Longwood Laser Engraving

Income Statements
For the Years 2008 and 2009 Alternative Solutions:
2009 2008
Sales $2,900,000 $2,350,000 Sales
Cost of Goods 2,030,000 1,645,000 Retained Earnings
Gross Profit 870,000 705,000
Depreciation 62,000 58,000 Note: To switch between the original soluti
Selling & Admin. Expense 425,000 390,000 and those for parts d and e just choose the
appropriate problem from the drop-down
Lease Expense 65,000 65,000
Net Operating Income 318,000 192,000 Obviously, the changes propagate to the o
Interest Expense 112,000 68,000 worksheets as well, so you can switch to t
to see how they change.
Earnings Before Taxes 206,000 124,000
Taxes 72,100 43,400
Net Income $133,900 $80,600

Notes:
Tax Rate 35.00% 35.00%
Shares 38,000 30,000
Earnings per Share $3.52 $2.69
 1
Revenue
Original 2,900,000
Part D 3,200,000
$ 2,900,000 Part E 2,900,000
$ 669,900

switch between the original solution

e for parts d and e just choose the
ate problem from the drop-down list.
y, the changes propagate to the other
ets as well, so you can switch to them
w they change.
Tax Rate
35%
35%
40%
 Longwood Laser Engraving
Balance Sheet
For the Year Ended December 31, 2009
2009 2008
Assets
Cash $52,000 $41,000
Marketable Securities 25,000 21,000
Accounts Receivable 420,000 372,000
Inventory 515,000 420,000
Total Current Assets 1,012,000 854,000
Gross Fixed Assets 2,680,000 2,170,000
Accumulated Depreciation 547,000 485,000
Net Plant & Equipment 2,133,000 1,685,000
Total Assets $3,145,000 $2,539,000

Liabilities & Owner's Equity

Accounts Payable $505,000 $310,000
Accrued Expenses 35,000 30,000
Total Current Liabilities 540,000 340,000
Long-term Debt 1,168,100 1,061,000
Total Liabilities 1,708,100 1,401,000
Common Stock ($2 par) 76,000 60,000
Additional Paid-in-Capital 691,000 542,000
Retained Earnings 669,900 536,000
Total Owner's Equity 1,436,900 1,138,000
Total Liab. & Owner's Equity $3,145,000 $2,539,000
 Longwood Laser Engraving
Common-size Income Statements
For the Years 2008 and 2009
2009 2008
Sales 100.00% 100.00%
Cost of Goods 70.00% 70.00%
Gross Profit 30.00% 30.00%
Depreciation 2.14% 2.47%
Selling & Admin. Expense 14.66% 16.60%
Lease Expense 2.24% 2.77%
Net Operating Income 10.97% 8.17%
Interest Expense 3.86% 2.89%
Earnings Before Taxes 7.10% 5.28%
Taxes 2.49% 1.85%
Net Income 4.62% 3.43%

Notes:
Tax Rate 35.00% 35.00%
Shares 38,000 30,000
 Longwood Laser Engraving
Common-size Balance Sheet
For the Year Ended December 31, 2009
2009 2008
Assets
Cash 1.65% 1.61%
Marketable Securities 0.79% 0.83%
Accounts Receivable 13.35% 14.65%
Inventory 16.38% 16.54%
Total Current Assets 32.18% 33.64%
Gross Fixed Assets 85.21% 85.47%
Accumulated Depreciation 17.39% 19.10%
Net Plant & Equipment 67.82% 66.36%
Total Assets 100.00% 100.00%

Liabilities & Owner's Equity

Accounts Payable 16.06% 12.21%
Accrued Expenses 1.11% 1.18%
Total Current Liabilities 17.17% 13.39%
Long-term Debt 37.14% 41.79%
Total Liabilities 54.31% 55.18%
Common Stock ($2 par) 2.42% 2.36%
Additional Paid-in-Capital 21.97% 21.35%
Retained Earnings 21.30% 21.11%
Total Owner's Equity 45.69% 44.82%
Total Liab. & Owner's Equity 100.00% 100.00%
 Longwood Laser Engraving
Statement of Cash Flows
For the Year Ended December 31, 2009
Cash Flows from Operations
Net Income $ 133,900
Depreciation Expense 62,000
Change in Marketable Securities (4,000)
Change in Accounts Receivable (48,000)
Change in Inventory (95,000)
Change in Accounts Payable 195,000
Change in Accrued Expenses 5,000
Total Cash Flows from Operations 248,900
Cash Flows from Investing
Change in Gross Fixed Assets (510,000)
Total Cash Flows from Investing -510,000
Cash Flows from Financing
Change in Long-term Debt 107,100
Change in Common Stock ($2 par) 16,000
Change in Additional Paid-in-Capital 149,000
Total Cash Flows from Financing 272,100
Net Change in Cash Balance $ 11,000
 Winter Park Web Design
Income Statements
For the Years 2008 and 2009
2009 2008 Note: Cells with a green
Sales $186,946 $150,000 background are the mis
the problem.
Cost of Goods Sold $102,819 $82,500
Gross Profit $84,127 $67,500
Depreciation Expense $3,530 $3,098
Selling & Admin Expense $550 $480
Net Operating Income $80,047 $63,923
Interest Expense $680 $540
Earnings Before Taxes $79,367 $63,383
Taxes $29,366 $22,184
Net Income $50,001 $41,199

Notes:
Tax Rate 37.0% 35.0%
Shares Outstanding 5,000 5,000
Earnings per Share $10.00 $8.24
Dividends per Share $6.00 $6.00
Addition to RE per Share $4.00 $2.24
Note: Cells with a green
background are the missing cells in
the problem.
 Winter Park Web Design
Balance Sheets
For the Years 2008 and 2009
2009 2008
Cash $ 10,150 $ 7,500
Accounts receivable $ 12,504 $ 11,000
Inventories $ 8,607 $ 7,550
Total Current Assets $ 31,261 $ 26,050
Gross fixed assets $ 29,020 $ 8,850
Accumulated depreciation $ 7,230 $ 3,700
Net Fixed Assets $ 21,790 $ 5,150
Total assets $ 53,051 $ 31,200

Accounts payable $ 8,201 $ 6,851

Notes payable $ 2,000 $ 3,000
Total Current Liabilities $ 10,201 $ 9,851
Long-term debt $ 7,115 $ 5,615
Total Liabilities $ 17,316 $ 15,466
Common stock $ 5,000 $ 5,000
Additional paid in capital $ 500 $ 500
Retained earnings $ 30,235 $ 10,234
Total Equity $ 35,735 $ 15,734
Total Liabilities & Equity $ 53,051 $ 31,200

Notes:
Shares Outstanding 5,000 5,000
 Winter Park Web Design
Statement of Cash Flows
For the Year 2009
Cash Flows from Operations
Net Income $ 50,001
Depreciation Expense $ 3,530
Change in Accounts Receivable $ (1,504)
Change in Inventories $ (1,057)
Change in Accounts Payable $ 1,350
Total Cash Flows from Operations $ 52,320
Cash Flows from Investing
Change in fixed assets $ (20,170)
Total Cash Flows from Investing $ (20,170)
Cash Flows from Financing
Change in Notes Payable $ (1,000)
Change in Long-Term Debt $ 1,500
Change in Common Stock $ -
Change in Paid-In Capital $ -
Cash Dividends $ (30,000)
Total Cash Flows from Financing $ (29,500)
Net Change in Cash Balance $ 2,650
Check answer against Balance Sheet
Beginning Cash From Balance Sheet $ 7,500
Ending Cash From Balance Sheet $ 10,150
Net Change in Cash Balance $ 2,650
 Comcast Corporation
Income Statements
For the Years 2003 to 2007
2007 2006 2005 2004
Total Revenue 30,895 24,966 21,075 19,221
Cost of Revenue, Total 11,175 9,010 7,513 7,036
Gross Profit 19,720 15,956 13,562 12,185
Selling/General/Administrative Expenses, Total 7,934 6,514 5,490 5,005
Research & Development - - - -
Depreciation/Amortization 6,208 4,823 4,551 4,351
Interest Expense (Income), Net Operating - - - -
Unusual Expense (Income) - - - -
Other Operating Expenses, Total - - - -
Operating Income 5,578 4,619 3,521 2,829
Interest Income (Expense), Net Non-Operating (1,751) (1,198) (1,748) (1,483)
Gain (Loss) on Sale of Assets - - - -
Other, Net 522 173 (53) 397
Income Before Tax 4,349 3,594 1,720 1,743
Income Tax - Total 1,800 1,347 873 801
Income After Tax 2,549 2,247 847 942
Minority Interest 38 (12) (19) (14)
Net Income Before Extra. Items 2,587 2,235 828 928
Total Extraordinary Items - 298 100 42
Net Income 2,587 2,533 928 970
2003
18,348
7,041
11,307
4,915
-
4,438
-
72
-
1,882
(2,090)
-
71
(137)
(16)
(121)
(97)
(218)
3,458
3,240
 Comcast Corporation
Balance Sheets
For the Years 2003 to 2007
Assets 2007 2006 2005 2004
Cash & Equivalents 963 1,239 947 452
Short Term Investments 98 1,735 148 1,555
Total Receivables, Net 1,645 1,450 1,008 959
Total Inventory - - - -
Prepaid Expenses - - - 261
Other Current Assets, Total 961 778 745 308
Total Current Assets 3,667 5,202 2,848 3,535
Property/Plant/Equipment, Total - Net 23,624 21,248 17,704 18,711
Goodwill, Net 14,705 13,768 13,498 14,020
Intangibles, Net 62,816 60,808 51,922 54,922
Long Term Investments 7,963 8,847 12,675 12,812
Note Receivable - Long Term - - - -
Other Long Term Assets, Total 642 532 4,753 694
Other Assets, Total - - - -
Total Assets 113,417 110,405 103,400 104,694
Liabilities and Shareholders' Equity
Accounts Payable - - - -
Payable/Accrued 3,336 2,862 2,239 2,041
Accrued Expenses 494 453 360 2,735
Notes Payable/Short Term Debt - - - -
Current Port. of LT Debt/Capital Leases 1,495 983 1,689 3,499
Other Current Liabilities, Total 2,627 2,893 2,236 360
Total Current Liabilities 7,952 7,191 6,524 8,635
Long Term Debt 29,828 27,992 21,682 20,093
Deferred Income Tax 26,880 27,338 27,370 26,815
Minority Interest 250 241 657 468
Other Liabilities, Total 7,167 6,476 6,948 7,261
Total Liabilities 72,077 69,238 63,181 63,272
Redeemable Preferred Stock - - - -
Preferred Stock - Non Redeemable, Net - - - -
Common Stock 34 35 36 25
Additional Paid-In Capital 41,688 42,401 42,989 44,142
Retained Earnings (Accumulated Deficit) 7,191 6,214 4,825 4,891
Treasury Stock - Common (7,517) (7,517) (7,517) (7,517)
Other Equity, Total (56) 34 (114) (119)
Total Equity 41,340 41,167 40,219 41,422
Total Liabilities & Shareholders’ Equity 113,417 110,405 103,400 104,694

Total Common Shares Outstanding 3,011 3,120 3,203 3,313

Total Preferred Shares Outstanding - - - -
 2003
1,550
2,493
907
-
-
453
5,403
18,473
14,841
54,909
14,818
-
715
-
109,159

-
2,355
3,459
-
3,161
679
9,654
23,835
25,900
392
7,716
67,497
-
-
25
44,742
4,552
(7,517)
(140)
41,662
109,159

3,372
-
 Comcast Corporation
Income Statements
For the Years 2003 to 2007
2007 2006 2005 2004
Total Revenue 100.00% 100.00% 100.00% 100.00%
Cost of Revenue, Total 36.17% 36.09% 35.65% 36.61%
Gross Profit 63.83% 63.91% 64.35% 63.39%
Selling/General/Administrative Expenses, Total 25.68% 26.09% 26.05% 26.04%
Research & Development 0.00% 0.00% 0.00% 0.00%
Depreciation/Amortization 20.09% 19.32% 21.59% 22.64%
Interest Expense (Income), Net Operating 0.00% 0.00% 0.00% 0.00%
Unusual Expense (Income) 0.00% 0.00% 0.00% 0.00%
Other Operating Expenses, Total 0.00% 0.00% 0.00% 0.00%
Operating Income 18.05% 18.50% 16.71% 14.72%
Interest Income (Expense), Net Non-Operating -5.67% -4.80% -8.29% -7.72%
Gain (Loss) on Sale of Assets 0.00% 0.00% 0.00% 0.00%
Other, Net 1.69% 0.69% -0.25% 2.07%
Income Before Tax 14.08% 14.40% 8.16% 9.07%
Income Tax - Total 5.83% 5.40% 4.14% 4.17%
Income After Tax 8.25% 9.00% 4.02% 4.90%
Minority Interest 0.12% -0.05% -0.09% -0.07%
Net Income Before Extra. Items 8.37% 8.95% 3.93% 4.83%
Total Extraordinary Items 0.00% 1.19% 0.47% 0.22%
Net Income 8.37% 10.15% 4.40% 5.05%
2003
100.00%
38.37%
61.63%
26.79%
0.00%
24.19%
0.00%
0.39%
0.00%
10.26%
-11.39%
0.00%
0.39%
-0.75%
-0.09%
-0.66%
-0.53%
-1.19%
18.85%
17.66%
 Comcast Corporation
Balance Sheets
For the Years 2003 to 2007
Assets 2007 2006 2005 2004
Cash & Equivalents 0.85% 1.12% 0.92% 0.43%
Short Term Investments 0.09% 1.57% 0.14% 1.49%
Total Receivables, Net 1.45% 1.31% 0.97% 0.92%
Total Inventory 0.00% 0.00% 0.00% 0.00%
Prepaid Expenses 0.00% 0.00% 0.00% 0.25%
Other Current Assets, Total 0.85% 0.70% 0.72% 0.29%
Total Current Assets 3.23% 4.71% 2.75% 3.38%
Property/Plant/Equipment, Total - Net 20.83% 19.25% 17.12% 17.87%
Goodwill, Net 12.97% 12.47% 13.05% 13.39%
Intangibles, Net 55.38% 55.08% 50.21% 52.46%
Long Term Investments 7.02% 8.01% 12.26% 12.24%
Note Receivable - Long Term 0.00% 0.00% 0.00% 0.00%
Other Long Term Assets, Total 0.57% 0.48% 4.60% 0.66%
Other Assets, Total 0.00% 0.00% 0.00% 0.00%
Total Assets 100.00% 100.00% 100.00% 100.00%
Liabilities and Shareholders' Equity
Accounts Payable 0.00% 0.00% 0.00% 0.00%
Payable/Accrued 2.94% 2.59% 2.17% 1.95%
Accrued Expenses 0.44% 0.41% 0.35% 2.61%
Notes Payable/Short Term Debt 0.00% 0.00% 0.00% 0.00%
Current Port. of LT Debt/Capital Leases 1.32% 0.89% 1.63% 3.34%
Other Current Liabilities, Total 2.32% 2.62% 2.16% 0.34%
Total Current Liabilities 7.01% 6.51% 6.31% 8.25%
Long Term Debt 26.30% 25.35% 20.97% 19.19%
Deferred Income Tax 23.70% 24.76% 26.47% 25.61%
Minority Interest 0.22% 0.22% 0.64% 0.45%
Other Liabilities, Total 6.32% 5.87% 6.72% 6.94%
Total Liabilities 63.55% 62.71% 61.10% 60.44%
Redeemable Preferred Stock 0.00% 0.00% 0.00% 0.00%
Preferred Stock - Non Redeemable, Net 0.00% 0.00% 0.00% 0.00%
Common Stock 0.03% 0.03% 0.03% 0.02%
Additional Paid-In Capital 36.76% 38.40% 41.58% 42.16%
Retained Earnings (Accumulated Deficit) 6.34% 5.63% 4.67% 4.67%
Treasury Stock - Common -6.63% -6.81% -7.27% -7.18%
Other Equity, Total -0.05% 0.03% -0.11% -0.11%
Total Equity 36.45% 37.29% 38.90% 39.56%
Total Liabilities & Shareholders’ Equity 100.00% 100.00% 100.00% 100.00%

Total Common Shares Outstanding 3,011 3,120 3,203 3,313

Total Preferred Shares Outstanding - - - -
 2003
1.42%
2.28%
0.83%
0.00%
0.00%
0.41%
4.95%
16.92%
13.60%
50.30%
13.57%
0.00%
0.66%
0.00%
100.00%

0.00%
2.16%
3.17%
0.00%
2.90%
0.62%
8.84%
21.84%
23.73%
0.36%
7.07%
61.83%
0.00%
0.00%
0.02%
40.99%
4.17%
-6.89%
-0.13%
38.17%
100.00%

3,372
-