To assess your knowledge of Excel formatting, your knowledge of the Four Financial Statements, and your arithmetic skills (addition and subtraction), I have crafted a three-part assignment that will examine those three learning dimensions. For this assignment, you will need to use the excel file “Financial Statements Assessment.xls.“
Part 1: The Puzzle
Financial statements are complex puzzles that must line up multiple pieces across the financial statements to balance the accounting equation. You are to follow the instructions to format and create two years of financial statements for Talmage’s Totally Terrific Tater Tot Truck. You will need to ensure the Accounting Equation is balanced (Total Assets = Total Liabilities + Total Equity). Follow the instructions on the Instructions Tab for formatting and data entry to solve the puzzle, thus balancing the Accounting Equation.
Part 2: Definitions
On the definitions tab/sheet, supply your own definitions of the different parts of the four financial statements. Make sure to put those definitions in your own words. Do not just copy the definitions from the course slides. Place those definitions directly in the Excel file.
Part 3: Ratios
Insert a new sheet and label it ratios. Calculate the following ratios for each year. You can put these in a table all together comparing the years side-by-side.
Current Ratio (also called Working Capital Ratio) = Current Assets / Current Liabilities
Debt to Assets = Total Liabilities / Total Assets
Debt to Equity = Total Liabilities / Total Stockholders’ Equity
Net Margin = Net Income / Net Sales
Gross Margin = Gross Income / Net Sales
For year 2021, calculate ROI and ROE by taking the average of 2020 and 2021 for the denominators
ROI = Net Income / Average Total Assets
ROE = Net Income / Average Total Stockholders’ Equity
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