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You must enable macros in order fo Please visit the Microsoft Office Support sit Contact the World Campus Helpdesk s in order for this assignment to function. e Support site for documentation and instructions. us Helpdesk if you continue to have trouble. . Information given Preston, Inc. Income Statement For the years ended December 31, 2015 and 2016 2016 447,474.00 2015 376,780.00 299,028.00 148,446.00 224,906.00 151,874.00 Depreciation expense 15,840.00 12,698.00 Other operating expenses 99,271.00 95,703.00 115,111.00 33,335.00 108,401.00 43,473.00 Other income (expenses) Interest expense Gain on sale of investments (4,530.00) (4,853.00) 4,878.00 2,096.00 Loss on sale of plant assets Total other income (expenses) (1,488.00) (1,140.00) (2,096.00) (4,853.00) Income before income taxes 32,195.00 38,620.00 9,658.50 11,586.00 22,536.50 27,034.00 Sales (all on credit) Cost of goods sold Gross margin Operating expenses Operating income Income taxes expense Net income Preston, Inc. Statement of retained earnings For the year ended December 31, 2016 Retained earnings, January 1 Add: net income Deduct: Dividends Increase in retained earnings Retained earnings, December 31 2016 22,738.00 22,536.50 5,000.00 17,536.50 40,274.50 Preston, Inc. Comparative Balance Sheets December 31, 2016 and 2015 2016 Current assets: 2015 27,034.00 4,296.00 22,738.00 22,738.00 2015 Cash Accounts receivable (net) Inventory Prepaid expenses Other current assets Total current assets Long-term Investments Plant assets Less: accumulated depreciation Total plant assets Total assets 29,431.00 30,017.00 40,376.00 854.00 20,791.00 25,036.00 39,352.00 1,439.00 14,626.50 11,220.00 115,304.50 97,838.00 71,693.00 49,511.00 299,151.00 40,287.00 258,864.00 250,982.00 24,447.00 226,535.00 445,861.50 373,884.00 Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long term liabilities: Notes Payable Total liabilities 23,590.00 1,108.00 1,937.00 26,635.00 24,603.00 1,913.00 3,767.00 30,283.00 229,032.00 255,667.00 170,943.00 201,226.00 Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 100,680.00 49,240.00 40,274.50 190,194.50 445,861.50 100,680.00 49,240.00 22,738.00 172,658.00 373,884.00 Other information Shares of common stock outstanding Dividends per share Market price per share, common stock 20,136 0.25 64.00 20,136 0.21 58.00 Part 1 Preston, Inc. Statement of Cash Flows For the year ended December 31, 2016 Cash flows from operating activities: Adjustments to reconcile net income: Net cash flows from operating activities Change 8,640.00 4,981.00 1,024.00 (585.00) 3,406.50 17,466.50 22,182.00 48,169.00 15,840.00 32,329.00 71,977.50 (1,013.00) (805.00) (1,830.00) (3,648.00) 58,089.00 54,441.00 17,536.50 17,536.50 71,977.50 Part 2 Preston, Inc. Income Statement (Horizontal analysis) For the years ended December 31, 2015 and 2016 2016 447,474.00 299,028.00 148,446.00 2015 376,780.00 224,906.00 151,874.00 Depreciation expense 15,840.00 12,698.00 Other operating expenses 99,271.00 95,703.00 115,111.00 33,335.00 108,401.00 43,473.00 Other income (expenses) Interest expense Gain on sale of investments (4,530.00) 4,878.00 (4,853.00) 2,096.00 Loss on sale of plant assets Total other income (expenses) (1,488.00) (1,140.00) (2,096.00) (4,853.00) Income before income taxes 32,195.00 38,620.00 9,658.50 11,586.00 22,536.50 27,034.00 Sales (all on credit) Cost of goods sold Gross margin Operating expenses Operating income Income taxes expense Net income Increase/decrease Amount Preston, Inc. Balance Sheet (Horizontal analysis) December 31, 2016 and 2015 Assets 2016 Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses Other current assets Total current assets Long-term Investments Plant assets 2015 29,431.00 30,017.00 40,376.00 854.00 14,626.50 115,304.50 20,791.00 25,036.00 39,352.00 1,439.00 11,220.00 97,838.00 71,693.00 49,511.00 299,151.00 250,982.00 Increase/decrease Amount Less: accumulated depreciation Total plant assets Total assets 40,287.00 258,864.00 445,861.50 24,447.00 226,535.00 373,884.00 Liabilities and stockholders' equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long term liabilities: Notes Payable Total liabilities 23,590.00 1,108.00 1,937.00 26,635.00 24,603.00 1,913.00 3,767.00 30,283.00 229,032.00 255,667.00 170,943.00 201,226.00 Stockhoilders' equity: Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 100,680.00 49,240.00 40,274.50 190,194.50 445,861.50 100,680.00 49,240.00 22,738.00 172,658.00 373,884.00 Use the area below to show your work (*Note: Your instructor may use this area to help review and Part 3 Preston, Inc. Income Statement (Vertical analysis) For the years ended December 31, 2015 and 2016 6 Increase/decrease Percent 2016 447,474.00 299,028.00 148,446.00 Sales (all on credit) Cost of goods sold Gross margin Depreciation expense 15,840.00 Other operating expenses 99,271.00 Operating expenses Operating income % 115,111.00 33,335.00 Other income (expenses) Interest expense Gain on sale of investments (4,530.00) 4,878.00 Loss on sale of plant assets Total other income (expenses) (1,488.00) (1,140.00) Income before income taxes 32,195.00 Income taxes expense 9,658.50 Net income 22,536.50 Preston, Inc. Balance Sheet (Vertical analysis) December 31, 2016 and 2015 Increase/decrease Percent Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses Other current assets Total current assets Long-term Investments Plant assets 2016 29,431.00 30,017.00 40,376.00 854.00 14,626.50 115,304.50 71,693.00 299,151.00 % Less: accumulated depreciation Total plant assets Total assets 40,287.00 258,864.00 445,861.50 Liabilities and stockholders' equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long term liabilities: Notes Payable Total liabilities 229,032.00 255,667.00 Stockhoilders' equity: Common stock, $5 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 100,680.00 49,240.00 40,274.50 190,194.50 445,861.50 o show your work and calculations. area to help review and resolve any incorrect answers) 2016 23,590.00 1,108.00 1,937.00 26,635.00 % Rati analysis) 2015 and 2016 2015 376,780.00 224,906.00 151,874.00 Working capital: 2016 Show Calcula % Current ratio: 2016 12,698.00 Show Calcula 95,703.00 108,401.00 43,473.00 (4,853.00) 2,096.00 Cash ratio: 2016 Show Calcula (2,096.00) (4,853.00) 38,620.00 11,586.00 27,034.00 Inventory turnover: 2016 Show Calcula nalysis) 2015 Days' sales inventory: 2016 2015 20,791.00 25,036.00 39,352.00 1,439.00 11,220.00 97,838.00 % Show Calcula Gross profit: 2016 Show Calcula 49,511.00 250,982.00 24,447.00 226,535.00 373,884.00 Accounts receivable turnover: 2016 Show Calcula 2015 24,603.00 1,913.00 3,767.00 30,283.00 % Days' sales in receivables: 2016 Show Calcula 170,943.00 201,226.00 100,680.00 49,240.00 22,738.00 172,658.00 373,884.00 Debt ratio: 2016 Show Calcula Debt to equity ratio: 2016 Show Calcula Profit margin: 2016 Show Calcula Rate of return on total assets: 2016 Show Calcula Asset turnover ratio: 2016 Show Calcula Rate of return on common stockholders' equity ratio: 2016 Show Calcula Earnings per share: 2016 Show Calcula Price/earnings ratio (P/E): 2016 Show Calcula Dividend yield: 2016 Show Calcula Dividend payout: 2016 Show Calcula Ratios: Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below Show Calculations Below