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Statement of Cash Flows Excel Assignment GRADING RUBRIC COMPLETENESS 10 points total Additional Transactions Info Can be journal entries, t-accounts, or other documentation, but students need to demonstrate their calculations and the basis for the numbers put into the balance sheet. Income Statement Income statement is completed with correct numbers Cash Flow Statement Cash Flow statement is complete with correct numbers ORGANIZATION Transaction info is clearly stated and easy to understand 2 points total All transaction and account information flows through the document using either linked cells or Each item is considered generally and worth one point each. tickmarks Numbers, line items, and totals are labeled with appropriate titles or headers ANALYSIS Analysis questions are completely answered and reasoned 8 points total 1 - Capital Structure Must mention debt ratios or increasing debt. Must discuss impact going-forward. 2 - Performance Primarily focused on operating performance, including both net income and net cash flow from operations. Should discuss both for full credit or just one discussed very thoroughly. 3 - Repurchases 4 - Cash Holdings 2 pts 2 pts 1 pt Minimum of three possible uses of cash and an explicitly stated recommendation with reasoning. 3 pts Total points (out of 20): Statement of Cash Flows Excel Assignment ACT 312 - Spring 2016 Objectives: -Gain the ability to visually understand and construct a Statement of Cash Flows -Continued growth in the recording of accounting transactions and subsequent path through the financial statement -Further develop skills in the use of Microsoft Excel to construct and analyze financial statements Task: Using the comparative balance sheets in tab A and the additional information provided in tab D, complete the of the income statement and statement of cash flows. Lastly, complete the additional analysis in tab E. Recommended Instructions: 1. Carefully examine the financial statements and information provided in tabs A, B, C, and D. 2. Record journal entries or T-accounts for the transactions listed in tab "D. Additional Transactions Info." You may en entries in the space provided under each item. 3. Utilize the empty columns in the comparative balance sheet to enter the effects of each transaction as an adjustm balance sheet during the year 2016. You should use links to bring the information from tab D to the columns in tab A Carefully consider which signs the numbers should be (aka positive or negative) when entering them to adjust each a may have to switch the signs when you link the numbers. Notice there are Edit Checks to ensure completeness across the bottom and far right side of the spreadsheet in Tab A made the correct adjustments, the Edit Checks will zero out. After completing all the relevant columns in the Balance Sheet, the numbers in the column "Total 12/31/16 after adj should equal the numbers in the "December 31, 2016" column. 4. Complete the income statement in tab B. 5. By referencing the income statement and balance sheet, you should now be able to complete the statement of ca again, use links and be careful with your signs. For the operating section, you should complete both the indirect and methods. 6. Document your work thoroughly as demonstrated in class. This includes tickmarks referencing transactions or calc within the document. Not only should the sources of the numbers in your Cash Flow Statement and Income Stateme referenced, but any relevant transaction or calculation details should be explained. 7. To complete the assignment, answer the additional analysis short answer questions in tab E. h the financial statements ments d in tab D, complete the construction is in tab E. D. actions Info." You may enter the ansaction as an adjustment to the D to the columns in tab A. NOTE: ng them to adjust each account. You the spreadsheet in Tab A. If you have Total 12/31/16 after adjustments" lete the statement of cash flows. Once te both the indirect and direct ncing transactions or calculations ent and Income Statement be E. Comments from Josh Billiards (EKSH) Check on APIC recording of par value portion of RSU's Break out income statement to show gains/losses in othe Net Income (loss) and income (expense) Analysis questions: Debt covenant violations and big tran -big items that could make them go from profi value portion of RSU's show gains/losses in other charges -- maybe taxes nt violations and big transactions that could affect materiality make them go from profit to loss ASSETS Current assets Cash Accounts receivable Inventory Total current assets Property, plant & equip. Building Less: Accumulated depreciation (Building) Equipment Less: Accumulated depreciation (Equipment) Right-of-use Asset Less: Accumulated Amortization (ROU Asset) Total property, plant & equipment Total assets LIABILITIES Current liabilities Accounts Payable Interest Payable Long-term liabilities Notes Payable Less: Discount on Notes Payable Lease Liability Total liabilities STOCKHOLDERS' EQUITY Common Stock, $1 par APIC Treasury Stock Retained earnings Total stockholders' equity Total Liabilities and equity December 31, 2015 $ $ 462,065 15,785 220,010 697,860 $ 1,400,000 (485,000) 520,000 (185,000) 1,250,000 $ 1,947,860 $ $ 106,190 - $ 106,190 $ 61,000 1,600,000 (200,000) 380,670 1,841,670 $ 1,947,860 Working Capital Accruals (except dividends) Assets Liab and Equity $ $ - Edit Check $ - WILDCAT TRUCKING CORP Comparative Balance Sheet December 31, 2016 and 2015 2016 TRANSACTIONS AND BALANCE CHANGES - SEE TICKMARK REFERENCES FOR DETAIL Depreciation Restricted Stock Grant Purch of Building Note Amortization Sale of Building $ $ - $ $ - $ $ - $ $ - $ $ - $ - $ - $ - $ - $ - REFERENCES FOR DETAIL Sale of Equipment Lease of Equipment Share Repurchases (110,500) (110,500) Total 12/31/16 after adjustments $ $ $ 351,565 15,785 220,010 $ $ $ $ $ $ 1,400,000 (485,000) 520,000 (185,000) - December 31, 2016 $ $ $ $ 907,350 23,625 445,300 1,376,275 $ 1,800,000 (45,000) 218,843 (54,711) 1,919,132 $ 3,295,407 $ $ 106,190 - $ $ 88,125 10,413 $ $ $ - $ $ $ $ 2,000,000 (380,000) 138,843 1,857,381 $ 61,000 $ 1,600,000 $ (310,500) $ 380,670.00 $ $ $ $ $ 61,000 1,622,500 (310,500) 65,026 1,438,026 $ 3,295,407 $ $ - $ $ - $ $ (110,500) (110,500) $ $ 1,837,360 1,837,360 $ - $ - $ - $ - Change Edit Check $ $ $ 445,285 7,840 225,290 $ $ $ 555,785.00 7,840.00 225,290.00 $ $ $ $ $ $ 400,000 440,000 (520,000) 185,000 218,843 (54,711) $ $ $ $ $ $ 400,000.00 440,000.00 (520,000.00) 185,000.00 218,843.20 (54,710.80) $ (18,065) $ (18,065.00) $ $ $ 2,000,000 (380,000) 138,843 $ $ $ $ 22,500 (110,500) (315,644) $ 2,000,000.00 $ (380,000.00) $ 138,843.20 $ $ $ $ 22,500.00 (315,644.04) WILDCAT TRUCKING CORP Trial Balance before Closing For the year ending on December 31, 2016 2016 Revenues Sales Gain on Sale of Equipment Expenses COGS Depreciation Expense Amortization Expense Other Operating Expenses Interest Expense on Note Payable Interest Expense on Lease Incentive Compensation Expense Loss on Sale of Building Net Income WILDCAT TRUCKING CORP Statement of Cash Flows For the year ending on December 31, 2016 Operating Activities - INDIRECT METHOD Net Income Remove non-cash income items: Remove non-operating gains and losses: Adjust for changes in working capital accruals: Cash used for Operating Activities Investing Activities Cash provided by Investing Activities Financing Activities Cash Paid for Share Repurchases Cash used for Financing Activities Net Change in Cash Flows Cash and Cash Equivalents, 1/1/2016 Cash and Cash Equivalents, 12/31/2016 Non-cash Investing and Financing Activities Operating Activities - DIRECT METHOD Cash used for Operating Activities 1, 2016 2016 (110,500) (110,500) (110,500) $ 462,065 $ 907,350 2016 - The following income statement items were available for the year 2016: Sales COGS Other Operating Expenses* 605,750 304,450 174,320 *Besides depreciation, amortization, incentive compensation or interest expenses Note: Both purchases of inventory and other operating expenses are paid through Accounts Payable A/R Inventory A/P 2. Wildcat depreciates its fixed assets using the straight-line method with no salvage value based on the following useful live Buildings Equipment 20 years 8 years 3. Wildcat made the following share repurchases during the year: October 5000 shares @ $8 per share November 7500 shares @ $7 per share December 3000 shares @ $6 per share Treasury Stock Cash 110,500 110,500 4. On September 30, 2016, Wildcat granted incentive compensation to executives in the form of 10,000 shares of Restricted S restricted stock is scheduled to vest on September 30, 2017. 5. On July 1, 2016, Wildcat purchased a new, larger building for its primary operations by making a cash down payment of $2 issuing a $2,000,000 zero-interest bearing note from its revolving line of credit. Based on the interest rate implicit in its line o payable at the time of issuance was $1,600,000. The note carries a 10 year maturity, coming due on July 1, 2026. 6. August 31, 2016, Wildcat completed the sale of its old building for $600,000 in cash. 7. On March 31, 2016, Wildcat sold all of its equipment based on a decision to rent the equipment rather than own it. The e the same date, Wildcat entered into an agreement with Sun Company to lease equipment for $80,000 per year over a 3 year agreement, the estimated fair value of the equipment was $360,000 and the expected useful life was 8 years. Lease paymen lease term with the first payment made on March 31, 2016. Wildcat's technical accountants have determined that the terms rights and rewards of ownership to Wildcat. Wildcat's incremental borrowing rate is 10%. n the following useful lives: 000 shares of Restricted Stock with a fair value of $9 per share. The cash down payment of $200,000 and financing the remainder by st rate implicit in its line of credit, the present value of the note July 1, 2026. rather than own it. The equipment was sold for $360,000 in cash. On 00 per year over a 3 year lease term. At the time of the lease as 8 years. Lease payments are due annually at the beginning of the etermined that the terms of the lease constitute a transfer of the E. Additional Analyses 1. How did Wildcat's capital structure change in 2016? How do you think this could affect their accounting decision 2. What are your impressions of Wildcat's performance during 2016? Based on careful analysis of the financials, wh primary reasons for the company's performance? 3. Why do you think Wildcat may have begun repurchasing shares in late 2016? Would you expect Wildcat to pay d 4. What is the status of Wildcat's cash holdings at the end of the year? Discuss at least three possible uses of their c year) and make a recommendation. heir accounting decisions going forward? lysis of the financials, what would you say are the expect Wildcat to pay dividends in the near future? e possible uses of their cash in 2017 (the following