Assignment instructions are as follows: 1. Use the information in the provided Income Statement and Balance Sheet to create the 2021 Statement of Cash Flows for H&K Inc. This should be created on the appropriate Tab of the Excel Workbook Template provided on Canvas. 2. Formulas: a. Use Excel to setup the Statement of Cash Flows by linking the values from the Income Statement and the Balance Sheet. b. Use Excel formulas to calculate all totals and sub-totals. 3. Complete the ratio calculations for 2021 on the appropriate tab using the Income Statement and Balance Sheet. All ratios should be linked back to your financial statements. 4. Save your Excel workbook Project3-your last name. (For example: Project3-Smith.xls). 5. Upload the completed assignment to Carwas using the link provided. For the Years Ended December 31, 2021 and 2020 $ in millions 2021 2020 $ Revenue Net sales Cost of merchandise sold Gross Profit 47,364 $ 27,016 20,348 44,452 24,969 19,483 Operating Expenses Selling, general and administrative Depreciation Amortization Operating income 7,603 1,772 45 10,928 7,182 1,010 45 11,246 Interest expense, net Gain on sale of property & equip Income before income taxes 276 600 11,252 235 350 11,361 Provision for income taxes 2,813 2,840 Net income $ 8,439 $ 8,521 H & KINC. Balance Sheet December 31, 2021 and 2020 $ in millions 2021 2020 $ Current Assets Cash and cash equivalents Accounts Receivable, net Merchandise inventories Other current assets Total Current Assets 17,935 $ 3,315 3,576 333 25,159 9,839 2,010 4,029 326 16,204 Long-Term Assets Property and equipment Accumulated depreciaion Intangible assets, net of accumulated amortization Total Long-Term Assets Total Assets 12,405 (3,792) 148 8,761 33,920 $ 11,995 (3,220) 193 8,968 25,172 $ $ Current Liabilities Accounts payable Accrued liabilities Income taxes payable Current portion of long-term debt Total Current Liabilities 1,308 $ 988 2,619 125 5,040 1,276 1,200 2,455 99 5,030 Non-current Liabilities Long-term debt Total Liabilities 4,699 9,739 4,525 9,555 Shareholders' Equity Common stock; .01 par value; 9,000 shares authorized; 380 and 370 shares issued & outstanding respectively Paid-in capital Treasury stock, at cost Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 4 3,518 (2,824) 23,483 24,181 33,920 $ 4 3,018 (2,649) 15,244 15,617 25,172 $ Additional Information: The company paid cash dividends of $200 in 2021. The company purchased treasury stock of $175 during 2021, and sold common stock for $500 during 2021. No other stock transactions took place. The company purchased $2,110 in equipment for cash during the year. In addition, equipment was sold for $1100 in cash; the equipment had a book value at the time of sale of $500. There were no purchases or sales of intangible assets. The company made payments of $100 on its debt obligations, and took an additional $300 in debt during the year
