Stetson Skydiving Adventures
Income Statement
For the Years 2010 and 2011
Fiscal Year	2011	2010
sales	3,500,000	3,230,000
Cost of Goods Sold	2,273,300	2,162,500
Gross Profit	1,226,700	1,067,500
selling and G&A Expenses	869,800	835,000
Lease Expenses	65,000	65,000
Depreciation	1,450,800	71,000
EBIT
Interest Expense		86,000
Earings Before Taxes	95,900
Taxes
Net Icome	62,335	18,525
Notes:
Tax Rate
Shares Outstanding	50,000	40,000
Earnings per Share
Dividends per Share		0.73
Addition to RE per Share
Stetson Skydiving Adventures
Balance Sheet
For the Years Ended Dec 31,
Assets
Fiscal Year	2011	2010
Cash	52,000	41,000
Accounts Receivable	420,000	372,000
Inverntory	515,000	420,000
Total Current Assets	987,000	833,000
Gross Fixed Assets	2,680,000	2,170,000
Accumulated Depreciation	569,000	485,000
Net Fixed Assets	2,111,000	1,685,000
Total Assets	3,098,000	2,518,000
Liabilities and Owners' Equity
Accounts Payable	505,000	290,000
Notes Payable	99,750	122,960
Other Current Liabilities	32,560	29,800
Total Current Liabilities	637,310	442,760
Long-term Debt	1,171,100	1,061,000
Total Liabilities	1,711,100	1,381,000
Common Stock at Par	100,000	80,000
Paid-in Capital	691,000	542,000
Retained Earnings	598,335	536,000
total Shareholder's Equity	1,389,335	1,158,000
Total Laibilities and Owners' Equity	3,100,435	2,539,000

A. Recreate the income statement and balance sheet by filling in the yellow blank cells with formulas. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly. Note that the Addition to RE per share stands for addition to retained earnings per one share and can be calculated as earnings per share minus dividend per share OR (Net Income Dividend)/Shares Outstanding.

B. On another worksheet, create a statement of cash flows for 2015. Use formulas linked directly to the source on previous two worksheets. No numbers in the statement of cash flows can be typed in!

C. On separate worksheets, create a common-size income statement and a common-size balance sheet linked to the original income statement and balance sheet. You should be able to do these statements fairly quickly. For each common size statement, calculate just one formula and use copy-paste-special to copy and paste the formula into all accounts. The formatting on common size statements should be identical to that in the original worksheets (only number format will differ).

D. Using the Excel outliner, create an outline on the cash flow statement and the balance sheet such that, when collapsed, the statements show only the subtotals for each section.