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Prob 3-1: ACME General Corp.
Note: Enter formulas in the cells highlighted yellow. Cells that have a little triangle in the upper right hand corner have comments you can view. Let the cursor hover over the cell and the comment will appear. These comments have hints or instructions. There may be slight (1 or 2 decimal) difference between this spreadsheet and what is in the text due to rounding of the entries in the statements.

Part a. Enter formulas to complete the balance sheet and income statement.

Income Statement (Millions)
Costs of Goods Sold2,312.352,566.712,797.71
Sales, General and Administrative745.92827.97902.49
Operating Profit
Interest expense88.0596.49105.73
Earnings Before Taxes
Taxes (40%)
Net Income
Additions to Retained Earnings

Balance Sheet (Millions)
Accounts receivable932.401034.961128.11
Total current assets
Gross PPE2,619.283,031.403,443.32
Accumulated depreciation754.48
Total assets
Accounts payable372.96413.99451.24
Accrued expenses186.48206.99225.62
Short-term debt183.19285.90381.71
Total current liabilities
Long-term debt1,000.001,000.001,000.00
Total liabilities
Common stock500.00600.00600.00
Retained earnings1,114.01
Total common equity
Total liabilities and equity

Part b. Enter formulas to complete the statement of shareholders’ equity and statement of cash flow.

Statement of Shareholders’ Equity
Balance as of December 31 of previous year
Net Income
Dividends on Common Stock
Issuance of Common Stock
Common Stock Repurchases0.000.00
Balance as of December 31

Statement of Cash Flows
Operating Activities
Net Income
Depreciation & Amortization

Change in Inventory
Change in Accounts Receivable
Change in Accounts Payable
Change in Accruals
Net cash from operating activities

Investing Activities
Investment in PPE
Net cash from investing activities

Financing Activities
Change in short-term debt
Change in long-term debt
Change in common stock
Common dividends
Net cash from financing activities

Net cash flow
Starting cash
Ending cash

Part c. Calclate free cash flow and return on invested capital.

Free Cash Flow Calculation
Operating profit
Tax on operating profit (40%)

Operating current assets
Operating current liabilities
Total net operating capital
Investment in total net operating capital277.20


Return on Invested Capital (ROIC)

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