Financial Statements for an Equine Board Facility Income Statement 1/1/202212/31/2022 \begin{tabular}{|c|c|c|c|c|} \hline & Quantity & Unit & Price & Group Total \\ \hline \multicolumn{5}{|l|}{ REVENUE } \\ \hline Full board fees a & 25 & head/month & $400.00 & $120,000.00 \\ \hline Partial board fees & 0 & head/month & $250.00 & $0.00 \\ \hline Pasture board fees & 0 & head/month & $150.00 & $0.00 \\ \hline Total Revenue & & & & $120,000.00 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ VARIABLE COSTS } \\ \hline Haybc & 110 & ton & $150.00 & $16,500.00 \\ \hline Concentrate & 0 & ton & $300.00 & $0.00 \\ \hline Salt/mineral d & 50 & block & $16.00 & $800.00 \\ \hline Pasture Maintenance & 1.00 & acre/horse & $130.00 & $3,250.00 \\ \hline Bedding f & 25.00 & horse & $780.00 & $19,500.00 \\ \hline Fence repair & $7,200 & percent & 5.0% & $360.00 \\ \hline Barn repair & $100,000 & percent & 2.0% & $2,000.00 \\ \hline Machinery maintenance & $58,750 & percent & 1.5% & $881.25 \\ \hline Waste disposal 9 & 25 & tons/horse & $20.00 & $500.00 \\ \hline Utilities & & & & $10,800.00 \\ \hline Hired labor & 80 & hours/horse & $10.00 & $20,000.00 \\ \hline Other & 0 & head/month & & $0.00 \\ \hline Total Variable Cost & & & & $74,591.25 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|l|}{ FIXED COSTS } \\ \hline \multicolumn{4}{|c|}{ Annual depreciation of capital assets h} & $15,498.81 \\ \hline \multicolumn{4}{|l|}{ Annual interest on investment' } & $10,570.63 \\ \hline Insurance: casualty and liability & $181,875 & percent & 1.5% & $2,728.13 \\ \hline Property taxes & $207,200 & rate /$100 & $0.63 & $1,305.36 \\ \hline Operator labor & 50 & hours/horse & $12.00 & $600.00 \\ \hline \multicolumn{4}{|l|}{ Total Fixed Cost } & $30,702.92 \\ \hline \multicolumn{4}{|l|}{ Total Cost } & $105,294.17 \\ \hline \multicolumn{4}{|l|}{ Return to Management and Risk } & $14,705.83 \\ \hline \end{tabular} Review the following financial statements for an equine boarding facility and answer the following questions based on what you know now: 1. Was the company profitable in 2022 ? 2. Did the company make any capital expenditures in 2022? Explain. 3. What is the Net Operating Working Capital (NOWC) in 2021 and 2022 ? 4. Was there a depreciation expense in 2022? How much? 5. What was the free cash flow in 2022 ? (optional) 6. Is this a business you would want to own? Why? You are not required to show your work, but it is preferred. I realize this assignment will take more words than usual. Don't hesitate to share lengthy posts Financial Statements for an Equine Board Facility Balance Sheet As of 12/31 \begin{tabular}{|c|c|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} ASSETS \\ Current Assets \end{tabular}} & \multicolumn{2}{|r|}{2021} & \multicolumn{2}{|r|}{2022} \\ \hline & & & & \\ \hline Cash & $ & 5,000 & $ & 4,000 \\ \hline Accounts Recievable & $ & 2,000 & $ & 1,500 \\ \hline Inventory (hay, concentrate, salt/mineral) & $ & 100 & $ & 150 \\ \hline Total Current Assets & $ & 7,100 & $ & 5,650 \\ \hline \multicolumn{5}{|l|}{ Net Fixed Assets } \\ \hline Net Plant and Equipment (cost minus depreciation) & $ & 135,000 & $ & 154,055 \\ \hline Total Assets & $ & 142,100 & $ & 159,705 \\ \hline \multicolumn{5}{|l|}{ LIABILITIES \& COMMON EQUITY } \\ \hline \multicolumn{5}{|l|}{ Current Liabilities } \\ \hline Accounts Payable & $ & 2,500 & $ & 2,000 \\ \hline Accruals & $ & 400 & $ & 300 \\ \hline Notes Payable & $ & 5,000 & $ & 5,500 \\ \hline Total Current Liabilities & $ & 7,900 & $ & 7,800 \\ \hline Total Long-Term Note Payable & $ & 9,000 & $ & 12,000 \\ \hline Total Liabilities & $ & 16,900 & $ & 19,800 \\ \hline \multicolumn{5}{|l|}{ Common Equity } \\ \hline Stock & $ & 1,000 & $ & 1,000 \\ \hline Retained Earnings & $ & 124,200 & $ & 124,200 \\ \hline Total Common Equity & $ & 125,200 & $ & 139,905 \\ \hline Total Liabilities and Equity & $ & 142,100 & $ & 159,705 \\ \hline Notes & & & & \\ \hline No excess cash & & & & \\ \hline \end{tabular}