In the spreadsheet is provided the historical Starbucks data (11 & 12). Use the forecasting information provided in the text to forecast all financial statements for 2013. All 2013 forecasts must use the forecasting formulas unless the forecast in the text is hardcoded. In addition, make sure your balance sheet balances.

Cash Flows:

	2011	2012	2013
Cash flow from operations
Net Earnings	$ 494,370	$ 564,259
Depreciation and amort	$ 367,207	$ 412,625
cumm effect acct changes	$ -	$ 17,214
Asset imp changes	$ 19,464	$ 19,622
Adjustments to operating working capital
AR
Inventories	$ 121,618	$ 85,527
Other current assets
AP	$ 9,717	$ 104,966
Accured expenses and other	$ 30,216	$ 145,427
Interest payable	$ 80	$ 529
Deferred revenue	$ 53,276	$ 56,547
Other non current assets
Other non current liabilities
Other-net	$ 70,204	$ (104,029)
Cash flow from operations	$ 922,916	$ 1,131,633
Investing activities
Purchase of investments, net	$ 444,264	$ 21,924
Sale of short term investments, net
Sale of long term investments, net
CAPEX, net	$ 643,296	$ 771,230
Acquisitions, net of cash acquired	$ 21,583	$ 91,734
Net cash used by investing activities	$ (220,615)	$ (841,040)
Financing activities
Change in common stock, net	$ (950,092)	$ (577,428)
Change in debt, net	$ 276,265	$ 422,102
common equity dist
Cash flow from financing	$ (673,827)	$ (155,326)
Effects of exchange rate changes	$ 283	$ 3,530
Change in cash balance	$ 28,757	$ 138,797

Land Buildings & Equipment

	2011	2012	2013
Beginning Balance	$ 2,802,704	$ 3,467,583
CAPEX	$ 664,879	$ 862,964
Retirements and dispositions		$ 72,844
Ending Balance	$ 3,467,583	$ 4,257,703
Accumulated Depreciation
Beginnning Balance	$ 1,258,357	$ 1,625,564
Depreciation expense	$ 367,207	$ 412,625
Retirements and dispositions		$ 68,385
Ending Balance	$ 1,625,564	$ 1,969,804
Net PPE	$ 1,842,019	$ 2,287,899