- Prepare a balance sheet for 2018 assuming the firm follows U.S. GAAP.
- Prepare an Income Statement for 2018 assuming the firm follows U.S. GAAP.
- Prepare a Cash Flow Statement for 2018 assuming the firm follows U.S. GAAP.
Construct Financial Statements & Analysis: Balance Sheet, Cashflow, & Income Statement Format The following information is based on the Balance sheet, Cashflow, & Income statement of Smith Novelty Company, Inc. a US company, which is planning for an IPO in the very near future, for the year ended December 31, 2018. Smith Novelty Company, Inc. applies U.S. GAAP and reports its results in thousands of dollars. Line Item Title Accounts payable Accounts receivable Accrued bonus Accrued expenses and other current liabilities Accumulated Deficit Additional paid-in capital Capital lease obligations and other long-term liabilities Cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash paid for interest Cash paid for taxes Common stock, par value $0.0001 per share-293,348,000 shares authorized and 34,756,750 shares issued and outstanding at December 31, 2018 31-Dec-18 86,235 63,130 11,560 11,955 (648,360) 439,605 2,020 271,355 195,175 271,355 4,620 20 997,700 351,800 24,605 25,000 Convertible preferred stock Cost of goods sold Depreciation and amortization Equipment loan Income tax expense Interest expense Inventory Long-term portion of bank term loan Net change in operating assets and liabilities Net revenues Non-cash investing and financing activities Operating expenses not requiring cash Other expenses, net Other non-current assets, net Prepaid expenses and other current assets Proceeds and payments from stock transactions Proceeds, repayments, and payments of debt (including issuance costs) Property, plant, and equipment, net Purchases (including security deposits) and sales of PPE Research and development expenses Restructuring expenses Revolving credit line Selling, general and administrative expenses Short-term capital lease liabilities Stock warrant liability Wages payable (5,640) 151,285 96,940 (81,510) 439,670 11,120 17,730 (3,840) 1,980 28,360 265,770 115,225 152,635 (116,210) 47,935 7,575 30,000 172,305 220 9,590 6,275 Construct Financial Statements & Analysis: Balance Sheet, Cashflow, & Income Statement Format The following information is based on the Balance sheet, Cashflow, & Income statement of Smith Novelty Company, Inc. a US company, which is planning for an IPO in the very near future, for the year ended December 31, 2018. Smith Novelty Company, Inc. applies U.S. GAAP and reports its results in thousands of dollars. Line Item Title Accounts payable Accounts receivable Accrued bonus Accrued expenses and other current liabilities Accumulated Deficit Additional paid-in capital Capital lease obligations and other long-term liabilities Cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Cash paid for interest Cash paid for taxes Common stock, par value $0.0001 per share-293,348,000 shares authorized and 34,756,750 shares issued and outstanding at December 31, 2018 31-Dec-18 86,235 63,130 11,560 11,955 (648,360) 439,605 2,020 271,355 195,175 271,355 4,620 20 997,700 351,800 24,605 25,000 Convertible preferred stock Cost of goods sold Depreciation and amortization Equipment loan Income tax expense Interest expense Inventory Long-term portion of bank term loan Net change in operating assets and liabilities Net revenues Non-cash investing and financing activities Operating expenses not requiring cash Other expenses, net Other non-current assets, net Prepaid expenses and other current assets Proceeds and payments from stock transactions Proceeds, repayments, and payments of debt (including issuance costs) Property, plant, and equipment, net Purchases (including security deposits) and sales of PPE Research and development expenses Restructuring expenses Revolving credit line Selling, general and administrative expenses Short-term capital lease liabilities Stock warrant liability Wages payable (5,640) 151,285 96,940 (81,510) 439,670 11,120 17,730 (3,840) 1,980 28,360 265,770 115,225 152,635 (116,210) 47,935 7,575 30,000 172,305 220 9,590 6,275
