Top Chef Inc. and Subsidiary
as of December 31, Year 2 and Year 1
BALANCE SHEET						INCOME STATEMENT
	Year 2	Year 1					Year 2	Year 1
Assets						Sales	$100,850,000	$95,600,000
Current assets:						Cost of goods sold	55,000,000	42,500,000
Cash & cash equivalents	$54,280,000	$42,500,000				Gross profit on sales	45,850,000	53,100,000
Receivables - net	12,000,000	10,000,000				Expenses:
Inventory	12,000,000	10,000,000				Selling expenses	17,600,000	15,000,000
Other current assets	7,000,000	5,000,000				General and administrative	6,015,000	5,000,000
Total current assets	85,280,000	67,500,000				Interest expense	1,120,000	1,200,000
PP&E - net	23,000,000	25,000,000				Total expense	24,735,000	21,200,000
Other assets	30,000,000	30,000,000				Income before taxes	21,115,000	31,900,000
Total assets	$138,280,000	$122,500,000				Provision for income taxes	7,300,000	7,500,000
Liabilities and Stockholders' Equity						Net income	$13,815,000	$24,400,000
Current liabilities:
Accounts payable	$23,000,000	$20,000,000
Current portion of long-term debt	1,000,000	1,000,000
Other current liabilities	965,000	1,000,000
Total current liabilities	24,965,000	22,000,000
Long-term debt	13,000,000	14,000,000
Total liabilities	37,965,000	36,000,000
Stockholders' equity:
Common stock	100,000	100,000
Additional paid-in capital	9,900,000	9,900,000
Retained earnings	90,315,000	76,500,000
Total stockholders' equity	$100,315,000	$86,500,000
Total liabilities and stockholders' equity	$138,280,000	$122,500,000

Use the data in the financial statements located in the Information tab to calculate for Year 2 and Year 1 the analytical ratios indicated in the table below to 2 decimal places. Any formula that you use in the spreadsheet must be preceded by an equal sign (e.g., =A1+B1). (For turnover ratios, year-end balances should be used. All calculations are based on a 365-day year.)

Ratio	Year 2	Year 1
Current Ratio
Return on equity