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28 Sep 2019
A fire destroyed your firmâs ending balance sheet and income statement after the year-end
but before the financial statements are released. However, you have been successful in obtaining the
numbers for the beginning balance sheet and the statement of cash flows, which are provided to you and
your team members in Excel format. Fields representing the missing balance sheet and income statement
are End of year2 in the Excel sheet
CONSOLIDATED BALANCE SHEETS (USD $) End of year 2 End of year 1 In Thousands, unless otherwise specified Current assets: Cash and cash equivalents ã 598 Receivables, net ã 230 Inventories, net ã 2309 Other current assets ã 47 Total current assets ã 3184 Property and equipment, net of accumulated depreciation ã 1292 Assets held for sale ã 1 Goodwill ã 76 Intangible assets, net ã 29 Other assets, net ã 32 Assets, Total ã 4614 Current liabilities: ã 0 Current portion of long-term debt ã 0 Accounts payable ã 2030 Accrued expenses ã 380 Other current liabilities ã 150 Total current liabilities ã 2560 Long-term debt ã 604 Other long-term liabilities ã 239 Commitments and Contingencies ã 0 Stockholders Equity Attributable to Parent [Abstract] ã 0 Preferred stock, nonvoting, $00001 par value ã 0 Common stock, voting, $00001 par value ã 0 Additional paid-in capital ã 520 Treasury stock, at cost ã -27 Accumulated other comprehensive income (loss) ã 3 Retained earnings ã 715 Total stockholders equity ã 1210 Liabilities and Stockholders Equity, Total ã 4613 CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) 12 Months Ended In Thousands, except Per Share data, unless otherwise specified Year 2 Net sales ã Cost of sales, including purchasing and warehousing costs ã Gross profit ã Selling, general and administrative expenses ã Operating income ã Interest expense ã Other income, net ã Total other, net ã Income before provision for income taxes ã Provision for income taxes ã Net income ã CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) 12 Months Ended In Thousands, unless otherwise specified Year 2 Cash flows from operating activities: Net income $392 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 208 Share-based compensation 13 Loss on property and equipment, net 1 Other 2 Provision for deferred income taxes -2 Excess tax benefit from share-based compensation -16 Increase Decrease in Operating Capital Receivables, net -32 Inventories, net -204 Other assets 11 Accounts payable 113 Accrued expenses 63 Other liabilities -4 Net cash provided by operating activities 545 Cash flows from investing activities: Purchases of property and equipment -196 Payments to Acquire Businesses, Gross -186 Sale of certain assets of acquired business 19 Proceeds from sales of property and equipment 1 Net cash used in investing activities -362 Cash flows from financing activities: (Decrease) increase in bank overdrafts -3 Decrease in financed vendor accounts payable 0 Issuance of senior unsecured notes 449 Payment of debt related costs -9 Borrowings under credit facilities 0 Payments on credit facilities 0 Dividends paid -18 Proceeds from the issuance of common stock, primarily exercise of stock options 4 Tax withholdings related to the exercise of stock appreciation rights -22 Excess tax benefit from share-based compensation 16 Repurchase of common stock -81 Contingent payment accrued on acquisitions 5 Other -1 Net cash provided by (used in) financing activities 331 Net increase (decrease) in cash and cash equivalents 514 Cash and cash equivalents, beginning of period 598 Cash and cash equivalents, end of period 1,112 Supplemental cash flow information: Interest paid 35 Income tax payments 219 Non-cash transactions: Accrued purchases of property and equipment 21 Retirement of common stock 0 Contingent consideration accrued on acquisitions 0 Changes in other comprehensive income 1 Declared but unpaid cash dividends $4
A fire destroyed your firmâs ending balance sheet and income statement after the year-end
but before the financial statements are released. However, you have been successful in obtaining the
numbers for the beginning balance sheet and the statement of cash flows, which are provided to you and
your team members in Excel format. Fields representing the missing balance sheet and income statement
are End of year2 in the Excel sheet
CONSOLIDATED BALANCE SHEETS (USD $) | End of year 2 | End of year 1 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | ã | 598 | |
Receivables, net | ã | 230 | |
Inventories, net | ã | 2309 | |
Other current assets | ã | 47 | |
Total current assets | ã | 3184 | |
Property and equipment, net of accumulated depreciation | ã | 1292 | |
Assets held for sale | ã | 1 | |
Goodwill | ã | 76 | |
Intangible assets, net | ã | 29 | |
Other assets, net | ã | 32 | |
Assets, Total | ã | 4614 | |
Current liabilities: | ã | 0 | |
Current portion of long-term debt | ã | 0 | |
Accounts payable | ã | 2030 | |
Accrued expenses | ã | 380 | |
Other current liabilities | ã | 150 | |
Total current liabilities | ã | 2560 | |
Long-term debt | ã | 604 | |
Other long-term liabilities | ã | 239 | |
Commitments and Contingencies | ã | 0 | |
Stockholders Equity Attributable to Parent [Abstract] | ã | 0 | |
Preferred stock, nonvoting, $00001 par value | ã | 0 | |
Common stock, voting, $00001 par value | ã | 0 | |
Additional paid-in capital | ã | 520 | |
Treasury stock, at cost | ã | -27 | |
Accumulated other comprehensive income (loss) | ã | 3 | |
Retained earnings | ã | 715 | |
Total stockholders equity | ã | 1210 | |
Liabilities and Stockholders Equity, Total | ã | 4613 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Year 2 | ||
Net sales | ã | ||
Cost of sales, including purchasing and warehousing costs | ã | ||
Gross profit | ã | ||
Selling, general and administrative expenses | ã | ||
Operating income | ã | ||
Interest expense | ã | ||
Other income, net | ã | ||
Total other, net | ã | ||
Income before provision for income taxes | ã | ||
Provision for income taxes | ã | ||
Net income | ã | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Year 2 | ||
Cash flows from operating activities: | |||
Net income | $392 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 208 | ||
Share-based compensation | 13 | ||
Loss on property and equipment, net | 1 | ||
Other | 2 | ||
Provision for deferred income taxes | -2 | ||
Excess tax benefit from share-based compensation | -16 | ||
Increase Decrease in Operating Capital | |||
Receivables, net | -32 | ||
Inventories, net | -204 | ||
Other assets | 11 | ||
Accounts payable | 113 | ||
Accrued expenses | 63 | ||
Other liabilities | -4 | ||
Net cash provided by operating activities | 545 | ||
Cash flows from investing activities: | |||
Purchases of property and equipment | -196 | ||
Payments to Acquire Businesses, Gross | -186 | ||
Sale of certain assets of acquired business | 19 | ||
Proceeds from sales of property and equipment | 1 | ||
Net cash used in investing activities | -362 | ||
Cash flows from financing activities: | |||
(Decrease) increase in bank overdrafts | -3 | ||
Decrease in financed vendor accounts payable | 0 | ||
Issuance of senior unsecured notes | 449 | ||
Payment of debt related costs | -9 | ||
Borrowings under credit facilities | 0 | ||
Payments on credit facilities | 0 | ||
Dividends paid | -18 | ||
Proceeds from the issuance of common stock, primarily exercise of stock options | 4 | ||
Tax withholdings related to the exercise of stock appreciation rights | -22 | ||
Excess tax benefit from share-based compensation | 16 | ||
Repurchase of common stock | -81 | ||
Contingent payment accrued on acquisitions | 5 | ||
Other | -1 | ||
Net cash provided by (used in) financing activities | 331 | ||
Net increase (decrease) in cash and cash equivalents | 514 | ||
Cash and cash equivalents, beginning of period | 598 | ||
Cash and cash equivalents, end of period | 1,112 | ||
Supplemental cash flow information: | |||
Interest paid | 35 | ||
Income tax payments | 219 | ||
Non-cash transactions: | |||
Accrued purchases of property and equipment | 21 | ||
Retirement of common stock | 0 | ||
Contingent consideration accrued on acquisitions | 0 | ||
Changes in other comprehensive income | 1 | ||
Declared but unpaid cash dividends | $4 |
Jean KeelingLv2
30 Sep 2019