ENM600 HW3 Week 3 Assignment 3

This Assignment ( individual) will have two problems, with the second problem using the output of the first problem.

(a) Preparing financial statements – preparing a balance sheet and income statement.

(b) Calculating the different ratios from (a)

Submission file format name: Lastname_Assignment 2, in to the Week3-Assignment 2 dropbox.

1. Solve Problem 8-1 in the book on page 169 – Hytek Corporation financials.

(Note – For samples, use the financial statement shown in Table 8-1 (page 180) and the Income statement shown in Table 8-2 , page 181).

2. Solve problem 8-2 (page 169), which uses the output of the problem above (8-3 in the book on page 187 ) – calculate different financial ratios as identified in the problem (four ratios). Remember this question asks for your comments on the ratios.

Solutions Submission Details:

Please use one Excel spreadsheet to complete the assignment. The format of the Balance Sheet, and Income statement should of the same format as shown in Tables 8-1 and 8-2 from the book.

Use different tabs in the spreadsheet for Income statement, Balance sheet, and the also to calculate the Ratios (second problem) and your comments (text); three separate tabs.

For Ratios, formula and the calculations should be clearly shown and should be like the format shown in Table 8-3. This is important – you need to show the numerator and denominator text as well.

For example:

Profit Margin = Net Income/Net Sales = 280,000/3,050,000= 0.091 (or 9.1%)

When you use an Excel spreadsheet to prepare the balance sheet and also to calculate the ratios, do not ‘hide’ any cell or column or row any other info in the sheet since I need to see the formulae. In your spreadsheet, please make sure you enter the formula and the number as text as well, and calculate the ratios in a different cell using a formula. For example:

Current ratio = Current Assets/Current Liabilities =130,000/50,000 = 2.72

Everything in red above will be text in a cell, and the calculation of the ratio(s) itself shown in blue above, can be calculated by Excel with a formula you would enter.

Any of these approaches will reduce potential errors or mistakes.

You want to do this problem and the right format so you can score well, and also this assignment might be useful to you in your final exam .

Scoring Rubric for all correct answers: Total 10 points

Income Statement – 3 points

Balance Sheet – 4 points

Ratio Calculations with the right comments – 3 points

ENM600: Week3-Assignment #3

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