Evaluate Challenges In The Business Environment

Finance date of Adams Stores, Inc. for the year ending 2016 and 2017.

Items 2016 2017

Sales $3,432,000 $5,834,400

Cash 9,000 7,282

Other Expenses 340,000 720,000

Retained Earnings 203,768 97,632

Long-term debt 323,432 1,000,000

Cost of goods sold 2,864,000 4,980,000

Depreciation 18,900 116,960

Short-term investments 48,600 20,000

Fixed Assets 491,000 1,202,950

Interest Expenses 62,500 176,000

Shares outstanding (par value =$46.00) 100,000 100,000

Market Price of stock 8.50 6

Accounts Receivable 351,200 632,160

Accounts payable 145,600 324,000

Inventory 715,200 1,287,360

Notes Payable  200,000 720,000

Accumulated Depreciation 146,200 263,160

Accruals 136,000 284,960

Tax Rate 40% 40%

Instructions:

Complete the following activities using the financial information above:

Part 1: Financial Statements

A. Prepare the income statement for 2016 and 2017. Include statement of retained

earnings for 2017. The company paid $11,000 dividend in 2017.

B. Prepare the balance sheet for 2016 and 2017

C. Prepare Common-Size financial statements of income statement and balance

sheet.

D. Prepare Statement of Cash Flows.

Part 2: Financial Statement Analysis

A. Based on your financial statements (from Part 1), calculate the following ratios for

the two years. Show all your calculations in good form. Show your formulas. If

you use excel, each calculation need to show the excel formula

Current ratio

Quick ratio

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