a) what net operating working capital for 2014 and 2015

b) whaz was Jamison 2015 free cash flow

c) construct Jamison 2015 statement of stockholder's equity.

EXHIBITS: INPUT DATA (for D'Leon) Table IC3.1 Balance Sheets 2015 2014 $ Assets Cash Accounts receivable Inventories Total current assets Gross fixed assets Less: accumulated depreciation Net fixed assets Total assets 7,282 $ 57,600 632,160 351,200 1,287,360 715,200 $ 1,926,802 $1,124,000 1,202,950 491,000 263,160 146,200 $ 939,790 $ 344,800 $ 2.866.592 $1,468,800 + Liabilities and equity $ Accounts payable 524,160 $ 145,600 Notes payable 636,808 200,000 489,600 136,000 3 Accruals 4 Total current liabilities $ 1,650,568 $ 481,600 723,432 323.432 5 Long term debt 6 Total debt $ 2,374,000 $ 805,032 27 Common stock (100,000 shares) 460,000 460,000 28 Retained earnings 32,592 203,768 29 Total common equity $ 492,592 $ 663,768 30 Total liabilities and equity $2.866,592 51,468,800 31 32 Table IC3.2 Income Statements 2015 2014 33 34 Sales $ 6,034,000 $3,432,000 35 Cost of goods sold 5,528,000 2,864,000 36 Other expenses 519,988 358,672 37 Total operating exp. excl. depreciation and amortization $ 6,047,988 $3,222,672 38 Depreciation and amortization 116,960 18.900 39 Earnings before interest and taxes (EBIT) $ (130,948) $ 190,428 40 Interest expense 136,012 43,828 41 Earnings before taxes (EBT) $ (266,960) $ 146,600 42 Taxes (40%) (106,784 58,640 43 Net income $ (160,176 $ 87,960 44 45 EPS $ (1.602) 5 0.880 46 DPS $0.11 $0.22 47 Book value per share 5 4.926 5 6.638 48 Stock price $ 2.25 5 8.50 49 Shares outstanding 100,000 100,000 50 Tax rate 40.00% 40.00% 51 Lease payments $ 40,000 5 40,000 52 Sinking fund payments 0 53 54 Table 1C3.3 Statement of Stockholders' Equity, 2015 55 Common Stock Total 56 Retained Stockholders' 57 Shares Amount 58 Balances, Dec 31, 2014 Earnings 100.000 5 460,000 5 203,768 5 59 Add: Net Income, 2015 663,768 00 Less: Dividends to common stockholders (160,176) 61 Addition (Subtraction to Retained Earnings (11,000) 62 Balances, Dec. 31, 2015 100.000 $ 460,000 $ (171.176) 3 32.552 492.592 03 fase model Equity 100,000 $ 663,768 Balances, Dec 31, 2014 Add: Net Income, 2015 Less: Dividends to common stockholders Addition (Subtraction) to Retained Earnings Balances, Dec 31, 2015 450,000 $ 203.768 S (160,176) (11.000) 450,000 $ 32.5925 (171,176 492,592 100,000 $ Table IC3.4 Statement of Cash Flows, 2015 Operating Activities Net Income Adobenou (Sources of Depreciation and amortization change in accounts payable change in accruals Subtractionthes of Cash) change in accounts receivable change in inventories Net cash provided by operating activities It is the change, not the level itself Negative for Use of Cash-change of AR-AR15.AR14 Negative for Use Cash-charge of W-N15-IN14 Long Term Investing Activities Additions to property, plant, and equipment Net cash used in investing activities Cepet and Assets 15 dit Fond Assets 14 Deprecation 15 because Net Fixed Asset 15-Net Fixed Assets 14 Deprecation 15t Financing Activities change in notes payable change in long-term debt Payment of cash dividends Net cash provided by financing activities Summary Net change in cash Cash at beginning of the year Cash at end of the year + integrated case in excel and turn in. (Your job is to recreate the statement of cash flow using information from income statement and balance sheet. I have loaded both statements to excel file (called 03 case format ), but left the statement of cash flow blank. All the information is based on the Integrated Case, D'Leon Inc, Part 1 (Problem 3-20 of chapter 3). In fact, the case also provides you statement of cash flow, but you need to get the numbers yourself in excel by using the numbers from income statement and balance sheet. 18 Financial Statements and Taxes Donna Jamison, a 2009 graduate of the University of Florida with 4 years of banking experience was recently brought in as assistant to the chairperson of the board of D'Leon Inc., a small food producer that operates in north Florida and whose specialty is high-quality pecan and other nut products sold in the snack foods market. D'Leon's president, Al Watkins, decided in 2013 to undertake a major expansion and to go national" in competition with Frito-Lay, Eagle, and other major snack foods companies. Watkins believed that D'Leon's products were of higher quality than the competition's that this quality differential would enable it to charge a premium price and that the end result would be greatly increased sales, profits, and stock price. The company doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. D'Leon's results were not satisfactory, to put it mildly. Its board of directors, which consisted of its president, vice president, and major stockholders (all of whom were local businesspeople), was most upset when directors learned how the expansion was going. Unhappy suppliers were being paid late; and the bank was complaining about the deteriorating situation, threatening to cut off credit. As a result, Watkins was informed that changes would have to be made and quickly: otherwise, he would be fired. Also, at the board's insistence, Donna Jamison was brought in and given the job of assistant to Fred Campo, a retired banker who was D'Leon's chairperson and largest stockholder. Campo agreed to give up a few of his golfing days and help nurse the company back to health, with Jamison's help. Jamison began by gathering the financial statements and other data given in Tables IC 3.1, IC 3.2, IC 3.3, and IC 3.4. Assume that you are Jamison's assistant. You must help her answer the following questions for Campo. (Note: We will continue with this case in Chapter 4, and you will feel more comfortable with the analysis there. But answering these questions will help prepare you for Chapter 4. Provide clear explanations.) GREENBERRIES SELLES VERDENSES cluding Sellose products. The in cas