Excel Project: Projecting Financial Statements Assignment InstructionsOverviewCommon Sized Balance...

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Excel Project: Projecting Financial Statements Assignment Instructions Overview Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13), Horizontal Analysis Balance Sheets (Tab...

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Excel Project: Projecting Financial Statements Assignment Instructions

Overview

Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13), Horizontal Analysis Balance Sheets (Tab 14), Horizontal Analysis Income Statements (Tab 15), and Projected Financial Statements (Tabs 16-18)

Instructions

Continue in the same Excel workbook prepared in Module 4: Week 4, adding the following tabs:

o The 12^th tab in your Financial Statement Analysis Template must be labeled Common Sized Balance Sheets.

§ Set-up like the Historical Balance Sheets (Tab 3), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Balance Sheets for the calculations. “Total Assets” should be used as the base for all common sized calculations on the Balance Sheets. Common sized percentages should be calculated for all three historical years presented.

§ See Exhibit A for a partial example of this tab.

o The 13^th tab in your Financial Statement Analysis Template must be labeled Common Sized Income Statements.

§ Set-up like the Historical Income Statements (Tab 2), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Income Statements for the calculations. “Revenue” or “Total Revenue” (depending on your company) should be used as the base for all common sized calculations on the Income Statements. Common sized percentages should be calculated for all three historical years presented.

o The 14^th tab in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Balance Sheets.

§ Start by copying and pasting the Historical Balance Sheets from Tab 3 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.

§ See Exhibit B for an example of this tab.

o The 15^th tab in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Income Statements.

§ Start by copying and pasting the Historical Income Statements from Tab 2 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.

o The 16^th tab in your Financial Statement Analysis Template must be labeled Projected Income Statements. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.

o The 17^th tab in your Financial Statement Analysis Template must be labeled Projected Balance Sheets. Three years of projected statements should be included. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.

o The 18^th tab in your Financial Statement Analysis Template must be labeled Projected Statement of Cash Flows. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.

§ Other information relating to projected tabs:

§ Projections should be based on research performed on your company and its industry. Use historical, trend, ratio data and current and future economic projections as well as information from the company’s MD&A to aid in preparing projections.

§ Clearly state your assumptions in a text box at the bottom of each tab. Cite sources for assumptions based on research.

§ The statements should be consistent, reasonable, and accurate. Areas that will be checked for accuracy include:

· The Balance Sheets should balance for all years presented.

· Retained earnings should be properly calculated using the prior year’s balance, net income, and dividends.

· The Ending Cash Balance on the Statement of Cash Flows should agree to the Cash Balance shown on the Balance Sheet for the same year.

· Net Income on the Income Statements should match what is reported on the top of the Statement of Cash Flows (if indirect method is used).

o Other instructions:

§ The Excel workbook should be professionally formatted. Professional formatting includes:

· All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.

· Dollar signs are included in the first and last numbers of each column.

· Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.

· Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.

§ All common sized, horizontal analysis, and projection items should be calculated using formulas. Totals and subtotals should also be calculated using formulas. For an example of which cells may need formulas, please see Exhibits A & B.

Exhibit A: Example Common Sized Balance Sheets (Tab 12, Partial View)

(IMPORTANT NOTE: Only Partial Balance Sheet shown. Your Balance Sheet should include Liabilities and Stockholders’ Equity as well.)

Exhibit B: Example Horizontal Analysis of Balance Sheets (Tab 14, Partial View)

(IMPORTANT NOTE: Only Partial Balance Sheet shown. Your Balance Sheet should include Liabilities and Stockholders’ Equity as well.)

Answered 1 days After Dec 06, 2021

Akshay Kumar · Accepted Answer

Company Information
	ACCT 370 Excel Project
	General Electric Co
	Multinational Conglomerate
	Asher Braatz
	Company Name		General Electric Co
	Ticker Symbol		GE
	Industry		Conglomerate - Aviation, Healthcare, Power and Renewable Energy
	Products and Services Offered		Aircraft engineers, Electrical Distribution, Electric Motors, Energy, Finance, Software
	Major Competitors		Bentley Systems, 3M, Siemens, Philips, Honeywell, Mitsubishi
Historical Income Statement
	General Electric Co
	Historical Income Statements
	As on 2020, 2019 and 2018
	In Millions
		2020	2019	2018
	Sales of goods	$49,464.00	$58,949.00	60148
	Sales of services	23,558.00	28,538.00	28,792.00
	GE Capital revenues from services	6,597.00	7,728.00	8,072.00
	Total revenues	79,619.00	95,215.00	97,012.00
	Cost of goods sold	42,041.00	45,902.00	47,570.00
	Cost of services sold	18,380.00	21,009.00	21,833.00
	Selling, general and administrative expenses	12,621.00	13,949.00	14,643.00
	Research and development	2,565.00	3,118.00	3,415.00
	Interest and other financial charges	3,273.00	4,227.00	4,766.00
	Insurance losses and annuity benefits	2,397.00	3,294.00	2,790.00
	Goodwill impairments	1,717.00	1,486.00	22,136.00
	Non-operating benefit costs	2,433.00	2,844.00	2,753.00
	Other costs and expenses	382.00	458.00	414.00
	Total costs and expenses	85,809.00	96,287.00	120,320.00
	Other income	11,387.00	2,222.00	2,321.00
	Earnings (loss) from continuing operations before income taxes	5,197.00	1,150.00	(20,987.00)
	Benefit (provision) for income taxes	474.00	(726.00)	(93.00)
	Earnings (loss) from continuing operations	5,671.00	424.00	(21,080.00)
	Earnings (loss) from discontinued operations, net of taxes	(125.00)	(5,335.00)	(1,363.00)
	Net earnings (loss)	5,546.00	(4,911.00)	(22,443.00)
	Less net earnings (loss) attributable to noncontrolling interests	(158.00)	66.00	(89.00)
	Net earnings (loss) attributable to the Company	5,704.00	(4,977.00)	(22,354.00)
	Preferred stock dividends	(474.00)	(460.00)	(447.00)
	Net earnings (loss) attributable to GE common shareholders	5,230.00	(5,437.00)	(22,801.00)
	Amounts attributable to GE common shareholders
	Earnings (loss) from continuing operations	5,672.00	423.00	(21,080.00)
	Less net earnings (loss) attributable to noncontrolling interests, 
continuing operations	(158.00)	7.00	(90.00)
	Earnings (loss) from continuing operations attributable to the Company	5,830.00	416.00	(20,990.00)
	Preferred stock dividends	(474.00)	(460.00)	(447.00)
	Earnings (loss) from continuing operations attributable to GE 
common shareholders	5,356.00	(44.00)	(21,437.00)
	Earnings (loss) from discontinued operations, net of taxes	(126.00)	(5,335.00)	(1,363.00)
	Less net earnings (loss) attributable to noncontrolling interests, 
discontinued operations	- 0	58.00	1.00
	Net earnings (loss) attributable to GE common shareholders	$5,230.00	($5,437.00)	($22,801.00)
	Fields Using Formulas
Historical Balance Sheet
	General Electric Co
	Historical Balance Sheets
	As on 2020, 2019 and 2018
	In Millions
	Assets	2020	2019	2018
	Cash, cash equivalents and restricted cash	$36,630.00	$35,811.00	$31,124.00
	Investment securities	7,319.00	9,888.00	33,508.00
	Current receivables	16,691.00	16,569.00	14,645.00
	Financing receivables – net	1,265.00	1,077.00	7,699.00
	Inventories, including deferred inventory costs 	15,890.00	17,215.00	13,803.00
	Other GE Capital receivables	3,331.00	2,635.00	7,143.00
	Receivable from GE Capital	- 0	- 0	- 0
	Current contract assets 	5,765.00	7,390.00	- 0
	All other current assets	1,521.00	3,362.00	- 0
	Assets of businesses held for sale	- 0	9,149.00	1,629.00
	Current assets	88,412.00	103,096.00	109,551.00
	Investment securities	42,549.00	38,632.00	- 0
	Financing receivables – net	1,771.00	2,057.00	- 0
	Other GE Capital receivables	4,661.00	4,509.00	- 0
	Property, plant and equipment – net	44,662.00	45,879.00	43,611.00
	Receivable from GE Capital	- 0	- 0
	Goodwill	25,524.00	26,734.00	33,974.00
	Other intangible assets – net	9,774.00	10,653.00	12,178.00
	Contract and other deferred assets	5,888.00	5,737.00	17,431.00
	All other assets	14,597.00	13,882.00	18,357.00
	Deferred income taxes	12,081.00	9,889.00	12,117.00
	Assets of discontinued operations	3,532.00	4,109.00	63,853.00
	Total assets	253,451.00	265,177.00	311,072.00
	Liabilities and Equity
	Short-term borrowings	4,778.00	23,641.00	12,776.00
	Short-term borrowings assumed by GE	- 0	- 0	- 0
	Accounts payable and equipment project accruals	16,476.00	17,357.00	13,826.00
	Progress collections and deferred income 	18,215.00	18,389.00	18,983.00
	All other current liabilities	16,600.00	17,820.00	14,866.00
	Liabilities of businesses held for sale 	- 0	1,658.00	708.00
	Current liabilities	56,069.00	78,865.00	61,159.00
	Deferred income	1,801.00	1,555.00	1,875.00
	Long-term borrowings	70,288.00	67,242.00	88,949.00
	Long-term borrowings assumed by GE 	- 0	- 0	- 0
	Insurance liabilities and annuity benefits	42,191.00	39,826.00	35,562.00
	Non-current compensation and benefits	29,752.00	31,687.00	31,926.00
	All other liabilities	16,077.00	15,938.00	20,839.00
	Liabilities of discontinued operations	200.00	203.00	19,281.00
	Total liabilities	216,378.00	235,316.00	259,591.00
	Preferred stock (5,939,875 shares outstanding at both
December 31, 2020 and December 31, 2019)	6.00	6.00	6.00
	Common stock (8,765,493,000 and 8,738,434,000 shares outstanding at December 31, 2020 and December 31, 2019, respectively)	702.00	702.00	702.00
	Accumulated other comprehensive income (loss) – net attributable 
to GE	(9,749.00)	(11,732.00)	(14,414.00)
	Other capital	34,307.00	34,405.00	35,503.00
	Retained earnings	92,247.00	87,732.00	93,109.00
	Less common stock held in treasury	(81,961.00)	(82,797.00)	(83,925.00)
	Total GE shareholders’ equity	35,552.00	28,316.00	30,981.00
	Noncontrolling interests	1,521.00	1,545.00	20,500.00
	Total equity	37,073.00	29,861.00	51,481.00
	Total liabilities and equity	$253,451.00	$265,177.00	$311,072.00
	Fields Using Formulas
Historical Statement of Cash Fl
	General Electric Co
	Historical Statement of Cash Flows
	As on 2020, 2019 and 2018
	In Millions
		2020	2019	2018
	Net earnings (loss)	$5,546.00	($4,912.00)	($22,443.00)
	(Earnings) loss from discontinued operations	125.00	5,335.00	1,363.00
	Adjustments to reconcile net earnings (loss) to cash provided from 
operating activities:
	Depreciation and amortization of property, plant and equipment	4,636.00	4,026.00	4,419.00
	Amortization of intangible assets	1,382.00	1,569.00	2,163.00
	Goodwill impairments	1,718.00	1,486.00	22,136.00
	(Gains) losses on purchases and sales of business interests	(12,526.00)	(53.00)	(1,522.00)
	(Gains) losses on equity securities 	2,105.00	(693.00)	(166.00)
	Principal pension plans cost 	3,559.00	3,878.00	4,226.00
	Principal pension plans employer contributions 	(2,806.00)	(298.00)	(6,283.00)
	Other postretirement benefit plans (net) 	(893.00)	(1,228.00)	(1,033.00)
	Provision (benefit) for income taxes 	(474.00)	726.00	93.00
	Cash recovered (paid) during the year for income taxes 	(1,441.00)	(1,950.00)	(1,404.00)
	Changes in operating working capital:
	Decrease (increase) in current receivables	(1,319.00)	(2,851.00)	(358.00)
	Decrease (increase) in inventories, including deferred inventory costs	1,105.00	(1,581.00)	(573.00)
	Decrease (increase) in current contract assets	1,631.00	891.00	751.00
	Increase (decrease) in accounts payable and equipment project accruals	(575.00)	2,674.00	666.00
	Increase (decrease) in progress collections and current deferred income	(216.00)	1,531.00	(563.00)
	All other operating activities	2,040.00	1,869.00	1,739.00
	Cash from (used for) operating activities – continuing operations	3,597.00	10,419.00	3,211.00
	Cash from (used for) operating activities – discontinued operations	- 0	(1,647.00)	1,767.00
	Cash from (used for) operating activities	3,597.00	8,772.00	4,978.00
	Additions to property, plant and equipment	(3,252.00)	(5,813.00)	(6,627.00)
	Dispositions of property, plant and equipment	1,644.00	3,718.00	4,093.00
	Additions to internal-use software	(151.00)	(282.00)	(320.00)
	Net decrease (increase) in GE Capital financing receivables	(20.00)	1,117.00	1,796.00
	Proceeds from sale of discontinued operations	- 0	5,864.00	29.00
	Proceeds from principal business dispositions	20,596.00	4,683.00	8,425.00
	Net cash from (payments for) principal businesses purchased	(85.00)	(68.00)	(1.00)
	Capital contribution from GE Industrial to GE Capital	- 0	- 0	- 0
	Sales of retained ownership interests	417.00	3,383.00	- 0
	Net (purchases) dispositions of GE Capital investment securities (Note 3)	(1,352.00)	(1,616.00)	2,534.00
	All other investing activities	(1,019.00)	(302.00)	8,996.00
	Cash from (used for) investing activities – continuing operations	16,778.00	10,684.00	18,925.00
	Cash from (used for) investing activities – discontinued operations	(136.00)	(1,745.00)	(645.00)
	Cash from (used for) investing activities	16,642.00	8,939.00	18,280.00
	Net increase (decrease) in borrowings (maturities of 90 days or less)	(4,168.00)	280.00	(4,343.00)
	Newly issued debt (maturities longer than 90 days)	15,028.00	2,185.00	3,120.00
	Repayments and other reductions (maturities longer than 90 days)	(29,876.00)	(16,567.00)	(20,319.00)
	Capital contribution from GE Industrial to GE Capital	- 0	- 0	- 0
	Dividends paid to shareholders	(648.00)	(649.00)	(4,474.00)
	All other financing activities	(189.00)	(1,013.00)	(1,329.00)
	Cash from (used for) financing activities – continuing operations	(19,853.00)	(15,764.00)	(27,345.00)
	Cash from (used for) financing activities – discontinued operations	1.00	(369.00)	(4,461.00)
	Cash from (used for) financing activities	(19,852.00)	(16,133.00)	(31,806.00)
	Effect of currency exchange rate changes on cash, cash equivalents 
and restricted cash	144.00	(49.00)	(628.00)
	Increase (decrease) in cash, cash equivalents and restricted cash	531.00	1,529.00	(9,176.00)
	Cash, cash equivalents and restricted cash at beginning of year	37,077.00	35,548.00	44,724.00
	Cash, cash equivalents and restricted cash at end of year	37,608.00	37,077.00	35,548.00
	Less cash, cash equivalents and restricted cash of 
discontinued operations at end of year	523.00	638.00	4,424.00
	Cash, cash equivalents and restricted cash of continuing operations at end of year	$37,085.00	$36,439.00	$31,124.00
	Fields Using Formulas
Phillips Histrocial Income Stat
	Philips Group
	Historical Income Statements
	As on 2020, 2019 and 2018
	In Millions
		2020	2019	2018
	Sales	$19,535.00	$19,482.00	$18,121.00
	Cost of sales	(10,754.00)	(10,607.00)	(9,568.00)
	Gross margin	8,781.00	8,875.00	8,553.00
	Selling expenses	(4,606.00)	(4,682.00)	(4,500.00)
	General and administrative expenses	(668.00)	(631.00)	(631.00)
	Research and development expenses	(1,915.00)	(1,884.00)	(1,759.00)
	Other business income	123.00	155.00	88.00
	Other business expenses	(173.00)	(188.00)	(33.00)
	Income from operations	1,542.00	1,645.00	1,718.00
	Financial income	160.00	117.00	51.00
	Financial expenses	(204.00)	(233.00)	(264.00)
	Investments in associates, net of income taxes	(9.00)	1.00	(2.00)
	Income before taxes	1,489.00	1,530.00	1,503.00
	Income tax expense	(284.00)	(337.00)	(193.00)
	Income from continuing operations	1,205.00	1,193.00	1,310.00
	Discontinued operations, net of income taxes	(10.00)	(19.00)	(213.00)
	Net income	$1,195.00	$1,174.00	$1,097.00
	Fields Using Formulas
Philips Historical Balance Shee
	Philips Group
	Historical Balance Sheets
	As on 2020, 2019 and 2018
	In Millions
	Assets	2020	2019	2018
	Non-current assets
	Property, plant and equipment	$2,682.00	$2,866.00	$1,712.00
	Goodwill	8,014.00	8,654.00	8,503.00
	Intangible assets excluding goodwill	2,997.00	3,466.00	3,589.00
	Non-current receivables	230.00	178.00	162.00
	Investments in associates	241.00	232.00	245.00
	Other non-current financial assets	430.00	248.00	360.00
	Non-current derivative financial assets	6.00	1.00	1.00
	Deferred tax assets	1,820.00	1,865.00	1,828.00
	Other non-current assets	66.00	47.00	47.00
	Total non-current assets	16,486.00	17,557.00	16,447.00
	Current assets
	Inventories	2,993.00	2,773.00	2,674.00
	Other current financial assets	-	1.00	436.00
	Other current assets	424.00	476.00	469.00
	Current derivative financial assets	105.00	38.00	36.00
	Income tax receivable	150.00	177.00	147.00
	Current receivables	4,156.00	4,554.00	4,035.00
	Assets classified as held for sale	173.00	15.00	87.00
	Cash and cash equivalents	3,226.00	1,425.00	1,688.00
	Total current assets	11,227.00	9,459.00	9,572.00
	Total assets	27,713.00	27,016.00	26,019.00
	Equity
	Common shares	182.00	179.00	185.00
	Reserves	(340.00)	652.00	548.00
	Other	12,028.00	11,766.00	11,355.00
	Equity	11,870.00	12,597.00	12,088.00
	Non-controlling interests	31.00	28.00	29.00
	Group equity	11,901.00	12,625.00	12,117.00
	Non-current liabilities
	Long-term debt	5,705.00	4,939.00	3,427.00
	Non-current derivative financial liabilities	86.00	124.00	114.00
	Long-term provisions	1,458.00	1,603.00	1,788.00
	Deferred tax liabilities	60.00	142.00	151.00
	Non-current contract liabilities	403.00	348.00	226.00
	Non-current tax liabilities	291.00	186.00	181.00
	Other non-current liabilities	74.00	71.00	72.00
	Total non-current liabilities	8,077.00	7,413.00	5,959.00
	Current liabilities
	Short-term debt	1,229.00	508.00	1,394.00
	Current derivative financial liabilities	77.00	67.00	176.00
	Income tax payable	57.00	100.00	118.00
	Accounts payable	2,119.00	2,089.00	2,303.00
	Accrued liabilities	1,678.00	1,632.00	1,537.00
	Current contract liabilities	1,239.00	1,170.00	1,303.00
	Short-term provisions	521.00	556.00	363.00
	Liabilities directly associated with assets held for sale	30.00	- 0	12.00
	Other current liabilities	785.00	856.00	737.00
	Total current liabilities	7,735.00	6,978.00	7,943.00
	Total liabilities and group equity	$27,713.00	$27,016.00	$26,019.00
	Fields Using Formulas
Philips Historical Cash Stateme
	Philips Group
	Historical Statement of Cash Flows
	As on 2020, 2019 and 2018
	In Millions
		2020	2018	2019
	Cash flows from operating activities
	Net income (loss)	$1,195.00	$1,097.00	$1,173.00
	Results of discontinued operations, net of income tax	10.00	213.00	19.00
	Adjustments to reconcile net income to net cash provided by (used for) operating activities:
	Depreciation, amortization, and impairment of fixed assets	1,520.00	1,089.00	1,402.00
	Impairment of goodwill and other non-current financial assets	144.00	1.00	97.00
	Share-based compensation	115.00	97.00	98.00
	Net gain on sale of assets	(2.00)	(71.00)	(77.00)
	Interest income	(14.00)	(31.00)	(27.00)
	Interest expense on debt, borrowings, and other liabilities	160.00	165.00	174.00
	Income taxes	284.00	193.00	337.00
	Investments in associates, net of income taxes	8.00	2.00	6.00
	Decrease (increase) in receivables and other current assets	87.00	(97.00)	(274.00)
	Decrease (Increase) in inventories	(584.00)	(394.00)	(175.00)
	Increase (decrease) in accounts payable, accrued and other current liabilities	411.00	311.00	(369.00)
	Decrease (increase) in non-current receivables, other assets and other liabilities	40.00	(49.00)	122.00
	Increase (decrease) in provisions	(87.00)	(271.00)	27.00
	Other items	13.00	(59.00)	(5.00)
	Interest paid	(148.00)	(170.00)	(172.00)
	Interest received	15.00	35.00	26.00
	Dividends received from investments in associates	4.00	20.00	12.00
	Income taxes paid	(394.00)	(301.00)	(363.

Excel Project: Projecting Financial Statements Assignment Instructions Overview Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13), Horizontal Analysis Balance Sheets (Tab...

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