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Financial Statement Analysis Project (This project is valued at 5% of the final grade.) Financial Statement Analysis provides information that indicates how a company is performing. By comparing financial statements of different years, a manager can make informed decisions about investments, expenditures, and activities that impact revenues. Directions: Read the chapter in the text titled \"Financial Statement Analysis.\" Using the comparative financial statements for Baby Cakes International Inc. (see \"BabyCakes_Financial_Project_Data.xls\" linked in the lesson activities) , complete the following tasks. Note: The market price of BabyCakes Int'l, Inc. common stock was $20 on December 31, 2008. Part A: Complete the calculations for the 19 items listed below. Determine the following measures for the year 2008: 1. Working Capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnover 7. Number of days' sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Number of times interest charges earned 11. Number of times preferred dividends earned 12. Ratio of net sales to assets 13. Rate earned on total assets 14. Rate earned on stockholders' equity 15. Rate earned on common stockholder's equity 16. Earnings per share on common stock 17. Price-earnings ratio 18. Dividends per share of common stock 19. Dividend yield Part B: Explain what the result of each measure indicates about the company. Part C: Complete a horizontal analysis for the Income Statement, and explain your findings. Financial Statement Analysis Project Part D: Complete a vertical analysis for the Income Statement, and explain your findings. Baby Cakes International Inc Statement of Retained Earnings for the Years ended December 31, 2008 and 2007 December 31, 2008 Retained Earnings, January 1 Net income for year Total Dividends Paid Preferred Stock Common Stock Total Dividends Paid Retained Earnings December 31 December 31, 2007 $375,000 68,000 $443,000 $327,000 67,000 $394,000 $15,000 7,000 $22,000 $421,000 $12,000 7,000 $19,000 $375,000 Baby Cakes International Inc Income Statement for the Years ended December 31, 2008 and 2007 2008 Sales Sales returns Sales Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Total operating expenses Income from Operations Other income Other expense Income before Tax Income Tax Expense NET INCOME $1,055,000 1,000 1,500 2,500 $1,050,000 400,000 $650,000 $270,000 195,000 $465,000 $185,000 20,000 $205,000 96,000 $109,000 41,000 $68,000 2007 $966,000 3,000 1,000 2,000 $960,000 390,000 $570,000 $275,000 165,000 $440,000 $130,000 15,000 $145,000 48,000 $97,000 30,000 $67,000 Baby Cakes International Inc Balance Sheet December 31, 2008 and 2007 ASSETS December 31, 2008 Current Assets Cash Securities A/R Inventory Prepaids Total Current Assets December 31, 2007 $165,000 398,000 199,000 84,000 25,000 $871,000 300,000 1,040,000 $2,211,000 200,000 760,000 $1,575,000 $290,000 $250,000 300,000 600,000 $900,000 $1,190,000 Long Term Investments Plant Property and Equipment (net of depreciation) Total Assets $126,000 254,000 165,000 52,000 18,000 $615,000 400,000 $400,000 $650,000 $250,000 350,000 421,000 $1,021,000 $2,211,000 $200,000 350,000 375,000 $925,000 $1,575,000 LIABILITIES Accounts Payable Long Term Liabilities Mortgage note payable , 8% due 2011 Bonds Payable, 12% due 2015 Total Long-term liabilities Total Liabilities Stockholders' Equity Preferred $6 stock, $100 par Common Stock, $10 par Retained Earnings Total Stockholder's Equity Total liabilities and stockholders' equity Comprehensive Problem 5: Perfect Pies We Bake Perfect Pies Company makes fruit pies using a process cost system. The dough is made in the mixing department and then moves to the rolling department where crusts are rolled and placed into baking pans. The pans move into the filling department where fruit is placed into the crusts. The pies then move to the baking department. Once the pies have been baked, they move to packaging they are boxed and then sent to Finished Goods. During the month of October the company had sales of $83,000. Each pie sells for $10. Using the following information, determine the Gross Profit for the Month of October. Mixing Department: Beginning Balance 0 Ending inventory 1000 pies at 40% completion DM used: $1000 DL used: $800 FOH allocated: $1200 Rolling Department: Beginning Balance 1600 pies that were 70% completed with costs of $600 Pies started: 9000 Pies transferred to Filling Department: 8100 Ending Inventory was 10% completed DL used: $2338 FOH allocated: $2000 Filling Department: Beginning Balance 3000 pies that were 20% completed with costs of $7500 Ending inventory was 75% completed DM used: $16200 DL used: $3800 FOH allocated: $1975 Baking Department: Beginning Balance 0 Pies Transferred into department 7600 FOH allocated: $14160 Ending inventory: 1300 pies that were 60% completed Packaging Department: Beginning Balance: 2100 pies at 20% completion with costs of $12,600 Ending Inventory was 2000 pies at 90% completed DM used: $7875 DL used: $1945 FOH allocated: $3890 Finished Goods Department: Beginning Balance: 2600 pies with costs of $15626 MM Kline 4/2/14 Page 1 Comprehensive Problem 5: Perfect Pies We Bake Perfect Pies Company makes fruit pies using a process cost system. The dough is made in the mixing department and then moves to the rolling department where crusts are rolled and placed into baking pans. The pans move into the filling department where fruit is placed into the crusts. The pies then move to the baking department. Once the pies have been baked, they move to packaging they are boxed and then sent to Finished Goods. During the month of October the company had sales of $83,000. Each pie sells for $10. Using the following information, determine the Gross Profit for the Month of October. Mixing Department: Beginning Balance 0 Ending inventory 1000 pies at 40% completion DM used: $1000 DL used: $800 FOH allocated: $1200 Rolling Department: Beginning Balance 1600 pies that were 70% completed with costs of $600 Pies started: 9000 Pies transferred to Filling Department: 8100 Ending Inventory was 10% completed DL used: $2338 FOH allocated: $2000 Filling Department: Beginning Balance 3000 pies that were 20% completed with costs of $7500 Ending inventory was 75% completed DM used: $16200 DL used: $3800 FOH allocated: $1975 Baking Department: Beginning Balance 0 Pies Transferred into department 7600 FOH allocated: $14160 Ending inventory: 1300 pies that were 60% completed Packaging Department: Beginning Balance: 2100 pies at 20% completion with costs of $12,600 Ending Inventory was 2000 pies at 90% completed DM used: $7875 DL used: $1945 FOH allocated: $3890 Finished Goods Department: Beginning Balance: 2600 pies with costs of $15626 MM Kline 4/2/14 Page 1