In this assignment, we examine the craft brewery Ipana Ltd from an accounting point of view. Ipana Ltd is a brewery company founded in 2011 with a focus on specialty beers. The company has 35 employees and focuses on the Finnish specialty beer market. The companys customers are mainly restaurants and wholesalers, but it is currently seeking to increase its direct sales to end-customers. The company owns its production facility in Kerava, where it also has significant storage facilities. In addition, the company rents a small office space in Hakaniemi, Helsinki, at a very reasonable price (3200 / month). The company produces the renowned Ipana IPA beer, whose sales price varies depending on the sales channel, between 2.03 / liter and 3.12 / liter. The company mainly uses domestic raw materials, but most of the hops comes from international suppliers. Raw material costs vary slightly, but have so far remained between 0.78 / liter (finished product) and 0.89 / liter (finished product). Demand for Ipana IPA has increased steadily over the years as a result of successful sales and marketing. However, the companys sole reliance on a single product is of growing concern to management.

Let us examine the financial year 1.1.2020 31.12.2020 (accounting period) of Ipana Ltd. At the beginning of the accounting period, Ipana Ltd has enough raw materials in stock to produce 321951.22 liters of Ipana IPA. In the finished goods warehouse, 204000 liters of Ipana IPA is waiting to be sold. The opening balance sheet (1.1.2020) for the accounting period is as follows:

Assets		Equity and liabilities
Non-current assets:		Equity:
Fixed assets	15 000 000	Shareholder's capital	10 054 000
Current assets:		Retained earnings	0
Raw materials inventory	264 000	Net income	0
Finished good inventory	493 680	Liabilities:
Accounts receivable	232 320	Long-term debt	5 100 000
Cash and equivalents	128 000	Short-term debt	800 000
		Accounts payable	164 000

During the financial year, Ipana Ltd purchases raw materials for 8200000 , which is enough for the production of 10,000,000 liters of finished product. During the financial year, the company produces a total of 9800000 liters of Ipana IPA and sells a total of 9800000 liters of Ipana IPA, at an average sales price of 2.42 / liter. Other operating expenses amount to a total of 11110000 , of which 4444000 are personnel costs, and 2222000 are marketing costs. At the end of the financial year, the company has accounts receivable for 267168 and accounts payable for 167280 . At the end of the accounting period, the company repays its due loans and takes on new loans for a total of 850,000 . The debt that has to be repaid during the next accounting period amounts to 600,000 . The banks demand an average interest rate of 5% for their loans. The average interest rate can also be seen as the required return on liabilities, while the required return on equity is 12%. Depreciations for the financial year amount to 750,000 . During the financial year, the company also invests for a total of 1,200,000 , most of which goes to acquiring new production equipment. During the financial year, Ipana Ltd also pays dividends to its shareholders for a total of 1954036.8 . Prices do not include VAT, corporate tax is 20%.

1) What are the company's financial assets in the opening balance sheet?

2) Calculate the operating income (EBIT) for the financial year

3) Calculate the change in cash and equivalents during the financial year

4) Calculate the change in financial assets during the financial year

5) Calculate the change in Current Ratio (a key ratio for liquidity) between the opening and closing balance sheets

This is all information that was given to me from the teacher, so it has to be full