G11 X v fx A B C D E F G 1 Balance Sheets 3 Assets 2019 2020 2021Expected 4 Cash $9,000 $7,282 $14,000 5 Short-Term Investments. 48,600 20,000 71,632 Accounts Receivable 351,200 632,160 878,000 Inventories 715,200 1,287.360 1,716,480 Total Current Assets $1,124,000 $1,946,802 $2,680,112 9 Gross Fixed Assets 491,000 1,202,950 1,220,000 10 Less: Accumulated Depreciation 146,200 263,160 383,160 11 Net Fixed Assets $344,800 $939.790 $836,840 12 Total Assets $1,468,800 $2,886,592 $3,516,952 13 14 Liabilities And Equiry 2013 2014 2015e 15 Accounts Payable $145,600 $324,000 $359,800 16 Notes Payable 200,000 720,000 300,000 17 Accruals 136,000 284.960 380,000 1B Total Current Liabilities $481,600 $1,328,960 $1,039,800 19 Long-Term Debt 323,432 1,000,000 500,000 20 Common Stock (100,000 Shares) 460,000 460,000 1,680,936 21 Retained Earnings 203,768 97,632 296,216 22 Total Equity $663,768 $557,632 $1,977,152 23 Total Liabilities And Equity $1,468,800 $2,886.592 $3,516,952 24 25F2 X v fx 2021Expected A B C D E F G Income Statements 2019 2020 2021Expected 3 Sales $3,432,000 $5.834.400 $7.035,600 COGS except depr. 2.864,000 4,980,000 5.800,000 5 Depreciation 18,900 116,960 120,000 6 Other Expenses 340.000 720.000 612.960 Total Operating Costs $3.222.900 $5,816,960 $6,532.960 EBIT $209,100 $17,440 $502,640 9 Interest Expense 62.500 176.000 80.000 10 EBT $146,600 ($158,560) $422,640 11 Taxes (40%) 58.640 -63.424 169.056 12 Net Income $87.960 ($95,136) $253.584 13 14 Other Data 2015 2016 2017E 15 Stock Price $8.50 $6.00 $12.17 16 Shares Outstanding 100,000 100,000 250,000 17 EPS $0.88 ($0.95) $1.01 18 DPS $0.22 $0.11 $0.22 19 Tax Rate 40% 40% 40% 20 Book Value Per Share $6.64 $5.58 $7.91 21 Lease Payments $40,000 $40,000 $40,000 22118 XVfx A B C D E F G H K L M N O Q R 1 Ratio Analysis 2019 %% 2020 % 2021Expected Industry Average Current 2.333887043 2.7 1. Calculate current ratio and quick ratios for 2019, 2020 and 2021 Expected years. Make comments on company's Quick 1 liquidity position in these years and compare with the industry averages. Inventory Turnover 5.1 Days Sales Outstanding 32 Fixed Assets Turnover 7 2. Calculate inventory turnover, days sales outstanding, fixed asset turnover and total asset turnover for 2019, 2020 Total Assets Turnover 2.5 and 2021 Expected years, and make comments on utilization of assets considering to industry averages. 8 Debt Ratio 32.00% 3. Calculate debt ratio, liabilities-to-asset ratio and times-interest-earned ratios for 2019, 2020 and 2021 Expected 9 Times-Interest-Earned 6.2 years and compare with the industry data with respect to financial leverage. 10 Profit Margin 3.60% 11 ROA 9.00% 4. Calculate profit margin, return on assets and retun on equity for 2019, 2020, and 2021 Expected years, and make 12 ROE 17.90% comments considering the industry averages. 13 14 Price/Earnings (P/E) 16.2 5. Calculate price-earning and market-book ratios for 2019, 2020 and 2021 Expected years. Based on the ratios, what 15 Market/Book 2.9 do you think that investors think about firm's future? 16 17 18 Note: All calculation will be on Excel cells above. Please fill in the blanks under the years with corresponding ratios, and write your comment part of the questions below. Your comments should include but not limited to the interpretation of ratio calculations, annual trends (2019,2020,2021E) and their percentage changes, whether it is good or bad for the firm, comparison with industry average data etc. 20 21 22