Ashmont Cycles Balance Sheet As of December 31, 2019 and 2020 2019 2020 $8,000 $3,368 $2,500 $2,200 $65,000 $71,500 $1,500 $1,800 $500 $600 $77,500 $79,468 $12,000 $17,400 ($2,400) ($3,480) $9,600 $13,920 $87,100 $93,388 Assets Cash Accounts receivable Inventory Prepaid expenses Other current assets Total current assets Property, plant, and equipment Accumulated depreciation Net property, plant, and equipment Total Assets Liabilities Accounts payable Line of credit Current portion of long-term debt Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Owner's Equity Contributed capital Retained earnings Total Owner's Equity $3,000 $3,200 $10,000 $10,000 $4,000 $4,000 $1,100 $1,100 $18,100 $18,300 $16,000 $12,000 $34,100 $30,300 $50,000 $50,000 $3,000 $13,088 $53,000 $63,088 Ashmont Cycles Income Statement 2020 2019 $205,000 $155,000 (106,000) (85,000) 99,000 70,000 Sales Cost of goods sold Gross Profit Operating Expense: Selling, general and administrative expenses Utilities expense Rent expense Depreciation and amortization Total operating expenses Operating Income Interest expense Income before Income Taxes Income taxes (35%) Net Income (58,000) (6,960) (16,240) (1,080) (82,280) 16,720 (1.200) 15,520 (5,432) $10,088 (40,000) (5,000) (10,000) (1,080) (56,080) 13,920 (1,200) 12,720 (4,452) $8,268 Biret University Department of Finance and Banking Principles of Finance FINN 1300 Fall Semester 2020/2021 Instructions: - Perm groups of 5 or students ab, individual submissions are not accepted. Dee date: December 27 2020, by 3:00 pm Submit a soft copy of the swers to the four questions below via ITC. - The excel files via ITC should be named with the group members sms follows: Fairour_Seri_Mohammad_Muniece_dawana_Sarah This project is worth 15% of your final grade Suppose you are interested is evaluating Ashmont Cydes Corporation. Given the operation's income statement and balance sheet answer the following question 1. Calculate the Ashmont Cydes Corporation financial rates for the year 2019 and 200 Financial ratio 2019 2000 Curata Inventory famover Average collection period Totala Deboratie Debt toity ratio Tils intereste medio Crofit marin Operating filmagen Net pred martin Return on AA) Return onuity (ROB 2 Analyse the wall financial station from a time is viewpoint Brock your ne into an evaluation of the firm's liquidity, activity, debt and profitability marks 3. Prepare the cash flow stammt for Asumont Cycles Corporation for the year ended December 31 2002 ng the indirect method. (4 marks 4 Ashmont Cycles Corporation estimates is sales for the 2021 financial year will be 5500.000. Now borrowing was obtained and therefore the interest expete will teman unchanged $1,200 during 221 Compile the Proforma Income statement for Asumont Cydes Corporation for the year 2021 sing percent of sales method.marks Ashmont Cycles Balance Sheet As of December 31, 2019 and 2020 2019 2020 $8,000 $3,368 $2,500 $2,200 $65,000 $71,500 $1,500 $1,800 $500 $600 $77,500 $79,468 $12,000 $17,400 ($2,400) ($3,480) $9,600 $13,920 $87,100 $93,388 Assets Cash Accounts receivable Inventory Prepaid expenses Other current assets Total current assets Property, plant, and equipment Accumulated depreciation Net property, plant, and equipment Total Assets Liabilities Accounts payable Line of credit Current portion of long-term debt Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Owner's Equity Contributed capital Retained earnings Total Owner's Equity $3,000 $3,200 $10,000 $10,000 $4,000 $4,000 $1,100 $1,100 $18,100 $18,300 $16,000 $12,000 $34,100 $30,300 $50,000 $50,000 $3,000 $13,088 $53,000 $63,088 Ashmont Cycles Income Statement 2020 2019 $205,000 $155,000 (106,000) (85,000) 99,000 70,000 Sales Cost of goods sold Gross Profit Operating Expense: Selling, general and administrative expenses Utilities expense Rent expense Depreciation and amortization Total operating expenses Operating Income Interest expense Income before Income Taxes Income taxes (35%) Net Income (58,000) (6,960) (16,240) (1,080) (82,280) 16,720 (1.200) 15,520 (5,432) $10,088 (40,000) (5,000) (10,000) (1,080) (56,080) 13,920 (1,200) 12,720 (4,452) $8,268 Biret University Department of Finance and Banking Principles of Finance FINN 1300 Fall Semester 2020/2021 Instructions: - Perm groups of 5 or students ab, individual submissions are not accepted. Dee date: December 27 2020, by 3:00 pm Submit a soft copy of the swers to the four questions below via ITC. - The excel files via ITC should be named with the group members sms follows: Fairour_Seri_Mohammad_Muniece_dawana_Sarah This project is worth 15% of your final grade Suppose you are interested is evaluating Ashmont Cydes Corporation. Given the operation's income statement and balance sheet answer the following question 1. Calculate the Ashmont Cydes Corporation financial rates for the year 2019 and 200 Financial ratio 2019 2000 Curata Inventory famover Average collection period Totala Deboratie Debt toity ratio Tils intereste medio Crofit marin Operating filmagen Net pred martin Return on AA) Return onuity (ROB 2 Analyse the wall financial station from a time is viewpoint Brock your ne into an evaluation of the firm's liquidity, activity, debt and profitability marks 3. Prepare the cash flow stammt for Asumont Cycles Corporation for the year ended December 31 2002 ng the indirect method. (4 marks 4 Ashmont Cycles Corporation estimates is sales for the 2021 financial year will be 5500.000. Now borrowing was obtained and therefore the interest expete will teman unchanged $1,200 during 221 Compile the Proforma Income statement for Asumont Cydes Corporation for the year 2021 sing percent of sales method.marks