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ACCT 2023 PROJECT 1 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/2019 2019 2018 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit Credit Debit Credit Cash $ 120,000 S 125,600 Accounts Receivable 55,000 35,000 Prepaid Insurance 5,000 6,000 Inventory 46,000 15,600 Office Equipment 63,000 47,000 Machinery & Tools 59,000 21,000 Accumulated Depreciation 21,000 16,000 Accounts Payable 12,200 16,800 Salaries Payable 2,600 2,700 Sales Tax Payable 2,000 4,000 Note Payable-Long Term 31,000 22,100 Common Stock, $10 par 240,000 160,000 Retained Earnings 28,600 28,600 Dividends 10,000 Sales Revenue 240,000 Cost of Goods Sold 132,600 Rent Expense 20,000 Salaries Expense 36,000 Insurance Expense 11,800 Legal Fees 9,200 Depreciation Expense 5,000 Interest Expense 1,800 Income Tax Expense 3,000 577,400 $ 577,400$ 250.200 250,200 Transaction Data for 2019 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment 6,000 Cash paid for purchase of tools 10,000 Acquisition of Machinery with Notes Payable-Long-term 38,000 Long-Term Debt Cash payment of dividends 10,000 Cash receipt from issuance of 10,000 shares of common stock 80,000 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) Use Excel skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 2 decimal places.) 2. Prepare the Amazing Company balance sheet for December 31, 2019. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 2 decimal places.) 3. Prepare the Amazing Company statement of cash flows for the year ended December 31, 2019. Use the indirect method and the format in your textbook. 4. Complete the analysis of the financial statements as directed on the Analysis sheet. 5. Complete the analyis of the investment options between this company and EBUY (ratios given). Also use the chart from the attached article, and any other source to analyze the impact of using GAAP vs. IFRS> Write short response (15-30 sentences) on your analysis. AMAZING COMPANY Income Statement Year Ended December 31, 2019 Vert. Analysis AMAZING COMPANY Balance Sheet December 31, 2019 Vert. Analysis AMAZING COMPANY Statement of Cash Flows Year Ended December 31, 2019 Using the information provided in the instructions and the financial statements you have created in the previous reqi Current Ratio Working Capital Debt-to- Debt Ratio Equity Ratio Cash Ratio Requirement 1. Compute these ratios: Round ratios to two decimal places or format as percentages or currency as appropriate. Inventory Days Sales in Turnover Inventory Gross Profit Percentage Accounts Receivable Days Sales in Turnover Receivables 2018 Total Rate of Return on Total Assets Asset Turnover Ratio Rate of Return on Stockholders' Equity Earnings Per Share 2018 SHE = *Current Stock Price is $10.00 per share Price/ Earnings Ratio* Dividend Payout Dividend Yield Dividend pe Requirement 2. Based on the ratios computed above, analyze the company's ability to pay its debts (both current and long term). Refer to at least 3 specific ratios in your analysis. Requirement 3: Based on the ratios computed above, analyze the company's management of inventory. Refer to at least 2 specific ratios in your analysis. Requirement 4: Based on the ratios computed above, analyze the company's management of receivables. Refer to at least 2 specific You have just received a large annual bonus at work, and have decided to invest it in stocks for your retirement. You have been analyzing different stocks and have narrowed your choice to two possibilities. You can either invest in Amazing Company, or in EBUY. EBUY's ratios are given below. Select 3 ratios you might use to determine which stock to invest in and make a choice. Defend your selection with quality reasoning. The second part of your analysis is to read the article attached to this assignment. On pages 117-120, there is a chart that summarizes some of the differences between GAAP and IFRS. Explain the general similarities and differences, and discuss how interest expense would be presented on the Statement of Cash Flows. Include in your discussion any differences between GAAP and IFRS. Would that impact your investment decision above? Your answer will be graded on analysis, logic, and writing skills. EBUY Ratios: Answers will vary Sales in Debt-to- Current Working Equity Ratio Capital Cash Ratio Debt Ratio Ratio 5.00 $ 300,000 4.00 0.35 0.40 Days Accounts Inventory Days Sales in Gross Profit Receivable Receivabl Turnover Inventory Percentage Turnover es 7.25 50.34 48% 7.50 48.67 Rate of Rate of Return on Asset Return on Total Turnover Stockholders Earnings Per Assets Ratio Equity Share 8% 1.50 15% 15.40 Price/ Earnings Dividend Dividend Ratio* Yield Payout 14.50 2.00% 129 Final Project 50pts (2) Criteria Ratings Pts Accounting Accuracy 20 to >18.0 pts 18 to >13.0 pts Proficient Competent Financial statements and ratios Most of the financial are completely accurate AND statements and financial ratios all statements are in standard are accurate AND financial formats. (Deductions from 25- statements are created in point max for minor format proper format with no more errors, rounding errors, etc.) than one statement using non- standard format. 13 to > pts Unsatisfactory None of the financial statements are completely accurate and most financial ratios are calculated incorrectly. OR some statement and ratio inaccuracies are present AND improper financial statement formats are used on 2 or more of the statements. 20 pts Excel Skills 10 to >8.0 pts Proficient Used Excel formulas/functions efficiently for ALL calculations AND effectively utilized Excel formatting features to create professional and attractive statements. 8 to >6.0 pts Competent Used Excel formulas/functions extensively, with no more than 3 calculations made manually AND effectively utilized Excel formatting features to create professional statements 6 to >0 pts Unsatisfactory Did not use Excel formulas/functions for many calculations (more than 3) AND/OR did not utilize Excel formatting features effectively to create professional statements. 10 pts Ratio Analysis Skills 10 to >8.0 pts Proficient Exhibited sound reasoning and higher order thinking skills to deliver a complete analysis of the ratios 8 to >6.0 pts 6 to >0 pts Competent Unsatisfactory Exhibited sound reasoning overall Did not exhibit sound reasoning and delivered a reasonable analysis and higher order thinking skills in of the ratios, with no more than 1 analyzing ratios; three or more or 2 ratios analyzed incorrectly. ratios not analyzed correctly. 10 pts International Perspective 5 to >4.0 pts Proficient Exhibited sound reasoning and higher order thinking skills to analyze the IFRS perspective 4 to >3.0 pts Competent Exhibited sound reasoning overall and delivered a reasonable analysis of the IFRS perspective 3 to >O pts Unsatisfactory Did not exhibit sound reasoning and higher order thinking skills in analyzing IFRS perspective 5 pts Business Writing 5 to >4.0 pts Proficient Used professional, college- level business writing skills to communicate analysis results. 4 to >3.0 pts Competent Used acceptable business writing skills to communicate analysis results. Few grammatical errors. No spelling errors. 3 to >O pts Unsatisfactory Did not use proper business writing skills to communicate analysis results. Did not exhibit college-level business writing skills. 5 pts Total Points: 50