In this assignment you will use the Income Statement and Balance Sheet information of Triple B Company to meet the following requirements: Part 1: Use the worksheet titled Horizontal Analysis to create a horizontal analysis of the Assets section of the Balance Sheet using 2020 as the analysis year. You must use formulas with cell references for all calculations in the yellow cells. Part 2: Use the worksheet titled Vertical Analysis to create a vertical analysis of the Income Statement for 2020. You must use formulas with cell references for all calculations in the yellow cells. Part 3: Use the data provided in the "Income statement" and "Balance Sheet worksheets for 2020 to complete the required ratios in the worksheet titled "Ratio Analysis". You must use formulas with cell references for all calculations in yellow cells. All final answers should be rounded to three decimal places. Part 4: Use the data provided in the "Income Statement" and "Balance Sheet" worksheets to prepare the Operating Activities Section of the Statement of Cash Flows in the worksheet titled "Op. Act Stmt of Cash Flows. There is no additional information. For the blue shaded cells please select the appropriate line item from the drop-down list. You must use formulas and/or cell references for yellow cells. A B C 1 2 CONSOLIDATED INCOME STATEMENT Triple B Company 3 4 5 Years Ended December 31, 2020 6 7 8 Revenue: 9 Sales Revenue (net) 10 less: Cost of Goods Sold 11 Gross Profit 12 less Operating expenses (excluding depreciation): 13 less: Depreciation 14 less: General and administrative expenses 15 Add: Gain on sale of equipment 16 less: Income tax expense 17 Net Income 18 19 20 21 22 23 24 $1,085,000 605,000 480,000 252,000 90,000 109,620 12,000 31,250 $9.130 G6 Xv fx A B D E F G H I CONSOLIDATED BALANCE SHEETS Triple B 31-Dec-20 31-Dec-19 $ $ 1 2 3 4 5 6 7 a 8 Assets 9 9 Current assets: 10 Cash and cash equivalents 11 Accounts receivable 12 Inventory 13 Prepaid expenses 14 Total current assets 15 Property and equipment, net 16 Total assets 17 Liabilities and Stockholders' Equity 18 Current liabilities: 19 Accounts payable 20 Accrued liabilities 21 Total current liabilities 22 Long-term Notes Payable COMB 23 Total liabilities 24 Stockholders' equity: 25 Common stock, par value 26 Additional paid-in capital 27 Retained Earnings 28 Total stockholders' equity 29 Total liabilities and stockholders' equity 123,450 77,100 240,600 15,100 456,250 151.500 607,750 87,550 80,750 250,700 17,000 436,000 105,000 541,000 $ $ $ $ 17,750 6,500 24,250 115,000 139,250 102,000 8,000 110,000 67500 177,500 220,000 30,000 218,500 468,500 607,750 154,130 0 209,370 363,500 $ $ 541,000 30 31 32 33 34 35 33 36 37 37 38 20 39 40 41 42 43 A B C D E F G H I 1 2 3 Partial BALANCE SHEETS Horizontal Analysis 4 5 6 31-Dec-20 31-Dec-19 7 Dollar change Percent change $ $ 8 Assets p 9 Current assets: 1. 10 Cash and cash equivalents 11 Accounts receivable 12 Inventory 13 Prepaid expenses and other current assets 14 Total current assets 15 Property and equipment, net 16 Total assets ot 17 9F 18 19 20 21 22 23 123,450 77,100 240,600 15,100 456,250 151,500 607,750 87,550 80,750 250,700 17,000 436,000 105,000 541,000 $ $ SC 24 121 25 A B D 1 2 CONSOLIDATED INCOME STATEMENT 3 Vertical Analysis 4 Years Ended December 31, 2020 5 6 Revenue: 7 Sales Revenue 8 less: Cost of Goods Sold p 9 Gross Profit 2. 10 less Operating expenses (excluding depreciation): 11 less: Depreciation 12 less: General and administrative expenses 13 Add: Gain on sale of equipment 14 less: Income tax expense 15 Net Income 16 ot 17 9F 18 19 20 21 22 23 SC 24 A B C D E F 1 Ratio Analysis 2 3 Current Ratio Profit Margin up n. 4 A/R Turnover Return on Total Assets Asset Turnover 5 Days' sales in inventory 6 7 8 not 9 29 - 10 11 12 13 14 15 A B C 1 STATEMENT OF CASH FLOWS 2 OPERATING ACTIVITIES: 3 Net Income 4 Adjustments to reconcile net income to net cash provided by operating activities 5 Income statement items not affecting cash 6 Depreciation 7 Gain on sale of equipment 8 Changes in current assets and liabilities 9 Decrease in Accounts Receivable 10 Decrease in Inventory 11 Decrease in Prepaid Expenses 12 Decrease in Accounts Payable 13 Decrease in Other Payable 14 Net cash provided by operating activities 15 hip on. hot 16 17 29 F 18 19 20 21 22 23 SC 21