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Balance Sheet	2012	2013	2014	1. What is the free cash flow for 2014?
Cash	$9,000	$7,282	$14,000
Short-term investments	48,600	20,000	71,632	2. Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No changes in operations occurred. What would happen to reported profit and to net cash flow?
Accounts receivable	351,200	632,160	878,000
Inventories	715,200	1,287,360	1,716,480	3. Calculate the 2014 current and quick ratios based on the projected balance sheet and income statement data. What can you say about the company’s liquidity position in 2013?
Total current assets	$1,124,000	$1,946,802	$2,680,112
Gross fixed assets	491,000	1,202,950	1,220,000	4. Use the extended DuPont equation to provide a summary and overview of company’s financial condition as projected for 2014. What are the firm’s major strengths and weaknesses?
Less: Accumulated depreciation	146,200	263,160	383,160
Net fixed assets	$344,800	$939,790	$836,840
Total assets	$1,468,800	$2,886,592	$3,516,952

Liabilities and Equity
Accounts payable	$145,600	$324,000	$359,800
Notes payable	200,000	720,000	300,000
Accruals	136,000	284,960	380,000
Total current liabilities	$486,600	$1,328,960	$1,039,800
Long-term debt	323,432	1,000,000	500,000
Common stock (100,000 shares)	460,000	460,000	1,680,936
Retained earnings	203,768	97,632	296,216
Total equity	$663,768	$557,632	$1,977,152
Toltal liabilities and equity	$1,468,800	$2,886,592	$3,516,952




Income Statements
Sales	$3,432,000	$5,834,400	$7,035,600
Cost of goods sold except depr.	2,864,000	4,980,000	5,800,000
Depreciation and amortization	18,900	116,960	120,000
Other expenses	340,000	720,000	612,960
Total operating costs	$3,222,900	$5,816,960	$6,532,960
EBIT	$209,100	$17,440	$502,640
Interest expense	62,500	176,000	80,000
EBT	$146,600	($158,560)	$422,640
Taxes (40%)	58,640	-63,424	169,056
Net Income	$87,960	($95,136)	$253,584


Other Data	2012	2013	2014
Stock price	$8.50	$6.00	$12.17
Shares outstanding	100,000	100,000	250,000
EPS	$0.88	($0.95)	$1,104
DPS	$0.22	0.21	0.22
Tax rate	40%	40%	40%
Book value per share	$6.64	$5.58	$7.909
Lease payments	$40,000	$40,000	$40,000



Ratio Analysis	2012	2013	Industry Average
Current	2.3	1.5	2.7
Quick	0.8	0.5	1.0
Inventory turnover	4	4	6.1
Days sales outstanding	37.3	39.6	32.0
Fixed assets turnover	10	6.2	7.0
Total assets turnover	2.3	2	2.5
Debt ratio	35.60%	59.60%	32.0%
Liabilities - to - assets ratio	54.80%	80.70%	50.0%
TIE	3.3	0.1	6.2
EBITDA coverage	2.6	0.8	8.0
Profit margin	2.60%	-1.6%	3.6%
Basic earning power	14.20%	0.60%	17.8%
ROA	6.00%	-3.3%	9.0%
ROE	13.30%	-17.1%	17.9%
Price / Earnings (P/E)	9.7	-6.3	16.2
Price / Cash flow	8	27.5	7.6
Market / Book	1.3	1.1	2.9

9 years ago
17.01.2017
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