FIN571 Foundations of Corporate Finance WEEK 6 ASSIGNMENT Working Capital Simulation

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Sheet3

Balance Sheet
(data in thousands of dollars) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Minimum Cash Requirement $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Cash & Equivalents (Shortfall)* $0 $0 $0 ($1,266) ($812) ($358) ($1,861) ($2,031) ($1,728) ($2,587) ($1,563) ($109)
Accounts Receivable $3,123 $3,096 $3,014 $4,521 $4,521 $4,521 $5,988 $6,710 $7,203 $7,345 $7,561 $7,561
Inventories $2,357 $2,348 $2,305 $3,357 $3,357 $3,357 $4,804 $5,555 $6,015 $6,134 $6,457 $6,457
Other CA $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $5,781 $5,744 $5,619 $6,912 $7,365 $7,819 $9,231 $10,533 $11,791 $11,192 $12,755 $14,209
Net PP&E $40 $40 $40 $40 $40 $40 $40 $40 $40 $40 $40 $40
Other FA $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $5,821 $5,784 $5,659 $6,952 $7,405 $7,859 $9,271 $10,573 $11,831 $11,232 $12,795 $14,249
Accounts Payable $1,021 $1,055 $1,050 $1,516 $1,516 $1,516 $2,098 $2,435 $2,641 $638 $747 $747
Acrued Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Liabilities $1,021 $1,055 $1,050 $1,516 $1,516 $1,516 $2,098 $2,435 $2,641 $638 $747 $747
Amount Borrowed from Credit Line $3,332 $3,200 $2,844 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200
Total Liabilities $4,353 $4,255 $3,894 $4,716 $4,716 $4,716 $5,298 $5,635 $5,841 $3,838 $3,947 $3,947
Common Stock $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Retained Earnings $1,267 $1,329 $1,565 $2,036 $2,489 $2,943 $3,772 $4,738 $5,790 $7,194 $8,648 $10,102
Total Stockholder's Equity $1,467 $1,529 $1,765 $2,236 $2,689 $3,143 $3,972 $4,938 $5,990 $7,394 $8,848 $10,302
Total Liabilities & Equity $5,821 $5,784 $5,659 $6,952 $7,405 $7,859 $9,271 $10,573 $11,831 $11,232 $12,795 $14,249
Income Statement
(data in thousands of dollars) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Sales $10,000 $10,000 $10,000 $15,000 $15,000 $15,000 $21,000 $24,330 $26,372 $27,164 $28,250 $28,250
Cost of Sales $9,560 $9,630 $9,350 $13,988 $13,988 $13,988 $19,361 $22,463 $24,363 $24,567 $25,571 $25,571
EBIT $440 $370 $650 $1,012 $1,012 $1,012 $1,638 $1,866 $2,009 $2,596 $2,679 $2,679
Interest Expense $180 $267 $256 $228 $256 $256 $256 $256 $256 $256 $256 $256
Pre-Tax Income $260 $103 $394 $784 $756 $756 $1,382 $1,610 $1,753 $2,340 $2,423 $2,423
Income Taxes $104 $41 $157 $314 $302 $302 $553 $644 $701 $936 $969 $969
Net Income $156 $62 $236 $471 $454 $454 $829 $966 $1,052 $1,404 $1,454 $1,454
Cash Flow
(data in thousands of dollars) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Net Income '- $62 $236 $471 $454 $454 $829 $966 $1,052 $1,404 $1,454 $1,454
Depreciation '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in Account Receivable '- $27 $82 ($1,507) $0 $0 ($1,467) ($722) ($493) ($142) ($216) $0
Change in Inventories '- $9 $43 ($1,051) $0 $0 ($1,447) ($751) ($461) ($119) ($322) $0
Change in Other CA '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in Account Payable '- $34 ($5) $466 $0 $0 $582 $336 $206 ($2,002) $109 $0
Change in Accrued Expenses '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Operations '- 132.61 356.35 -1,621.35 454 454 -1,502.10 -170.12 303.67 -858.37 1,024.63 1,454.32
CAPEX '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Investments '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in Credit Line '- ($132) ($356) $356 $0 $0 $0 $0 $0 $0 $0 $0
Equity Issuance '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends '- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Financing '- ($132) ($356) $356 $0 $0 $0 $0 $0 $0 $0 $0
Net Cash Flow '- $0 $0 ($1,266) $454 $454 ($1,503) ($171) $303 ($859) $1,024 $1,454
Beginning Excess Cash and Cash Equivalents '- $0 $0 $0 ($1,266) ($812) ($358) ($1,861) ($2,031) ($1,728) ($2,587) ($1,563)
Ending Cash and Equivalents '- $0 $0 ($1,266) ($812) ($358) ($1,861) ($2,031) ($1,728) ($2,587) ($1,563) ($109)
Cash Cycle
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Accounts Receivables (days) '- 113 110 110 110 110 104 101 100 99 98 98
Inventories (days) '- 89 90 88 88 88 91 90 90 91 92 92
Accounts Payables (days) '- 40 41 40 40 40 40 40 40 9 11 11
Cash Cycle (days) '- 162 159 158 158 158 155 151 150 180 179 179
Cash Cycle (months) '- 5 5 5 5 5 5 5 5 6 6 6