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Below are the condensed comparative Income Statements and Balance Sheets for Zigoscar
Corporation for 2014 and 2013.

		Zigoscar Corporation
		Comparative Income Statements
		For the years ended December 31, 2014 and 2013
			2014	2013
Net Sales			$ 6,553,600	$ 6,292,800
Cost of goods sold			4,177,600	4,016,800
Gross Margin			2,376,000	2,276,000
Operating expenses:
	Selling Expenses		953,600	1,036,000
	Administrative expenses		894,400	846,400
	Total Expenses		1,848,000	1,882,400
Income from operations			528,000	696,900
Interest Expense			131,200	78,400
Income before taxes			396,800	$ 315,200.00
Income tax expense			124,800	113,600
Net Income			$ 272,000	$ 21,600
Earnings per share			$ 3.40	$ 2.52



		Zigoscar Corporation
		Comparative Balance Sheets
		December 31, 2014 and 2013
			2014	2013
		Assets
Cash			$ 162,400	$ 81,600
Accounts receivable (net)			471,200	458,400
Inventory			1,149,600	1,189,600
Property, Plant & Equip (net)			1,500,000	1,440,000
Total Assets			$ 3,283,200	$ 3,169,600
		Liabilities and Stockholders Equity
Accounts payable			$ 535,200.00	$ 954,400.00
Notes payable (short term)			400,000	800,000
Bonds payable			800,000	-
Common stock, $10 par value			800,000	800,000
Retained earnings			748,000	615,200
Total Liab. & Stockholders Equity			$ 3,283,200	$ 3,169,600


The depreciation expense in 2014 was 5,000. From this information, please complete the following:

1. Create a Statement of Cash Flows of Operations for the year 2014

2. Conduct a Horizontal analysis of the above income statement and balance sheet showing
the amount and percentage chages from 2013 to 2014 (Round to one decimal place).

3. Perform the following ratio analysis for 2014.
	1. Current Ratio
	2. Quick Ratio
	3. Receivables Turnover
	4. Inventory Turnover
	5. Profit margin
	6. Return on assets
	7. Debt to Equity ratio