I have a few financial statement calculations that I need help with. I have the answers already and just need the formulas. I have highlighted in the document those I have had trouble with.

($000,000s) Net Sales Income Statements Actual Pro Forma Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 % Forecast 46.18 53.11 57.89 68.02 80.94 93.08 105.18 116.75 127.26 100% Sales Growth 15.0% 13.0% 11.0% 9.0% Cost of Goods Sold 26.78 30.80 33.58 39.79 15% 47.51 54.45 61.53 68.30 74.45 Gross Profit R&D Expense SG&A Expense Earnings Before Interest & Taxes Interest Expense Earnings Before Income Taxes Income Taxes Net Income 19.40 22.31 24.31 28.23 0.74 0.85 0.93 1.09 14.92 17.26 18.87 21.90 3.74 4.20 4.52 5.24 2.91 2.94 2.67 2.42 0.84 1.26 1.85 2.81 0.23 0.34 0.50 0.76 0.61 0.92 1.35 2.05 33.43 38.63 1.30 1.49 26.06 29.32 6.07 7.82 2.82 3.07 3.25 4.75 0.88 1.28 2.37 3.47 43.65 1.68 33.13 8.84 3.40 5.44 1.47 3.97 48.45 1.87 36.78 9.81 3.73 6.07 1.64 4.43 52.81 2.04 40.09 10.69 4.00 6.69 1.81 4.88 Growth Tax Rate 26.9% 9% 17% 19% 50% 47% 52% 16% 46% 14% 12% 10% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% Common Shares Outstanding Price per share Market Value of Equity ($000,000s) Price/Earnings Ratio Price/Book Ratio Market Value Added ($000,000s) 8.25% 1,165,327 $32.60 37.99 16.0 2.21 20.79 Financial Ratios Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Performance Measures: Market value added Market-to-book ratio (price-to-book) 3.29 3.52 3.52 3.72 After-tax interest + net income -2.32 -2.58 -2.76 - Cost of capital X total capital 1.19 0.94 0.96 EVA ($000,000s) 14.2% 13.6% 12.7% 11.9% Return on capital % 5.8% 8.0% 10.6% 13.9% Return on equity % 9.0% 8.7% 8.0% 7.4% Return on assets % Efficiency Measures: 1.26 1.31 1.31 1.35 Asset turnover 4.00 4.00 4.00 4.00 Inventory turnover 91.26 91.26 91.25 91.25 Days in inventory 4.87 4.87 4.87 4.87 Receivables turnover 75.00 75.00 75.00 75.00 Average collection period (days) PP&E turnover 3.04 3.32 3.35 3.56 Other LT Asset Turnover 20.6 21.4 21.7 22.1 42.0% 42.0% 42.0% 41.5% Gross profit margin R&D expense % of sales 1.6% 1.6% 1.6% 1.6% SG&A expense % of sales 32.3% 32.5% 32.6% 32.2% 8.1% 7.9% 7.8% 7.7% Operating profit margin (before tax) 7.1% 6.6% 6.1% 5.5% Operating profit margin (after tax) 1.3% 1.7% 2.3% 3.0% Net profit margin Leverage Measures: 20.79 2.21 4.31 5.25 -3.11 -3.72 1.20 1.54 11.6% 12.8% 13.8% 16.8% 7.2% 7.7% 5.90 -4.12 1.78 13.0% 16.1% 7.7% 6.53 -4.53 2.00 13.5% 15.3% 7.7% 7.08 -4.85 2.23 14.0% 14.4% 7.6% 1.36 4.00 91.25 4.87 75.00 3.61 22.2 41.3% 1.6% 32.2% 7.5% 5.3% 2.9% 1.37 4.00 91.25 4.87 75.00 3.70 22.2 41.5% 1.6% 31.5% 8.4% 5.6% 3.8% 1.37 4.00 91.25 4.87 75.00 3.70 22.2 41.5% 1.6% 31.5% 8.4% 5.6% 3.8% 1.37 4.00 91.25 4.87 75.00 3.70 22.2 41.5% 1.6% 31.5% 8.4% 5.6% 3.8% 1.37 4.00 91.25 4.87 75.00 3.70 22.2 41.5% 1.6% 31.5% 8.4% 5.6% 3.7% 10% Gross Margin Pacific Grove Spice Company Sensitivity Analysis of Additional Debt Needed 2012 Sales Percent of Forecast 13.44 80% 90% 100% 110% 120% 44.5% 43.5% 42.5% 41.5% 40.5% 39.5% 38.5% Long-term debt ratio Total debt ratio Current Portion LTD % LT Debt Equity multiplier Times interest earned Interest-bearing debt total assets Bank notes payable receivables Cash coverage ratio Liquidity Measures: Net working capital % total assets Net working capital % sales Cash % Sales Current ratio Quick ratio Operating cycle (days) Accounts payable days Accrued Expense % Sales Cash cycle (days) DuPont Analysis Asset turnover Net profit margin Assets to Equity ROE $000,000s EBIT(1-T) -D NWC - Capex, net FCF $000,000s Net Income - D AR - D Inventory - D Prepaid Expense + D Acc Pay + D Accrued Expense Operating Activities 0.60 0.71 6.7% 3.50 1.29 0.63 0.81 N/A 0.60 0.72 6.7% 3.56 1.43 0.63 0.81 N/A 0.58 0.71 6.7% 3.45 1.69 0.63 0.81 N/A 0.57 0.71 6.7% 3.40 2.16 0.62 0.81 N/A 21% 17% 5.03% 1.7 1.1 166.3 30.0 1.67% 136.2 22% 17% 5.05% 1.7 1.1 166.3 30.0 1.66% 136.2 22% 17% 5.05% 1.7 1.1 166.3 30.0 1.67% 136.3 22% 17% 5.06% 1.7 1.1 166.2 30.0 1.66% 136.2 1.26 1.3% 3.50 5.8% 1.31 1.31 1.35 1.7% 2.3% 3.0% 3.56 3.45 3.40 8.0% 10.6% 13.9% Free Cash Flow Jun-07 Jun-08 Jun-09 Jun-10 2.73 3.06 3.30 3.82 -2.06 -1.44 -2.88 -1.04 -1.49 -2.20 -0.03 0.37 -1.26 0.58 0.55 0.71 0.70 6.7% 6.66% 3.47 3.28 2.15 2.55 0.62 0.61 0.81 81% N/A N/A 0.53 0.68 6.66% 3.11 2.60 0.59 81% N/A 0.50 0.66 6.66% 2.93 2.63 0.57 81% N/A 0.46 0.63 6.66% 2.73 2.67 0.55 81% N/A 23% 16% 5.02% 1.7 1.1 166.3 30.0 1.66% 136.3 23% 17% 5.02% 1.7 1.1 166.3 30.0 1.66% 136.3 23% 17% 5.02% 1.7 1.1 166.3 30.0 1.66% 136.3 23% 17% 5.02% 1.7 1.1 166.3 30.0 1.66% 136.3 1.36 1.37 2.9% 3.7% 3.47 3.28 13.8% 16.8% 1.37 3.8% 3.11 16.1% 1.37 3.8% 2.93 15.3% 1.37 3.8% 2.73 14.4% 22% 17% 5.07% 1.7 1.1 166.3 30.0 1.66% 136.3 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 2012-2015 4.43 5.71 6.45 7.16 7.80 27.12 -3.88 -3.61 -3.62 -3.46 -3.14 -13.83 -3.87 -3.31 -3.81 -3.65 -3.31 -14.08 -3.31 -1.21 -0.98 0.05 1.35 -0.79 Statements of Cash Flow Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 2012-2015 0.61 0.92 1.35 2.05 2.37 3.47 3.97 4.43 4.88 16.75 -1.42 -0.98 -2.08 -2.66 -2.49 -2.49 -2.38 -2.16 -9.52 -1.00 -0.69 -1.55 -1.93 -1.74 -1.77 -1.69 -1.54 -6.73 -0.07 -0.07 0.08 -0.14 -0.15 -0.15 -0.14 -0.13 -0.56 0.33 0.23 0.51 0.63 0.57 0.58 0.56 0.51 2.21 0.11 0.08 0.16 0.22 0.20 0.20 0.19 0.17 0.77 -1.14 -0.09 -0.82 -1.50 -0.14 0.35 0.97 1.74 2.93 Investing Activities Capex, net -1.04 -1.49 -2.20 -3.87 -3.31 -3.81 -3.65 -3.31 2012-2015 -14.08 + D Bank Notes Payable + D Long-term Debt - Dividends Financing Activities Net D Cash Cash, beg Cash, end 1.15 1.38 0.00 2.53 0.36 2.33 2.68 0.79 1.03 0.00 1.83 0.24 2.68 2.92 1.68 1.86 0.00 3.54 0.52 2.92 3.44 2.15 3.88 0.00 6.03 0.66 3.44 4.10 2.05 1.96 0.00 4.01 0.57 4.10 4.67 2.01 2.06 0.00 4.07 0.61 4.67 5.28 1.93 1.33 0.00 3.25 0.58 5.28 5.86 1.75 0.35 0.00 2.10 0.53 5.86 6.39 7.74 5.70 0.00 13.44 2.29 4.10 6.39 Pacific Grove Spice Company Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets Net Property & Equipment Other Long-Term Assets Total Assets Growth rate of assets Jun-07 2.33 9.49 6.70 0.77 19.28 15.20 2.24 36.72 Balance Sheets ($000,000s) Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 2.68 2.92 3.44 4.10 4.67 5.28 10.91 11.90 13.98 16.63 19.13 21.61 7.70 8.39 9.95 11.88 13.61 15.38 0.84 0.91 0.83 0.97 1.12 1.26 22.13 24.12 28.19 33.58 38.53 43.54 16.00 17.30 19.10 22.40 25.16 28.43 2.48 2.67 3.07 3.64 4.19 4.73 40.61 44.09 50.37 59.62 67.87 76.70 10.6% 8.6% 14.2% 18.4% 13.8% 13.0% Liabilities & Owners' Equity Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Bank Notes Payable 7.67 8.82 9.61 11.30 13.44 15.49 17.51 Accounts Payable 2.20 2.53 2.76 3.27 3.91 4.48 5.06 Current Portion of Long-Term D 0.97 1.06 1.12 1.24 1.48 1.71 1.85 Accrued Expenses 0.77 0.88 0.97 1.13 1.35 1.55 1.75 Total Current Liabilities 11.62 13.30 14.46 16.94 20.18 23.22 26.16 Long-Term Debt 14.60 15.89 16.86 18.61 22.25 23.98 25.90 Total Liabilities 26.22 29.19 31.32 35.54 42.42 47.20 52.06 Common Stock 6.88 6.88 6.88 6.88 6.88 6.88 6.88 Retained Earnings 3.63 4.54 5.89 7.94 10.32 13.79 17.76 Total Shareholder Equity 10.51 11.42 12.77 14.82 17.20 20.67 24.64 Total Liabilities & Net Worth 36.72 40.61 44.09 50.37 59.62 67.87 76.70 Balance ? Yes Yes Yes Yes Yes Yes Yes Jun-14 Jun-15 D 2011-2015 5.86 6.39 2.29 23.99 26.15 9.52 17.07 18.61 6.73 1.40 1.53 0.56 48.33 52.68 19.10 31.55 34.39 11.99 5.25 5.73 2.09 85.14 92.80 33.18 11.0% 9.0% Jun-14 Jun-15 D 2011-2015 19.43 21.18 7.74 5.61 6.12 2.21 1.94 1.96 0.48 1.94 2.11 0.77 28.92 31.37 11.20 27.14 27.47 5.23 56.06 58.85 16.42 6.88 6.88 0.00 22.19 27.07 16.75 29.07 33.95 16.75 85.14 92.80 33.18 Yes Yes Pacific Grove Spice Company High Country Seasonings ($000,000s) Net Sales Sales Growth Cost of Goods Sold Gross Profit Margin R&D Expense SG&A Expense Earnings Before Interest & Taxes Interest Expense Earnings Before Income Taxes Income Taxes Net Income Dividends Paid Required Price/Earnings Ratio Market Value of Equity ($000,000s) Income Statements Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 15.40 15.92 16.66 17.56 18.79 19.92 20.92 21.92 3.4% 4.7% 9.89 10.28 10.73 5.51 5.64 5.93 0.00 0.00 0.00 4.36 4.55 4.82 1.16 1.08 1.12 0.06 0.07 0.06 1.10 1.01 1.06 0.30 0.27 0.29 0.80 0.74 0.77 0.29 0.25 0.42 5.4% 7.0% 11.33 6.24 0.00 5.04 1.19 0.06 1.13 0.31 0.82 0.40 11.56 7.24 0.19 5.66 1.39 0.07 1.33 0.36 0.97 0.48 6.0% 5.0% 4.8% 11.65 12.24 12.82 8.27 8.68 9.10 0.32 0.33 0.35 6.28 6.59 6.91 1.67 1.76 1.84 0.15 0.15 0.15 1.53 1.61 1.69 0.41 0.43 0.46 1.12 1.17 1.23 0.56 0.59 0.62 16.00 required for sale to Pacific Grove 13.20 required for sale to Pacific Grove Balance Sheets Jun-08 Jun-09 Jun-10 Jun-11 0.59 0.61 0.64 0.67 3.17 3.27 3.42 3.61 2.06 2.14 2.24 2.36 0.23 0.24 0.25 0.26 6.04 6.26 6.55 6.91 3.83 4.15 4.27 4.42 0.46 0.48 0.50 0.53 10.33 10.89 11.32 11.86 Jun-12 Jun-13 Jun-14 Jun-15 0.95 1.00 1.05 1.10 3.86 4.09 4.30 4.50 2.89 2.91 3.06 3.21 0.23 0.24 0.25 0.26 7.93 8.25 8.66 9.07 4.70 4.98 5.23 5.48 0.85 0.90 0.94 0.99 13.47 14.12 14.83 15.54 Liabilities & Owners' Equity Jun-08 Jun-09 Jun-10 Jun-11 Bank Notes Payable 0.79 0.82 0.86 0.90 Accounts Payable 0.81 0.85 0.88 0.93 Current Portion of Long-Term Debt 0.00 0.00 0.00 0.00 Accrued Expenses 0.26 0.27 0.28 0.30 Total Current Liabilities 1.87 1.93 2.02 2.13 Long-Term Debt 0.00 0.00 0.00 0.00 Total Liabilities 1.87 1.93 2.02 2.13 Common Stock 4.58 4.58 4.58 4.58 Retained Earnings 3.88 4.37 4.72 5.14 Total Shareholder Equity 8.47 8.95 9.30 9.72 Total Liabilities & Net Worth 10.33 10.89 11.32 11.86 Balance? Jun-12 Jun-13 Jun-14 Jun-15 0.90 0.90 0.90 0.90 0.95 0.96 1.01 1.05 0.00 0.00 0.00 0.00 0.31 0.33 0.35 0.36 2.16 2.19 2.25 2.32 1.10 1.17 1.22 1.25 3.27 3.36 3.48 3.57 4.58 4.58 4.58 4.58 5.62 6.18 6.77 7.38 10.21 10.77 11.35 11.97 13.47 14.12 14.83 15.54 Yes Yes Yes Yes Assets Cash Accounts Receivable Inventories Prepaid Expenses Total Current Assets Net Property & Equipment Other Long-Term Assets Total Assets Calculated Ratios and Forecast Assumptions Income statement ratios: Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Cost of goods sold % of sales 64.2% 64.6% 64.4% 64.5% 61.5% Gross profit margin % of sales 35.8% 35.4% 35.6% 35.5% 38.5% R&D expense % of sales 0.0% 0.0% 0.0% 0.0% 1.0% SG&A expense % of sales 28.3% 28.6% 28.9% 28.7% 30.1% Operating income % of sales 7.5% 6.8% 6.7% 6.8% 7.4% Tax Rate 27.0% 27.0% 27.0% 27.1% 27.0% Jun-13 Jun-14 58.5% 58.5% 41.5% 41.5% 1.6% 1.6% 31.5% 31.5% 8.4% 8.4% 27.0% 27.0% Jun-15 58.5% 41.5% 1.6% 31.5% 8.4% 27.0% Interest on BOY Debt Dividends % Net Income 9.1% 7.3% 7.4% 36.0% 34.5% 54.7% 48.6% 7.25% 7.25% 7.25% 7.25% 50.0% 50.0% 50.0% 50.0% Activity ratios: Days of expenses held in cash Days sales outstanding in A/R Inventory turnover Prepaid expenses % of sales PP&E turnover Other long-term assets % of sales Days COGS in accounts payable Accrued expenses % of sales Jun-08 Jun-09 Jun-10 Jun-11 15.0 15.0 15.0 15.0 75.0 75.0 75.0 75.0 4.8 4.8 4.8 4.8 1.5% 1.5% 1.5% 1.5% 4.0 3.8 3.9 4.0 3.0% 3.0% 3.0% 3.0% 30.0 30.0 30.0 30.0 1.7% 1.7% 1.7% 1.7% Jun-12 Jun-13 Jun-14 Jun-15 20.0 20.0 20.0 20.0 75.0 75.0 75.0 75.0 4.0 4.0 4.0 4.0 1.20% 1.20% 1.20% 1.20% 4.0 4.0 4.0 4.0 4.5% 4.5% 4.5% 4.5% 30.0 30.0 30.0 30.0 1.66% 1.66% 1.66% 1.66% Net Income - D AR - D Inventory - D Prepaid Expense + D Acc Pay + D Accrued Expense Operating Activities Statements of Cash Flow Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 0.80 0.74 0.77 0.82 0.97 1.12 1.17 -0.11 -0.15 -0.19 -0.25 -0.23 -0.20 -0.08 -0.09 -0.12 -0.53 -0.02 -0.15 -0.01 -0.01 -0.01 0.04 -0.01 -0.01 0.03 0.04 0.05 0.02 0.01 0.05 0.01 0.01 0.02 0.01 0.02 0.02 0.58 0.56 0.57 0.25 0.87 0.88 Jun-15 2012-2015 1.23 4.49 -0.21 -0.90 -0.15 -0.85 -0.01 0.00 0.05 0.12 0.02 0.06 0.93 2.93 Capex, net Investing Activities -0.33 -0.15 -0.18 -0.33 -0.15 -0.18 -0.59 -0.59 -0.33 -0.29 -0.30 -0.33 -0.29 -0.30 -1.52 -1.52 + D Bank Notes Payable + D Long-term Debt - Dividends Financing Activities Net D Cash Cash, beg Cash, end 0.03 0.04 0.05 0.00 0.00 0.00 -0.25 -0.42 -0.40 -0.23 -0.38 -0.36 0.02 0.03 0.03 0.59 0.61 0.64 0.61 0.64 0.67 0.00 1.10 -0.48 0.62 0.28 0.67 0.95 0.00 0.00 0.00 0.06 0.06 0.03 -0.56 -0.59 -0.62 -0.49 -0.53 -0.58 0.05 0.05 0.05 0.95 1.00 1.05 1.00 1.05 1.10 0.00 1.25 -2.24 -0.99 0.43 0.67 1.10 Free Cash Flow Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 0.79 0.81 0.87 1.02 1.22 1.28 -0.16 -0.21 -0.26 -0.71 -0.24 -0.30 -0.33 -0.15 -0.18 -0.59 -0.33 -0.29 0.30 0.46 0.44 -0.29 0.65 0.69 EBIT(1-T) -D NWC -Capex FCF Valuation WACC Terminal growth 8.0% 4.8% Terminal Value 2015 PV of Terminal Value PV FCF 2012-2015 Enterprise Value Cash 2011 Total Value Debt 2011 Equity Value Purchase Price NPV of Purchase 24.49 18.00 1.38 19.38 0.67 20.06 0.90 19.15 13.20 5.95 Jun-15 2012-2015 1.34 4.86 -0.30 -1.55 -0.30 -1.52 0.75 1.79 Pacific Grove Spice Company High Country Seasonings WACC July 2011 Financial Market Conditions 30-year Treasury Bonds 4.25% Long-term AA Corporate Bonds 5.20% Long-term BBB Corporate Bonds 5.65% Market Risk Premium (S&P 500 vs. L-T Treasuries) 7.00% Prime Interest Rate 3.25% Industry Asset Beta from Comparables McCormick ConAgra Pacific Estimate of High Country's Asset Beta: & Company Foods Grove Market value of equity ($ in millions) 6,567 11,069 38 Book value of interest-bearing debt ($ in millions) 990 3,234 37 Total capitalization 7,557 14,303 75 Weight of debt Debt Beta Weight of equity Equity beta coefficient Asset beta Industry Asset Beta 13% 0.20 87% 0.500 0.461 0.561 High Country WACC Market Value Equity ($000,000s) Book Value Debt, interest bearing ($000,000s) Enterprise Value 13.200 0.902 14.102 Debt (%) Cost of debt spread vs Prime Cost of Debt Tax Rate Debt Beta Equity (%) Equity Beta Cost of Equity WACC 6.4% 4.00% 7.25% 27.0% 0.43 93.6% 0.570 8.24% 8.05% 23% 0.20 77% 0.600 0.510 49% 0.57 51% 0.850 0.712