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Case 2 - 20 marks Income Statement/Balance Sheet/Ratio Analysis - M&T's Wine Hut You are asked to create M&T's Wine Hut financial analyses as of December 31, 2020, and as of December 31, 2021. Please create vertical and horizontal analysis of the balance sheet and income statement in the columns provided. (Note: the horizontal analysis will compare Dec 31, 2020 with Dec 31, 2021) Also include Ratio Analysis as of December 31, 2021. 1 2. 3 4 M&T's Wine Hut Income Statement for the period ended % Sales % Sales % Change December-2020 $ 375,000 150,000 225,000 December-2021 $ 425,000 191,250 233,750 S $ 5 6 Sales 7 Less: Cost of Goods Sold 8 Gross Margin 9 Expenses: 10 Advertising 11 Marketing 12 Depreciation 13 Interest 14 Salary 15 Wages 16 Supplies 17 Utilities 18 Net income before taxes 19 Income taxes 20 Net income 8,000 6,000 9,000 3,000 52,000 18,000 1,200 2,800 18,250 3,000 8,000 1,500 85,000 15,000 7,000 8,500 100,000 125,000 37,500 $ 87,500 146,250 87,500 26,250 $ 61,250 21 22 23 24 25 26 27 Inventory Income Statement Balance Sheet Ratio Analysis Asset 1001, 1002, 1003 Summary Loan Bond Cash Budget Ready % Assets December-2021 % Assets % Change $ 7,000 3,500 8,500 10,500 500 2,300 32,300 103,700 16,000 87,700 $ 120,000 4 December-2020 5 Assets 5 Current Assets: 7 Cash $ 5,000 3 Short-Term Investments 2,000 3 Accounts Receivable 6,000 0 Inventory 6,500 1 Prepaid Expenses 700 2 Supplies 1,800 22,000 3 4 Equipment 85,000 5 Less: Accumulated Depreciation 8,000 77,000 6 Total $ 99,000 7 8 Liabilities and Stockholders' Equity 9 Liabilities co Current Liabilities: 1 Accounts Payable $ 16,000 2 Income Tax Payable 6,000 3 Notes Payable - Equipment 9,000 4 Notes Payable - Other 18,000 -5 Payroll Liabilities 2,000 51,000 C6 Stockholders' Equity 7 Common Stock 1,000 8 Retained Earnings 47,000 48,000 -9 Total $ 99,000 $ 3,000 1,000 3,000 3,750 10,750 1,000 108,250 109,250 $ 120,000 Balance Sheet Ratio Analysis Asset 1001, 1002, 1003 Summary Loan Bond Cash Budget 1 M&T's Wine Hut 2. Ratio Analysis 3 December 2021 4 5 Profitability 6 Return on owners' investment 7 Return on total investment 8 Profit margin 9 Gross margin 10 Liquidity 11 Current ratio 12 Quick ratio 13 Receivable turnover 14 Inventory turnover 15 Solvency 16 Debt-to-equity 17 Liability 18 19 20 21 22 23 24 25 26 27 Balance Sheet Ratio Analysis Asset 1001, 1002, 1003 Summary Loan Bond Cash Budget