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The financial information for the past two years (2021 and 2022) is provided. "Spartan Cases, Inc.'s" collection policy is 30 days for their receivables and the benchmark for the inventory is 30 days. Using a spreadsheet application, Microsoft Excel, and the information from the previous years, provide the following: 1. Prepare a Statement of Cash Flows for the current year using the indirect method. 2. Using horizontal analysis, prepare a Comparative Balance Sheet. 3. Using vertical analysis, prepare a Comparative Statement of Income. 4. Using the textbook, calculate the ratios set out below: a. Working Capital 2021, 2022 b. Current Ratio - 2021, 2022 c. Quick Ratio - 2021, 2022 d. Accounts Receivable Turnover 2022 e. Number of Days Sales in Receivables - 2022 f. Inventory Turnover - 2022 g. Number of Days Sales in Inventory 2022 h. Return on Total Assets - 2022 i. Ratio of Liabilities to Stockholders' Equity-2021 \& 2022 j. Return on Stockholders' Equity - 2022 k. Earnings Per Share - 2021, 2022 The financial statements provided in this practice set can be downloaded from Blackboard. Read the instructions provided before downloading. Download the Excel files on Blackboard (Income Statement, Statement of Stockholders' Equity and Balance Sheet) and add a column and calculate the ratios for the vertical and horizontal analysis. 5. Acting as an accounting advisor to the firm, prepare a memo in which you analyze the financial statements prepared in step two and three and along with the ratios that have been calculated above and prepare an analysis of the company's financial position. Identify two strengths and two weaknesses in the company. Make two recommendations to improve the company's financial position. Be specific in each of the recommendations and use all of the above ratios to support your analysis. The length should be no more than one paragraph. Print out your memo and use it to answer the questions in Blackboard. Part of the assignment requires you to go to the Writing Center for help. You will receive a receipt from the writing center when you attend that you will turn in with the assignment. Only the writing portion of the assignment will be turned in with the receipt. All other calculations and answers will be done in Blackboard. Make sure you do not have any spelling, grammatical or punctuation errors. Comparative Balance Sheel Comparative Income Statement Comparative Statement of Retained Earnings Manufacturing Process Information "Spartan Cases, Inc." started a small manufacturing plant that fabricates Aluminum Cases. The manufacturing process starts by acquiring aluminum from raw materials, molds them into the case form and then transfers them to finished goods. This process is completely automated. Direct material Aluminum is added 100% at the beginning of the process. Conversion costs are added equally throughout the process. Conversion is 40% complete for the beginning inventory work in process and 60% complete for the ending inventory work in process. At the beginning of the accounting period, "Spartan Cases, Inc." estimated that production would be 2,300 cases. Estimated factory overhead is $5,885.00. The estimated base for the predetermined overhead rate is 1,177 hours. This information is to be used to determine the application rate for overhead. - Estimated and actual direct labor costs totaled \$8,234.40. - Actual factory overhead costs totaled $9,325.00. The following information is available concerning the direct materials. Direct Materials-Aluminum 0 The work in process account has the following information: Beginning Work in Process contains 500 Aluminum Cases with a cost transferred in of $3,814.00. Ending work in process contains 300 Aluminum Cases. The finished goods account has the following information: The selling price of the case is $100 per case and 1,900 cases were sold. Selling and Administrative Costs totaled $2,500 and the tax rate is 30%. Part Two Instructions Using a spreadsheet and based on the information provided on the previous page, complete the following requirements: 1. Determine the predetermined overhead rate. 2. Determine the total number of aluminum cases to account for. 3. Prepare an equivalent units schedule. The schedule should follow the format above. 4. Determine the total cost for the aluminum and the unit aluminum cost for each case. 5. Determine the total conversion cost and the unit conversion cost per case. 6. Determine the total equivalent cost per case (Material Cost per unit plus the Conversion Cost. per unit). Prepare a Cost of Production report. This report should show all costs transferred into Work-in-Process and the costs transferred to Finished Goods. This process uses FIFO costing. Use dollars and cents. See example on page 11. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f) Income before Taxes g) Tax Amount at 30% h) Net Income (When calculating Net Income use the adjusted COGS) 7. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. The Chart of Accounts and Journal Entry Transactions are on page 13. Spartan's Cases, Inc. Cost of Production Report For the year ended December 31, 2022 Costs to Account For: Using a T-Account the COGM should be the same amount in the Cost of Production Report for Costs Transferred to Finished Goods and the WIP Process T-Account Step (1) Determine the predetermined OH rate Step (2) Determine the total number of cases to account for - see example on page 9 Step (3) Determine the Equivalent Units Schedule - see example on page 9 Step (4) Determine the total costs for the aluminum and the unit aluminum cost per case. Step (5) Determine the total conversion cost and the conversion cost per case using the predetermined rate. Round your answer to the nearest cent if needed. Step (6) Determine the total equivalent cost per case (aluminum cost per unit, plus, the conversion cost per case). Step (7) Prepare a Cost of Production Report - see provided example on page 11. Use FIFO costing. Step (8) Ending WIP in Units and Dollars Step (9) Ending Finished Goods Inventory in Units and Dollars Step (10) COGS calculation Step (11) Over/Under Applied FOH Step (12) Prepare an Income Statement showing Gross Margin, Income before taxes, Tax Amount and Net Income. Round to the nearest dollar. Step (13) Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Use the account numbers in the chart of accounts, on the next page, instead of the accounts names when writing the journal entries. a. Record the purchase of the Aluminum using cash. b. Record the aluminum transferred to WIP. c. Record the direct labor in WIP that is on account. d. Record the applied FOH. e. Record the actual FOH using cash. f. Record the over or under applied FOH. g. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry. The financial information for the past two years (2021 and 2022) is provided. "Spartan Cases, Inc.'s" collection policy is 30 days for their receivables and the benchmark for the inventory is 30 days. Using a spreadsheet application, Microsoft Excel, and the information from the previous years, provide the following: 1. Prepare a Statement of Cash Flows for the current year using the indirect method. 2. Using horizontal analysis, prepare a Comparative Balance Sheet. 3. Using vertical analysis, prepare a Comparative Statement of Income. 4. Using the textbook, calculate the ratios set out below: a. Working Capital 2021, 2022 b. Current Ratio - 2021, 2022 c. Quick Ratio - 2021, 2022 d. Accounts Receivable Turnover 2022 e. Number of Days Sales in Receivables - 2022 f. Inventory Turnover - 2022 g. Number of Days Sales in Inventory 2022 h. Return on Total Assets - 2022 i. Ratio of Liabilities to Stockholders' Equity-2021 \& 2022 j. Return on Stockholders' Equity - 2022 k. Earnings Per Share - 2021, 2022 The financial statements provided in this practice set can be downloaded from Blackboard. Read the instructions provided before downloading. Download the Excel files on Blackboard (Income Statement, Statement of Stockholders' Equity and Balance Sheet) and add a column and calculate the ratios for the vertical and horizontal analysis. 5. Acting as an accounting advisor to the firm, prepare a memo in which you analyze the financial statements prepared in step two and three and along with the ratios that have been calculated above and prepare an analysis of the company's financial position. Identify two strengths and two weaknesses in the company. Make two recommendations to improve the company's financial position. Be specific in each of the recommendations and use all of the above ratios to support your analysis. The length should be no more than one paragraph. Print out your memo and use it to answer the questions in Blackboard. Part of the assignment requires you to go to the Writing Center for help. You will receive a receipt from the writing center when you attend that you will turn in with the assignment. Only the writing portion of the assignment will be turned in with the receipt. All other calculations and answers will be done in Blackboard. Make sure you do not have any spelling, grammatical or punctuation errors. Comparative Balance Sheel Comparative Income Statement Comparative Statement of Retained Earnings Manufacturing Process Information "Spartan Cases, Inc." started a small manufacturing plant that fabricates Aluminum Cases. The manufacturing process starts by acquiring aluminum from raw materials, molds them into the case form and then transfers them to finished goods. This process is completely automated. Direct material Aluminum is added 100% at the beginning of the process. Conversion costs are added equally throughout the process. Conversion is 40% complete for the beginning inventory work in process and 60% complete for the ending inventory work in process. At the beginning of the accounting period, "Spartan Cases, Inc." estimated that production would be 2,300 cases. Estimated factory overhead is $5,885.00. The estimated base for the predetermined overhead rate is 1,177 hours. This information is to be used to determine the application rate for overhead. - Estimated and actual direct labor costs totaled \$8,234.40. - Actual factory overhead costs totaled $9,325.00. The following information is available concerning the direct materials. Direct Materials-Aluminum 0 The work in process account has the following information: Beginning Work in Process contains 500 Aluminum Cases with a cost transferred in of $3,814.00. Ending work in process contains 300 Aluminum Cases. The finished goods account has the following information: The selling price of the case is $100 per case and 1,900 cases were sold. Selling and Administrative Costs totaled $2,500 and the tax rate is 30%. Part Two Instructions Using a spreadsheet and based on the information provided on the previous page, complete the following requirements: 1. Determine the predetermined overhead rate. 2. Determine the total number of aluminum cases to account for. 3. Prepare an equivalent units schedule. The schedule should follow the format above. 4. Determine the total cost for the aluminum and the unit aluminum cost for each case. 5. Determine the total conversion cost and the unit conversion cost per case. 6. Determine the total equivalent cost per case (Material Cost per unit plus the Conversion Cost. per unit). Prepare a Cost of Production report. This report should show all costs transferred into Work-in-Process and the costs transferred to Finished Goods. This process uses FIFO costing. Use dollars and cents. See example on page 11. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f) Income before Taxes g) Tax Amount at 30% h) Net Income (When calculating Net Income use the adjusted COGS) 7. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. The Chart of Accounts and Journal Entry Transactions are on page 13. Spartan's Cases, Inc. Cost of Production Report For the year ended December 31, 2022 Costs to Account For: Using a T-Account the COGM should be the same amount in the Cost of Production Report for Costs Transferred to Finished Goods and the WIP Process T-Account Step (1) Determine the predetermined OH rate Step (2) Determine the total number of cases to account for - see example on page 9 Step (3) Determine the Equivalent Units Schedule - see example on page 9 Step (4) Determine the total costs for the aluminum and the unit aluminum cost per case. Step (5) Determine the total conversion cost and the conversion cost per case using the predetermined rate. Round your answer to the nearest cent if needed. Step (6) Determine the total equivalent cost per case (aluminum cost per unit, plus, the conversion cost per case). Step (7) Prepare a Cost of Production Report - see provided example on page 11. Use FIFO costing. Step (8) Ending WIP in Units and Dollars Step (9) Ending Finished Goods Inventory in Units and Dollars Step (10) COGS calculation Step (11) Over/Under Applied FOH Step (12) Prepare an Income Statement showing Gross Margin, Income before taxes, Tax Amount and Net Income. Round to the nearest dollar. Step (13) Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Use the account numbers in the chart of accounts, on the next page, instead of the accounts names when writing the journal entries. a. Record the purchase of the Aluminum using cash. b. Record the aluminum transferred to WIP. c. Record the direct labor in WIP that is on account. d. Record the applied FOH. e. Record the actual FOH using cash. f. Record the over or under applied FOH. g. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry