15,438 (50) CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 15,388 4,723 10,665 A B CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue Less: Sales Return 5. Net Sales Cost of Goods Sold Gross Profit 9 Utilities Expenses 10 Salary and Wages Expenses 11 Rent Expenses 12 Depreciation Expenses 13 Interest Expenses 14 Supplies Expenses 15 Bad Debt Expenses 16 Total Operating Expenses 17 Eamings before Income Taxes 18 Income Tax Expenses 19 Earnings after Income Taxes 20 21 Retained Earnings, Begir 19,031 Net Income/1.055 333 Dividends Payment (100) Retained Earnings, Endc 19,264 1,519 5,688 313 1,781 788 50 163 10,300 364 31 333 22 23 FS's Ratios Projected FS Ready Search IK M N o 31-Dec-13 2014 CAPTAIN JET INC. BALANCE SHEET 31-Dec-14 Current Assets Cash Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long term investments Investments in equity securities Land held for future development Property, plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other identifiable intangible Assets Total Non-Current Assets 10,600 7,088 5,052 68 500 23,307 0 0 6,375 5,688 0 48,875 (25,219) 0 1,000 9,500 6,000 52,219 5,150 6,850 5,000 68 63 17,130 0 0 6,375 5,688 0 47,000 (23,438) 0 1,000 9,500 6.000 52,125 x A ore Tenewing your subscription learn more about the Office Web Apps Learn More H K Other identifiable Intangible Assets Total Non-Current Assets Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock ($10 par, 11,000 and 10,000 shares) Preferred Stock (5% dividend, $100 par values, 1050 an Paid-in-capital - Common Stock 6,000 52,219 75,526 0 0 6,688 188 225 1,500 1,086 825 156 10,668 0 15,000 0 0 15,000 25,668 0 13,750 13,125 M 6,000 52,125 69,255 0 0 4,188 0 188 1,500 1,055 825 0 7,755 0 13,750 0 0 13,750 21,505 0 12,500 12,500 3,438 3,438 our subscription M 188 225 1,500 1,086 825 1,500 1,055 825 156 7,755 0 13,750 0 0 Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock ($10 par, 11,000 and 10,000 shares) Preferred Stock (5% dividend, $100 par values, 1050 an Paid-in-capital - Common Stock Paid-in-capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 10,668 0 15,000 0 0 15,000 25,668 0 13,750 13,125 3,438 1,250 19,264 625 (1,594) 49,858 75,526 13,750 21,505 0 12,500 12,500 3,438 1,250 19,031 625 (1,594) 47750 69.255 K34 Current Assets x for D F G H J B C E 1 Provide projected Income Statement, Retained Earnings statement and Projected Balance Sheet on the right 2 using the following assumptions: 3 4 5 6 7 8 9 10 1 sales growth is 10%; sales return, as a percentage of sales revenue, does not change 2 Gross profit margin is the same as 2014 profit margin 3 Depreciation expense/Prior PPE (gross) = 4% 4 Interest expense/Prior year long-term debt =6% 5 All other expenses (insurance, supplies, utilities, bad debt and rent) grow at the same rate as sales growth. 6 Income tax expense/pre-tax income = 12% 7 A/R turnover is the same as that calculated for year 2014 8. A/P turnover is the same as that calculated for year 2014 9 Inventory turnover is the same as that calculated for year 2014 10 There is no change in current assets other than Cash, A/R and inventory 11 Capital expenditure/Sales =7% 12 Assume no change in long-term assets except for PP&E. 13 Assume no change in all liabilities, excpet for A/P 14 Assume no change in shareholders' Equity except for Retained Earnings 15 No dividend is paid on common stock and 5% dividend is paid on preferred stock 12 13 15 16 18 19 20 21 22 23 FSS Ratios Projected FS Ready Search O x] M N CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015 Retained Earnings, Beginning of the year Net Income/Loss Dividends Payment Retained Earnings, End of the year CAPTAIN JET INC. Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2015 Current Assets Cash Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in equity securities Land held for future development on more M N P Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in equity securities Land held for future development Property, Plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Identifiable intangible Assets Total Non-Current Assets Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable 100% A16 PM 12/2/2020 X Help ve Unless you need to edit it's sales to stay in Protected View Enable Editing Reactivate wing your subscription, learn more about the Office Web Apps Learn More M N P Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock (5% dividend) Paid-in-capital. Common Stock Paid-in-capital - Preferred Stock Retained Earnings 1006 7:16 PM 12/2/2020 Aiman Project 2 (3) Protected View Rated by sarcel Unlicensed Product Onts Review Help internet can contain vies. Used to edities to stay in Protected in Enable Edling have been Rectate k edit beforewing you tube con le about the Office Web Apps Learn More N 1 M Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non Current Liabilities Notes payable Provisions Related to Pensions Bonds payable Total Non Current liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock 5% dividend Paid-in-capital. Common Stock Paid-in-capital Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 100% e 7.16 PM 12/2/2020 X3 Enable Editing References Mailing Renew View the Internet can contain viruses. Unless you need to edit it's sales to stay in Protected View of Word have been disabled Beactivate a quick edit before renewing your subscription, learn more about the Office Web Apps Learn More Requirement for Project 2: 1) Calculate ratios for year 2014 using financial statement information provided on worksheet FSs. Enter the ratios in highlighted areas on worksheet "Ratios".(4 points) 2) Provide projected figures for year 2015 based on 2014 information, ratios calculated in 1), as well as assumptions provided on worksheet "projected FSS" (4 points) I e Requirement for Project 2: 1) Calculate ratios for year 2014 using financial statement information provided on worksheet FSs. Enter the ratios in highlighted areas on worksheet "Ratios".(4 points) 2) Provide projected figures for year 2015 based on 2014 information, ratios calculated in 1), as well as assumptions provided on worksheet "projected FSS". (4 points) e 320 w TOSHIBA D B H C E Calculate the following ratios for year 2014 (round all ratios to two places behind the decimal): 1 Working capital 12,639 2 Current ratio 2.18 3 Acid test ratio II 17687 2.21 4 Accounts receivable turnover fuse net sales as numerator) 163 5 Collection period of receivables (use 360 days in each year) 6 Accounts payable turnover ratic 0.88 7 Inventory turnover ratio 0.94 8 Days to sell inventory 590 0.198 9 Debt-to-Equity ratio FSHS Ratios Projected FS IS X (use 360 days in each year) 6 Accounts payable turnover ratic= 0.88 7 Inventory turnover ratio 0.94 8 Days to sell inventory = 390 9 Debt-to-Equity ratio = 0.198 10 Times interest earned = 1.46 11 RNOA (assume 12% tax rate) = 12 ROCE IL 0.076 FS Ratios Projected F15 15,438 (50) CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 15,388 4,723 10,665 A B CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2014 Sales Revenue Less: Sales Return 5. Net Sales Cost of Goods Sold Gross Profit 9 Utilities Expenses 10 Salary and Wages Expenses 11 Rent Expenses 12 Depreciation Expenses 13 Interest Expenses 14 Supplies Expenses 15 Bad Debt Expenses 16 Total Operating Expenses 17 Eamings before Income Taxes 18 Income Tax Expenses 19 Earnings after Income Taxes 20 21 Retained Earnings, Begir 19,031 Net Income/1.055 333 Dividends Payment (100) Retained Earnings, Endc 19,264 1,519 5,688 313 1,781 788 50 163 10,300 364 31 333 22 23 FS's Ratios Projected FS Ready Search IK M N o 31-Dec-13 2014 CAPTAIN JET INC. BALANCE SHEET 31-Dec-14 Current Assets Cash Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long term investments Investments in equity securities Land held for future development Property, plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other identifiable intangible Assets Total Non-Current Assets 10,600 7,088 5,052 68 500 23,307 0 0 6,375 5,688 0 48,875 (25,219) 0 1,000 9,500 6,000 52,219 5,150 6,850 5,000 68 63 17,130 0 0 6,375 5,688 0 47,000 (23,438) 0 1,000 9,500 6.000 52,125 x A ore Tenewing your subscription learn more about the Office Web Apps Learn More H K Other identifiable Intangible Assets Total Non-Current Assets Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock ($10 par, 11,000 and 10,000 shares) Preferred Stock (5% dividend, $100 par values, 1050 an Paid-in-capital - Common Stock 6,000 52,219 75,526 0 0 6,688 188 225 1,500 1,086 825 156 10,668 0 15,000 0 0 15,000 25,668 0 13,750 13,125 M 6,000 52,125 69,255 0 0 4,188 0 188 1,500 1,055 825 0 7,755 0 13,750 0 0 13,750 21,505 0 12,500 12,500 3,438 3,438 our subscription M 188 225 1,500 1,086 825 1,500 1,055 825 156 7,755 0 13,750 0 0 Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock ($10 par, 11,000 and 10,000 shares) Preferred Stock (5% dividend, $100 par values, 1050 an Paid-in-capital - Common Stock Paid-in-capital - Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less: Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 10,668 0 15,000 0 0 15,000 25,668 0 13,750 13,125 3,438 1,250 19,264 625 (1,594) 49,858 75,526 13,750 21,505 0 12,500 12,500 3,438 1,250 19,031 625 (1,594) 47750 69.255 K34 Current Assets x for D F G H J B C E 1 Provide projected Income Statement, Retained Earnings statement and Projected Balance Sheet on the right 2 using the following assumptions: 3 4 5 6 7 8 9 10 1 sales growth is 10%; sales return, as a percentage of sales revenue, does not change 2 Gross profit margin is the same as 2014 profit margin 3 Depreciation expense/Prior PPE (gross) = 4% 4 Interest expense/Prior year long-term debt =6% 5 All other expenses (insurance, supplies, utilities, bad debt and rent) grow at the same rate as sales growth. 6 Income tax expense/pre-tax income = 12% 7 A/R turnover is the same as that calculated for year 2014 8. A/P turnover is the same as that calculated for year 2014 9 Inventory turnover is the same as that calculated for year 2014 10 There is no change in current assets other than Cash, A/R and inventory 11 Capital expenditure/Sales =7% 12 Assume no change in long-term assets except for PP&E. 13 Assume no change in all liabilities, excpet for A/P 14 Assume no change in shareholders' Equity except for Retained Earnings 15 No dividend is paid on common stock and 5% dividend is paid on preferred stock 12 13 15 16 18 19 20 21 22 23 FSS Ratios Projected FS Ready Search O x] M N CAPTAIN JET INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015 Retained Earnings, Beginning of the year Net Income/Loss Dividends Payment Retained Earnings, End of the year CAPTAIN JET INC. Balance Sheet FOR THE YEAR ENDED DECEMBER 31, 2015 Current Assets Cash Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in equity securities Land held for future development on more M N P Accounts Receivable Inventories Prepaid Insurance Prepaid Rent Total Current Assets Non-Current Assets Long-term Investments Investments in equity securities Land held for future development Property, Plant, and Equipment Buildings Less: Accumulated Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Identifiable intangible Assets Total Non-Current Assets Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable 100% A16 PM 12/2/2020 X Help ve Unless you need to edit it's sales to stay in Protected View Enable Editing Reactivate wing your subscription, learn more about the Office Web Apps Learn More M N P Total Assets Current Liabilities Accounts payable Salary and Wages Payable Interest Payable Unearned Revenue Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non-Current Liabilities Notes payable Provisions Related to Pensions Bonds Payable Total Non-Current Liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock (5% dividend) Paid-in-capital. Common Stock Paid-in-capital - Preferred Stock Retained Earnings 1006 7:16 PM 12/2/2020 Aiman Project 2 (3) Protected View Rated by sarcel Unlicensed Product Onts Review Help internet can contain vies. Used to edities to stay in Protected in Enable Edling have been Rectate k edit beforewing you tube con le about the Office Web Apps Learn More N 1 M Income Tax payable Property taxes payable Utilities payable Total Current Liabilities Non Current Liabilities Notes payable Provisions Related to Pensions Bonds payable Total Non Current liabilities Total Liabilities Stockholders' Equity Common Stock Preferred Stock 5% dividend Paid-in-capital. Common Stock Paid-in-capital Preferred Stock Retained Earnings Accumulated Other Comprehensive Income Less Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 100% e 7.16 PM 12/2/2020 X3 Enable Editing References Mailing Renew View the Internet can contain viruses. Unless you need to edit it's sales to stay in Protected View of Word have been disabled Beactivate a quick edit before renewing your subscription, learn more about the Office Web Apps Learn More Requirement for Project 2: 1) Calculate ratios for year 2014 using financial statement information provided on worksheet FSs. Enter the ratios in highlighted areas on worksheet "Ratios".(4 points) 2) Provide projected figures for year 2015 based on 2014 information, ratios calculated in 1), as well as assumptions provided on worksheet "projected FSS" (4 points) I e Requirement for Project 2: 1) Calculate ratios for year 2014 using financial statement information provided on worksheet FSs. Enter the ratios in highlighted areas on worksheet "Ratios".(4 points) 2) Provide projected figures for year 2015 based on 2014 information, ratios calculated in 1), as well as assumptions provided on worksheet "projected FSS". (4 points) e 320 w TOSHIBA D B H C E Calculate the following ratios for year 2014 (round all ratios to two places behind the decimal): 1 Working capital 12,639 2 Current ratio 2.18 3 Acid test ratio II 17687 2.21 4 Accounts receivable turnover fuse net sales as numerator) 163 5 Collection period of receivables (use 360 days in each year) 6 Accounts payable turnover ratic 0.88 7 Inventory turnover ratio 0.94 8 Days to sell inventory 590 0.198 9 Debt-to-Equity ratio FSHS Ratios Projected FS IS X (use 360 days in each year) 6 Accounts payable turnover ratic= 0.88 7 Inventory turnover ratio 0.94 8 Days to sell inventory = 390 9 Debt-to-Equity ratio = 0.198 10 Times interest earned = 1.46 11 RNOA (assume 12% tax rate) = 12 ROCE IL 0.076 FS Ratios Projected F15