Common size income statement

1. For Assignment 2 you will find three files: the ABC financial statements; the Excel file Spreadsheet ABC; and the formula sheet.
2. Type your name and ID number in the OBJ tab of the Spreadsheet -ABC file. Identify the type of statement and/or auditors opinion and add it in cell A5 of the BS worksheet/tab. Possible choices: Internally Prepared, Compilation, Review, Audit Unqualified, Audit Qualified, Audit Adverse, Audit Disclaimer.
3. Transfer the amounts from the to the BS tab of the Excel file. Maintain the existing account categories in this file. Make sure that after you finish entering the data, the accounting equation is valid i.e. Total Assets = Total Liabilities and .
4. Transfer the data from the to the IS tab of the Excel file. Again, you should not change the existing categories in the file.
5. Then you need to create the (CSIS tab) and the (CSBS tab). This is known as vertical analysis and compares each amount with a base amount selected from the same year. The common size balance sheet shows each account on the balance sheet as a percentage of total assets for the same year. The common size income statement shows each account in the income statement as a percentage of net sales in the same year.
6. The final step will be to complete the ratio worksheet FR tab using the formula sheet that you are given.
7. Finally, in a Word document summarize your findings regarding this companys liquidity, leverage, and profitability. Which ratios indicate improvements in the associated categories, and which show deteriorations?
Just a couple of points of caution: first, you should not change the structure of the file i.e. alter the existing formulas, accounts, etc. In addition, you only need to be concerned with the years for which you are given data.

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