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How would you describe sunset boards cash flows for 2014

30/12/2020 Client: saad24vbs Deadline: 10 Days

Prepare a memo in Word, which answers the questions in the Chapter 2 Case, Cash Flows and Financial Statements at Sunset Boards, Inc., on page 51 of the textbook. Use Excel to solve any financial calculations. You will be graded on correct financial analysis, proper use of technology, business-like presentation of technology, and business-like presentation.


One page write up


CHAPTER CASE


CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDS, INC.


Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks, the founder of the company, is in charge of the design and sale of the surfboards, but his background is in surfing, not business. As a result, the company’s financial records are not well maintained.


The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small, and the company has made surfboards only for its own store, the investors haven’t required detailed financial statements from Tad. But thanks to word of mouth among professional surfers, sales have picked up recently, and Tad is considering a major expansion. His plans include opening another surfboard store in Hawaii, as well as supplying his “sticks” (surfer lingo for boards) to other sellers.


Tad’s expansion plans require a significant investment, which he plans to finance with a combination of additional funds from outsiders plus some money borrowed from banks. Naturally, the new investors and creditors require more organized and detailed financial statements than Tad has previously prepared. At the urging of his investors, Tad has hired financial analyst Paula Wolfe to evaluate the performance of the company over the past year.


After rooting through old bank statements, sales receipts, tax returns, and other records, Paula has assembled the following information:






2013


2014


Cost of goods sold


$169,969


  214,607


Cash


    24,524


    26,056


Depreciation


    47,980


    54,230


Interest expense


    10,442


    11,954


Selling & administrative expenses


    33,425


    43,626


Accounts payable


    43,344


    48,090


Net fixed assets


   211,680


   264,021


Sales


   333,426


   406,427


Accounts receivable


     17,378


    22,542


Notes payable


     19,757


    21,571


Long-term debt


   106,848


  119,976


Inventory


     36,570


   50,185


New equity


              0


   20,160


Sunset Boards currently pays out 50 percent of net income as dividends to Tad and the other original investors, and has a 20 percent tax rate. You are Paula’s assistant, and she has asked you to prepare the following:


1. An income statement for 2013 and 2014.


2. A balance sheet for 2013 and 2014.


3. Operating cash flow for each year.


4. Cash flow from assets for 2014.


5. Cash flow to creditors for 2014.


6. Cash flow to stockholders for 2014.


QUESTIONS


1.How would you describe Sunset Boards’ cash flows for 2014? Write a brief discussion.


2.In light of your discussion in the previous question, what do you think about Tad’s expansion plans?


(Ross 51)


Ross, Stephen, Randolph Westerfield, Bradford Jordan. Essentials of Corporate Finance, 8th Edition. McGraw-Hill Learning Solutions, 01/2013. VitalBook file.


The citation provided is a guideline. Please check each citation for accuracy before use.

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