1) Suppose that instead of shareholders borrowing $463 from the company in 1995. They take out the same amount as additional dividends in the same year . After this change, what is the $ value retained earning ( Earned Surplus ) in 1995 ? ( Write down )
2) In 1995 for Haeden Baum " Earned surplus " deficit is negative because of ? Multiple choice
a) large dividend payment to shareholders
b) negative income
c) large investments in fixed assets
d) both a & b
3) Based on the cash flow statements 1993-1994, which CF item is considered as the main use of funds for Haeden Baum ? ( Write down )
4) The case states that 75% of Haefren Baum's sales were for cash and 25% installment. Installment terms called for 25% down and the balance in equal monthly payments over the following six-month period. Based on this, the ACP in 1995 is .... ( Write down )
Cut Arial 10 A A Wrap Text General Copy Paste B A I U A IM Merge & Center $ % > 4.0 .00 .00 1.0 Insert Delete For Format Conditional Format Cell Formatting as Table Styles 11 A XV fx A B D E F G H K L M N 0 P Statement of Cash flows 1922-1994 1884-1985 1 Wieghand GmbH Cologne 2 3 Hafren Baum GmbH Balance sheetsFYE 1/31 5 thousands of DM) 6 7 1944 1925 1983 1994 1924 1993-1994 (32) 388 (8) (55) 168 35 (8) 88 (331) 2.123 1.067 61.955 2533 1258 65.494 Net Income NU Depreciation A Accounts Receivable Anventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (16) 159 (398 8 8 8. 74 (104) 32 (225) 4 1994-1995 80 (24) 2799 (35) 2.916 8 5,794 (51) 587 2518 330 631 168 1,887 162 104 346 (103) 104 2.833 2.908 5845 567 2.188 463 1.725 104 344 32 8,617 21 159 Ratio Analysis 1993 Liquidity! CR 2.261 OR 1,082 AP Days 48.8891 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Calleci.pd. 52.635) Inventory Days 194.452 FA Turnove 6.98 Leverage! Debrequin 5.86 Sales Grow DuPont Analysis 1.01 -0.019 -0.002 0.389 0.020 -0.001) -0.057 -0.006 0.377 0.361 -0.004 (139) 21 330) 119 (21) (330) 344 (32) 520 32 8.847 1.555 77.185 129,615 5.85 1.496 77.188 129 215 5.39 230 A Cash Flow from Investing A ALGFA Alinvestments Total cash flow from Investing Cash Flow from Financing Notes payable, employees , Noles payable, bank A Current maturities an long-term debits A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 16 567 327 (16) 1390 128 88 1,478 128 8 16 (104) 327 74 9.37 -21.05 -0.02) 8.22 -124 -0.06 (40) (223) 607 (119) 184 575 080 352 329 223 (331) 338 214 409 321 567 (16) (32) 2.753 1.438 3.595 879 (48 8.617 2.287 1.398 4202 1,083 (103) 8.847 8 Cash 138 104 9 Accounts receivable.net 2.447 2,833 10 Inventory 2,916 2,908 11 Current Assets 5,499 5,845 12 Land 567 567 13 Buildings, Sures, and equipment 2167 2,188 14 Less: Reserve for depreciation 304 463 15 Net buildings, fixtures, and equipment 1,863 1,725 16 Investments 104 104 17 Due from stockholders 344 18 Deferred charges 64 32 19 Total assets 8,097 8,617 20 21 Accounts payable 1 382 1 390 22 Notes gewable employees 112 128 23 Estimated federal income 104 24 Current maturies on long term debits 248 575 25 Miscellaneous accruals 586 080 26 Current liabilities 2432 2,753 27 Notes payable, bank 871 1.438 28 Marselen 3,611 3,595 29 Capital stock 879 879 30 Earned surplus (deficit) 304 (48) 31 Total liabilities and net worth 8,097 8,617 32 33 34 35 Haaren Baum GmbH 36 Income Statements for FYE 1/31 37 (housands of DM 38 1994 39 40 Sales 18.847 15.179 41 Lass: Returns and allowances 1,678 1,782 42 Net sales 16.989 13.397 43 Cost of goods sold 10.322 8,189 44 Gross profit 6,647 5,208 45 Less: Operating expenses 5,704 4,937 46 Operating prot! 943 47 Oher income 639 104 48 Neles e income 1582 375 49 Oher deductions 383 391 50 Net profit (loss before tax 1,199 16 51 Dividendid 338 52 Sheet1 (40) 607 184 (55) 230 Change in Cash Sum of Cash Flows (24) (20) (352) 520 Common-Sized Income Statement 18A 1944 Sales 109.89% 113.30% Less: Returns and allowances 9.89% 13.30% Net sales 100.00% 100.00% Cast of goods sold 60.83% 61.13% Gross profit 39.17% 38.87% Less: Operating expenses 33.61% 38.85% Operating profil 5.56% 2.02% Other income 3.77% 0.78% Neler other income 2.80% Other deductions 2.28% 2.92% Net profit (loss) before tax 7.07% -0.12% 1985 108.81% 8.81% 100.00% 62.26% 37.74% 38.11% 1.63% 1.03% 2.68% 3.08% -0.42% 1985 14,397 1.108 13 231 8.237 4,994 4.778 216 130 352 407 (55) Wiegandt GmbH Cologne Business Analysis + H 6 5 5 Wiegandt_Case.xlsx Q Search Sheet Home Insert Draw Page Layout Formulas Data Review View 9+ Share Cut Arial 10 AutoSum , A- A O Wrap Text General 49 Copy Fill Paste B I = $ 4.0 + Merge & Center % Insert Delete Format Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select 11 X fx A B D E F G H J K 1994 1993 1994 2.12 1.08 61.95 A/P Days 136 2,447 2,916 5,499 567 2,167 304 1,86 104 - 1994 A 1993-1994 104 (32) 2,833 386 2,908 (8) 5,845 346 567 2,188 21 463 159 1,725 (138) 104 344 344 32 (32) 8,617 520 104 2,833 2,908 5,845 567 2,188 463 1,725 104 344 32 8,617 3 Haefren Baum GmbH 4 Balance sheets, FYE 1/31 5 (thousands of DM) 6 7 8 Cash 9 Accounts receivable, net 10 Inventory 11 Current Assets 12 Land 13 Buildings, fixtures, and equipment 14 Less: Reserve for depreciation 15 Net buildings, fixtures, and equipment 16 Investments 17 Due from stockholders 18 Deferred charges 19 Total assets 20 21 Accounts payable 22 Notes payable, employees 23 Estimated federal income tax 24 Current maturities on long-term debts 25 Miscellaneous accruals 26 Current liabilities 27 Notes payable, bank 28 Mortgage loan 29 Capital stock 30 Earned surplus (deficit) 31 Total liabilities and net worth 32 33 Wiegandt GmbH Cologne Sheet1 1995 A 1994-1995 80 (24) 2,798 (35) 2,916 8 5,794 (51) 567 2,518 330 631 168 1,887 104 463 119 32 8,847 230 Ratio Analysis 1993 Liquidity CRI 2.261 QR 1.062 48.869 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Collect. pd. 52.635 Inventory Days 194.452 FA Turnover 6.98 Leverage Debt/Equity 5.84 Sales Growth DuPont Analysis 1.01 -0.01 -0.00 0.3 0.02 64 1.55 77.1% 129.6 5.8 8,097 88 1,390 128 1,390 128 1,478 128 - 9.3 -21.C -0.0 1,382 112 104 248 586 2,432 871 3,611 879 304 8,097 575 660 2,753 1,438 3,595 879 (48) 8,617 8 16 (104) 327 74 321 567 (16) 575 660 2,753 1,438 3,595 879 (48) 8,617 352 329 2,287 1,398 4,202 1,063 (103) 8,847 (223) (331) (466) (40) 607 184 (55) 230 (352) 520 Common-Sized Income Stateme 1993 1994 Sales 109.89% 113.30 Less: Returns and allowances 9.89% 13.30 Net sales 100.00% 100.00 Cost of goods sold 60.83% 61.13 Business Analysis + + 150% H 6 5 5 Wiegandt_Case.xlsx Q Search Sheet Home Insert Draw Page Layout Formulas Data Review View 9+ Share Cut Arial 10 A- A Wrap Text- General ND AutoSum , Fill 49 Copy Format .00 Paste B I Merge & Center $ % Insert Delete Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select 11 X fx M N O P 0 R S T U V W Y N Statement of Cash flows 1993-1994 1994-1995 Net Income (NI) Depreciation A Accounts Receivable A Inventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (16) 159 (386) 8 8 74 (104) 32 (225) (55) 168 35 (8) 88 (331) (103) 21 330 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 (21) (330) A Cash Flow from Investing A GFA A Investments Total cash flow from Investing Cash Flow from Financing A Notes payable, employees A Notes payable, bank A Current maturities on long-term debts A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 16 567 327 (16) (344) (40) (223) 607 (119) 184 336 214 409 Change in Cash Sum of Cash Flows (24) (32) (32) (24) Wiegandt GmbH Cologne Sheet1 Business Analysis + - 156% Excel File Edit View Insert Format Tools Data Window Help 100% 47 SI Thu 10:03 PM Q Wiegandt_Case.xlsx Q Search Sheet + Home Insert Draw Page Layout Formulas Data Review View + Share Arial 10 , A A General Wrap Text X A9 Q Paste B I U- A = = Merge & Center $ - % . .00 Insert Delete Format Conditional Format Formatting as Table Cell Styles Sort & Filter Find & Select 11 x fx F G H J K L M N O Statement of Cash flows 1993-19: 1994 1995 15 (38 1995 A 1994-1995 (24) (35) 8 2.123 1.067 61.955 2.533 1.258 65.494 Net Income (NI) Depreciation A Accounts Receivable A Inventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (10 (51) (22 1 2 3 4 5 6 7 8 04 9 33 10 108 11 45 12 67 13 88 14 63 15 25 16 04 17 44 18 32 19 17 20 21 90 22 28 23 24 75 25 60 26 53 27 38 80 2,798 2,916 5,794 567 2,518 631 1,887 104 463 32 8,847 330 168 162 Ratio Analysis 1993 Liquidity CR 2.261 QR 1.062 A/P Days 48.869 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Collect. pd. 52.635 Inventory Days 194.452 FA Turnover 6.98 Leverage Debt/Equity 5.84 Sales Growth DuPont Analysis 1.01 -0.019 -0.002 0.389 0.020 -0.001 -0.057 -0.006 0.377 0.361 -0.004 119 (2 1.555 77.185 129.615 5.85 1.496 77.188 129.215 230 5.39 A Cash Flow from Investing AGFA A Investments Total cash flow from Investing Cash Flow from Financing A Notes payable, employees Notes payable, bank A Current maturities on long-term debts A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 56 32 88 1,478 128 9.37 -21.05 -0.02 8.22 -1.24 -0.06 (34 352 329 2,287 1,398 (223) (331) (466) (40) 33 2 Wiegandt GmbH Cologne Sheet1 Business Analysis + + 156% 18 W R Cut Arial 10 A A Wrap Text General Copy Paste B A I U A IM Merge & Center $ % > 4.0 .00 .00 1.0 Insert Delete For Format Conditional Format Cell Formatting as Table Styles 11 A XV fx A B D E F G H K L M N 0 P Statement of Cash flows 1922-1994 1884-1985 1 Wieghand GmbH Cologne 2 3 Hafren Baum GmbH Balance sheetsFYE 1/31 5 thousands of DM) 6 7 1944 1925 1983 1994 1924 1993-1994 (32) 388 (8) (55) 168 35 (8) 88 (331) 2.123 1.067 61.955 2533 1258 65.494 Net Income NU Depreciation A Accounts Receivable Anventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (16) 159 (398 8 8 8. 74 (104) 32 (225) 4 1994-1995 80 (24) 2799 (35) 2.916 8 5,794 (51) 587 2518 330 631 168 1,887 162 104 346 (103) 104 2.833 2.908 5845 567 2.188 463 1.725 104 344 32 8,617 21 159 Ratio Analysis 1993 Liquidity! CR 2.261 OR 1,082 AP Days 48.8891 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Calleci.pd. 52.635) Inventory Days 194.452 FA Turnove 6.98 Leverage! Debrequin 5.86 Sales Grow DuPont Analysis 1.01 -0.019 -0.002 0.389 0.020 -0.001) -0.057 -0.006 0.377 0.361 -0.004 (139) 21 330) 119 (21) (330) 344 (32) 520 32 8.847 1.555 77.185 129,615 5.85 1.496 77.188 129 215 5.39 230 A Cash Flow from Investing A ALGFA Alinvestments Total cash flow from Investing Cash Flow from Financing Notes payable, employees , Noles payable, bank A Current maturities an long-term debits A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 16 567 327 (16) 1390 128 88 1,478 128 8 16 (104) 327 74 9.37 -21.05 -0.02) 8.22 -124 -0.06 (40) (223) 607 (119) 184 575 080 352 329 223 (331) 338 214 409 321 567 (16) (32) 2.753 1.438 3.595 879 (48 8.617 2.287 1.398 4202 1,083 (103) 8.847 8 Cash 138 104 9 Accounts receivable.net 2.447 2,833 10 Inventory 2,916 2,908 11 Current Assets 5,499 5,845 12 Land 567 567 13 Buildings, Sures, and equipment 2167 2,188 14 Less: Reserve for depreciation 304 463 15 Net buildings, fixtures, and equipment 1,863 1,725 16 Investments 104 104 17 Due from stockholders 344 18 Deferred charges 64 32 19 Total assets 8,097 8,617 20 21 Accounts payable 1 382 1 390 22 Notes gewable employees 112 128 23 Estimated federal income 104 24 Current maturies on long term debits 248 575 25 Miscellaneous accruals 586 080 26 Current liabilities 2432 2,753 27 Notes payable, bank 871 1.438 28 Marselen 3,611 3,595 29 Capital stock 879 879 30 Earned surplus (deficit) 304 (48) 31 Total liabilities and net worth 8,097 8,617 32 33 34 35 Haaren Baum GmbH 36 Income Statements for FYE 1/31 37 (housands of DM 38 1994 39 40 Sales 18.847 15.179 41 Lass: Returns and allowances 1,678 1,782 42 Net sales 16.989 13.397 43 Cost of goods sold 10.322 8,189 44 Gross profit 6,647 5,208 45 Less: Operating expenses 5,704 4,937 46 Operating prot! 943 47 Oher income 639 104 48 Neles e income 1582 375 49 Oher deductions 383 391 50 Net profit (loss before tax 1,199 16 51 Dividendid 338 52 Sheet1 (40) 607 184 (55) 230 Change in Cash Sum of Cash Flows (24) (20) (352) 520 Common-Sized Income Statement 18A 1944 Sales 109.89% 113.30% Less: Returns and allowances 9.89% 13.30% Net sales 100.00% 100.00% Cast of goods sold 60.83% 61.13% Gross profit 39.17% 38.87% Less: Operating expenses 33.61% 38.85% Operating profil 5.56% 2.02% Other income 3.77% 0.78% Neler other income 2.80% Other deductions 2.28% 2.92% Net profit (loss) before tax 7.07% -0.12% 1985 108.81% 8.81% 100.00% 62.26% 37.74% 38.11% 1.63% 1.03% 2.68% 3.08% -0.42% 1985 14,397 1.108 13 231 8.237 4,994 4.778 216 130 352 407 (55) Wiegandt GmbH Cologne Business Analysis + H 6 5 5 Wiegandt_Case.xlsx Q Search Sheet Home Insert Draw Page Layout Formulas Data Review View 9+ Share Cut Arial 10 AutoSum , A- A O Wrap Text General 49 Copy Fill Paste B I = $ 4.0 + Merge & Center % Insert Delete Format Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select 11 X fx A B D E F G H J K 1994 1993 1994 2.12 1.08 61.95 A/P Days 136 2,447 2,916 5,499 567 2,167 304 1,86 104 - 1994 A 1993-1994 104 (32) 2,833 386 2,908 (8) 5,845 346 567 2,188 21 463 159 1,725 (138) 104 344 344 32 (32) 8,617 520 104 2,833 2,908 5,845 567 2,188 463 1,725 104 344 32 8,617 3 Haefren Baum GmbH 4 Balance sheets, FYE 1/31 5 (thousands of DM) 6 7 8 Cash 9 Accounts receivable, net 10 Inventory 11 Current Assets 12 Land 13 Buildings, fixtures, and equipment 14 Less: Reserve for depreciation 15 Net buildings, fixtures, and equipment 16 Investments 17 Due from stockholders 18 Deferred charges 19 Total assets 20 21 Accounts payable 22 Notes payable, employees 23 Estimated federal income tax 24 Current maturities on long-term debts 25 Miscellaneous accruals 26 Current liabilities 27 Notes payable, bank 28 Mortgage loan 29 Capital stock 30 Earned surplus (deficit) 31 Total liabilities and net worth 32 33 Wiegandt GmbH Cologne Sheet1 1995 A 1994-1995 80 (24) 2,798 (35) 2,916 8 5,794 (51) 567 2,518 330 631 168 1,887 104 463 119 32 8,847 230 Ratio Analysis 1993 Liquidity CRI 2.261 QR 1.062 48.869 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Collect. pd. 52.635 Inventory Days 194.452 FA Turnover 6.98 Leverage Debt/Equity 5.84 Sales Growth DuPont Analysis 1.01 -0.01 -0.00 0.3 0.02 64 1.55 77.1% 129.6 5.8 8,097 88 1,390 128 1,390 128 1,478 128 - 9.3 -21.C -0.0 1,382 112 104 248 586 2,432 871 3,611 879 304 8,097 575 660 2,753 1,438 3,595 879 (48) 8,617 8 16 (104) 327 74 321 567 (16) 575 660 2,753 1,438 3,595 879 (48) 8,617 352 329 2,287 1,398 4,202 1,063 (103) 8,847 (223) (331) (466) (40) 607 184 (55) 230 (352) 520 Common-Sized Income Stateme 1993 1994 Sales 109.89% 113.30 Less: Returns and allowances 9.89% 13.30 Net sales 100.00% 100.00 Cost of goods sold 60.83% 61.13 Business Analysis + + 150% H 6 5 5 Wiegandt_Case.xlsx Q Search Sheet Home Insert Draw Page Layout Formulas Data Review View 9+ Share Cut Arial 10 A- A Wrap Text- General ND AutoSum , Fill 49 Copy Format .00 Paste B I Merge & Center $ % Insert Delete Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select 11 X fx M N O P 0 R S T U V W Y N Statement of Cash flows 1993-1994 1994-1995 Net Income (NI) Depreciation A Accounts Receivable A Inventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (16) 159 (386) 8 8 74 (104) 32 (225) (55) 168 35 (8) 88 (331) (103) 21 330 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 (21) (330) A Cash Flow from Investing A GFA A Investments Total cash flow from Investing Cash Flow from Financing A Notes payable, employees A Notes payable, bank A Current maturities on long-term debts A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 16 567 327 (16) (344) (40) (223) 607 (119) 184 336 214 409 Change in Cash Sum of Cash Flows (24) (32) (32) (24) Wiegandt GmbH Cologne Sheet1 Business Analysis + - 156% Excel File Edit View Insert Format Tools Data Window Help 100% 47 SI Thu 10:03 PM Q Wiegandt_Case.xlsx Q Search Sheet + Home Insert Draw Page Layout Formulas Data Review View + Share Arial 10 , A A General Wrap Text X A9 Q Paste B I U- A = = Merge & Center $ - % . .00 Insert Delete Format Conditional Format Formatting as Table Cell Styles Sort & Filter Find & Select 11 x fx F G H J K L M N O Statement of Cash flows 1993-19: 1994 1995 15 (38 1995 A 1994-1995 (24) (35) 8 2.123 1.067 61.955 2.533 1.258 65.494 Net Income (NI) Depreciation A Accounts Receivable A Inventory A Accounts payable A Miscellaneous accruals A Estimated federal income tax Deferred charges Total cash flow from Operations (10 (51) (22 1 2 3 4 5 6 7 8 04 9 33 10 108 11 45 12 67 13 88 14 63 15 25 16 04 17 44 18 32 19 17 20 21 90 22 28 23 24 75 25 60 26 53 27 38 80 2,798 2,916 5,794 567 2,518 631 1,887 104 463 32 8,847 330 168 162 Ratio Analysis 1993 Liquidity CR 2.261 QR 1.062 A/P Days 48.869 Profitability ROE 1.014 ROA 0.148 GPM 0.392 OM 0.056 NPM 0.071 Efficiency Total Asset Turnover 2.096 Avg. Collect. pd. 52.635 Inventory Days 194.452 FA Turnover 6.98 Leverage Debt/Equity 5.84 Sales Growth DuPont Analysis 1.01 -0.019 -0.002 0.389 0.020 -0.001 -0.057 -0.006 0.377 0.361 -0.004 119 (2 1.555 77.185 129.615 5.85 1.496 77.188 129.215 230 5.39 A Cash Flow from Investing AGFA A Investments Total cash flow from Investing Cash Flow from Financing A Notes payable, employees Notes payable, bank A Current maturities on long-term debts A Mortgage loan A Due from stockholders Capital stock Dividends Total cash flow from Financing 56 32 88 1,478 128 9.37 -21.05 -0.02 8.22 -1.24 -0.06 (34 352 329 2,287 1,398 (223) (331) (466) (40) 33 2 Wiegandt GmbH Cologne Sheet1 Business Analysis + + 156% 18 W R
