ratio NWC to total assets Asset Utilization Ratios Days' sales in inventory Receivables Turnover Long-term Solvency Ratios Equity Multiplier Cash Coverage Ratio Profitability Ratios Profit Margin Return on equity Market Value Ratios Market-to-book ratio Market Value Added ($M) Income Statement ($M) Assets ($M) 2019 2020 2020 Current Assets Cash Accounts Receivable Inventory Total Current Assets GRIZZLY BEAR MUFFIN COMPANY Balance Sheet Liabilities & Shareholders' Equity ($M) 2020 2019 Current Liabilities 5,822 Accounts Payable 6,120 3,656 Notes Payable 3,168 6,517 Other Current Liabilities 3,055 15,995 Total Current Liabilities 12,343 5,290 2,738 5,586 13,614 7,098 2,700 4,088 13,886 Sales Cost of goods sold Gross Profit Depreciation EBIT Interest Expense Taxable Income Taxes (35%) Net Income Dividends Retained Earnings $84,409 58,218 26,191 7,410 18,781 3,281 15,500 5,425 $10,075 4,001 6,074 Long Term Debt 19,000 22,000 Fixed Assets Net Plant and Equipment 71,433 79,669 Shareholders' Equity Common Stock & paid-in-surplus Accumulated Retained Earnings Total Shareholders Equity 9,000 44,704 53,704 9.000 50,778 59,778 EPS 4.03 14.5 Total Assets $85,047 $95,664 Total Liabilities & Shareholders' Equity $85,047 $95,664 PE Ratio Short-term Solvency Ratios Current Ratio Quick Ratio NWC to total assets Asset Utilization Ratios Days' sales in inventory Receivables Turnover Long-term Solvency Ratios Equity Multiplier Cash Coverage Ratio Profitability Ratios Profit Margin Return on equity Market Value Ratios Market-to-book ratio Market Value Added ($M) Income Statement ($M) Assets ($M) 2019 2020 2020 Current Assets Cash Accounts Receivable Inventory Total Current Assets GRIZZLY BEAR MUFFIN COMPANY Balance Sheet Liabilities & Shareholders' Equity ($M) 2020 2019 Current Liabilities 5,822 Accounts Payable 6,120 3,656 Notes Payable 3,168 6,517 Other Current Liabilities 3,055 15,995 Total Current Liabilities 12,343 5,290 2,738 5,586 13,614 7,098 2,700 4,088 13,886 Sales Cost of goods sold Gross Profit Depreciation EBIT Interest Expense Taxable Income Taxes (35%) Net Income Dividends Retained Earnings $84,409 58,218 26,191 7,410 18,781 3,281 15,500 5,425 $10,075 4,001 6,074 Long Term Debt 19,000 22,000 Fixed Assets Net Plant and Equipment 71,433 79,669 Shareholders' Equity Common Stock & paid-in-surplus Accumulated Retained Earnings Total Shareholders Equity 9,000 44,704 53,704 9.000 50,778 59,778 EPS 4.03 14.5 Total Assets $85,047 $95,664 Total Liabilities & Shareholders' Equity $85,047 $95,664 PE Ratio