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ULTIMATUM CORP. ($ in Thousands) Assumptions Actual Projected Projected Projected Year 0 Year 1 Year 2 Year 3 Income Statement Sales revenues growth 8% 8% 10% Cost of Goods Sold as % of sales revenues 68% 68% 68% Operating expenses as % of sales revenues 24% 24% 24% Taxes as % of Net Income before Taxes 40% 40% 40% Balance Sheet Asset assumptions Current assets as % of sales revenues 18% 18% 18% Fixed assets yearly growth 20% 20% 20% Liabilities assumptions Current liabilities as % of sales revenues 15% 15% 15% Long-term debt $ 250 $ 300 $ 350 Equity assumptions Capital stock 110 110 110ULTIMATUM CORP. ($ in Thousands) Actual Year 0 Income Statement Sales Revenues $ 1,400.0 Cost of Goods Sold 950.0 Gross profit 450.0 Operating expenses 340.0 Net income before taxes 110.0 Taxes 44.0 Net income $ 66.0 Balance sheet Assets Cash 38.0 Current assets 252.0 PP&E 400.0 Total assets S 720.0 Liabilities Current liabilities 210.0 Long-term debt 200.0 Total liabilities 410.0 Equity Capital stock 110.0 Retained earnings 200.0 Total equity $ 310.0 Total Liabilities & Equity 720.0 Cash flow Statement* Net income/Net loss Current assets: increase/decrease Current liabilities: increase/decrease Cash flow from operations Property, Plant & Equipment (PP&E): increase/decrease Cash flow from investing activities Total debt: increase/decrease Capital stock: increase/decrease Cash flow from financing activities Cash flow statement used to be called "Statement of Sources and Uses of Funds". When you pay cash to buy more assets or pay down debt, you are using funds (resulting in a decline in cash flow). If a firm shows net income or borrows money, it will generate more cash (resulting in an increase in cash flow ).ULTIMATUM CORP. Income Statement ($ in Thousands) Actual Projected Projected Projected Year 0 Year 1 Year 2 Year 3 Income Statement Sales $ 1,400.00 Cost of Goods Sold 950.00 Gross profit 450.00 Operating expenses 340.00 Net income before taxes 110.00 Taxes 44.00 Net income S 66.00