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Ch02 p14 build a model xls

29/12/2020 Client: saad24vbs Deadline: 6 Hours

Ch02 P14 Build a Model

Spring 1, 2013

7/22/12

Chapter 2. Ch 02 P14 Build a Model

Except for charts and answers that must be written, only Excel formulas that use cell references or functions will be accepted for credit.

Numeric answers in cells will not be accepted.

a. Cumberland Industries' most recent sales were $455,000,000; operating costs (excluding depreciation) were equal to 85% of sales; net fixed assets were $67,000,000; depreciation amounted to 10% of net fixed assets; interest expenses were $8,550,000; the state-plus-federal corporate tax rate was 40% and Cumberland paid 25% of its net income out in dividends. Given this information, construct Cumberland's income statement. Also calculate total dividends and the addition to retained earnings.

The input information required for the problem is outlined in the "Key Input Data" section below. Using this data and the balance sheet above, we constructed the income statement shown below.

Key Input Data for Cumberland Industries 2010

(Thousands of dollars)

Sales Revenue $455,000

Expenses (excluding depreciation) as a percent of sales 85.0%

Net fixed assest $67,000

Depr. as a % of net fixed assets 10.0%

Tax rate 40.0%

Interest expense $8,550

Dividend Payout Ratio 25%

Cumberland Industries: Income Statement (Thousands of dollars) 2010

Sales

Operating costs excluding depreciation

EBITDA

Depreciation (Cumberland has no amortization charges)

EBIT

Interest expense

EBT

Taxes (40%)

Net income

Common dividends

Addition to retained earnings

b. Cumberland Industries' partial balance sheets are shown below. Cumberland issued $10,000,000 of new common stock in the most recent year. Using this information and the results from part a, fill in the missing values for common stock, retained earnings, total common equity, and total liabilities and equity.

Dollar value of common stock issued (in thousands of dollars) $10,000

Cumberland Industries December 31 Balance Sheets

(in thousands of dollars)

2010 2009

Assets

Cash and cash equivalents $91,450 $74,625

Short-term investments 11,400 15,100

Accounts Receivable 108,470 85,527

Inventories 38,450 34,982

Total current assets $249,770 $210,234

Net fixed assets 67,000 42,436

Total assets $316,770 $252,670

Liabilities and equity

Accounts payable $30,761 $23,109

Accruals 30,405 22,656

Notes payable 12,717 14,217

Total current liabilities $73,883 $59,982

Long-term debt 80,263 63,914

Total liabilities $154,146 $123,896

Common stock $90,000

Retained earnings 38,774

Total common equity $128,774

Total liabilities and equity $252,670

Check for balancing (this should be zero):

c. Construct the statement of cash flows for the most recent year.

Statement of Cash Flows

(in thousands of dollars)

Operating Activities

Net Income

Adjustments:

Noncash adjustment:

Depreciation

Due to changes in working capital:

Due to change in accounts receivable


Kenneth D. Jackson: An increase in accounts receivable from the pevious year to the current year reduces the net cash provided by operating activities Due to change in inventories


Kenneth D. Jackson: An increase in Inventory from the previous year to the current year reduces the net cash provided by operation activities Due to change in accounts payable


Mike Ehrhardt: An increase in accounts payable increases cash flow. Due to change in accruals


Mike Ehrhardt: An increase in accruals is a positive cash flow. Net cash provided (used) by operating activities

Investing Activities

Cash used to acquire gross fixed assets


Christopher Buzzard: Remember, to calculate cash used to acquire fixed assets, we must include depreciation, i.e., assets purchased are equal to the increase in net assets plus depreciation. Due to change in short-term investments


Mike Ehrhardt: Selling securities is a positive cash flow, buying securities is a negative cash flow. Net cash provided (used) by investing activities

Financing Activities

Due to change in long-term debt


Mike Ehrhardt: An increase in debt is a positive cash flow. Due to change in notes payable


Mike Ehrhardt: An increase in debt is a positive cash flow. Due to change in common stock


Mike Ehrhardt: An increase in common stock is a positive cash flow. Payment of common dividends

Net cash provided (used) by financing activities

Net increase/decrease in cash

Add: Cash balance at the beginning of the year

Cash balance at the end of the year

Check: cash balance in statement of cash flows should equal the cash on balance sheets as shown here:

$91,450

Sheet2

7/22/12

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