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PROBLEM 3-15 WORKING WITH FINANCIAL STATEMENTS a. How much is the firm's net working capital and what is the debt ratio? b. Complete a common-sized income statement, a common-sized balance sheet, and a statement of cash flows for 2018. Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. DATA Knapp Inc. Balance Sheet: Total liabilities and owners' equity B C E Knapp Inc. Income Statement: Sales Cost of goods sold 2 Gross profit $2,400$2,600 3 Selling, general, and administrative expensi 4 Depreciation Operating income Interest expense Net income before taxes 8 Taxes (40%) Net income before taxes 2017 2018 Net income before taxes SOLUTION a. How much is the firm's net working capital and what is the debt ratio? Net working capital Debt ratio 2018. Knapp Inc. Common-sized Income Statement for 2018 : Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 4 Operating income 5 Interest expense 6 Net income before taxes 7 Taxes (40%) 8 Net income Knapp Inc. Common-sized Balance Sheet for 2018: Assets Cash Accounts Receivable 4 Inventory 5 Current assets 6 Plant and equipment 7 Accumulated depreciation 8 Net plant and equipment 9 Total assets 0 Liabilities and Equity 1 Accounts payable 2 Notes payable - current (9%) 3 Current liabilities 4 Bonds 5 Owners' equity 6 Common stock Retained earnings Total owners' equity Total liabilities and owners' equity Knapp Inc. Statement of Cash Flows for 2018: Cash Flow from Operating Activities Net Income' Depreciation expense' Decrease in accounts receivable Increase in inventory Decrease in account payable Net cash provided by operating activities Cash Flow from Investing Activities Increase in plant and equipment Cash Flow from Financing Activities Incroase in notes navahle 2. In cell B44, calculate the net working capital for 2017. (1 point) 3. In cell B45, calculate the debt ratio for 2017. (1 point) 4. Copy cells B44:B45 and paste onto cells C44:C45. (1 point) 5. To prepare the common-sized income statement, find the ratio between each account in the income statement and the sales amount. In cell B49, divide the sales amount by the sales datum in cell E30 and make an absolute cell reference to the sales datum for copying and pasting purposes. (1 point) 6. Copy cell B49 and paste onto the cell ranges B50:B51 and B54:B58. (1 points) 7. In cell B52, divide the selling, general, and administrative expense by the sales datum in cell E30 and make an absolute cell reference to the sales datum for copying and pasting purposes. ( 1 points) 8. Copy cell B52 and paste onto the cell B53. (1 points) 9. To prepare the common-sized balance sheet, find the ratio between each account in the balance sheet and the total of the balance sheet. In cell B62, divide the cash amount by the total assets datum in cell C16 and make an absolute cell reference to the total assets datum for copying and pasting purposes. (1 point) 10. Copy cell B62 and paste onto the cells B63:B69. (1 points) make an absolute cell reference to the total liabilities and owners' equity datum for copying and pasting purposes. (1 point)