{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Pro_forma_1","Pro_forma_2","With_CB","Answer_1","Answer_2"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Pro_forma_1","index":0,"n_rows":75,"n_cols":8,"rows_kept":75,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["Lemonade Stand"]
["Sales growth",0.1]
["Current assets/Sales",0.15]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.77]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash and marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.4]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000]
["Costs of goods sold",-500]
["Interest payments on debt",-32]
["Interest earned on cash and marketable securities",6.4]
["Depreciation",-100]
["Profit before tax",374.4]
["Taxes",-149.76]
["Profit after tax",224.64]
["Dividends",-89.855999999999995]
["Retained earnings",134.78399999999999]
[]
["Balance sheet"]
["Cash and marketable securities",80,null,null,null,null,null,"***Use Cash as the plug, i.e. it is used to make the balance sheet balance"]
["Current assets",150]
["Fixed assets"]
["     At cost",1070]
["     Depreciation",-300]
["     Net fixed assets",770]
["Total assets",1000]
[]
["Current liabilities",80]
["Debt",320]
["Stock",450]
["Accumulated retained earnings",150]
["Total liabilities and equity",1000]
[]
[]
["Year",0,1,2,3,4,5]
["Free cash flow calculation"]
["Profit after tax"]
["Add back depreciation"]
["Subtract increase in current assets"]
["Add back increase in current liabilities"]
["Subtract increase in fixed assets at cost"]
["Add back after-tax interest on debt"]
["Subtract after-tax interest on cash and+A14 mkt. securities"]
["Free cash flow"]
["Use our EBIT formula"]
["CONSOLIDATED STATEMENT OF CASH FLOWS:  RECONCILING THE CASH BALANCES"]
["     Cash flow from operating activities"]
["Profit after tax"]
["Add back depreciation"]
["Adjust for changes in net working capital:"]
["     Subtract increase in current assets"]
["     Add back increase in current liabilities"]
["Net cash from operating activities"]
[]
["     Cash flow from investing activities"]
["Aquisitions of fixed assets--capital expenditures"]
["Purchases of investment securities"]
["Proceeds from sales of investment securities"]
["Net cash used in investing activities"]
[]
["     Cash flow from financing activities"]
["Net proceeds from borrowing activities"]
["Net proceeds from stock issues, repurchases"]
["Dividends paid"]
["Net cash from financing activities"]
[]
["Net increase in cash and cash equivalents"]
["Check:  changes in cash and mkt. securities"]

{"sheet":"Pro_forma_2","index":1,"n_rows":76,"n_cols":8,"rows_kept":76,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["Lemonade Stand"]
["Sales growth",0.2]
["Current assets/Sales",0.15]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.8]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash and marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.5]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000,{"$f":"B15*(1+$B$2)","v":1200},{"$f":"C15*(1+$B$2)","v":1440},{"$f":"D15*(1+$B$2)","v":1728},{"$f":"E15*(1+$B$2)","v":2073.6},{"$f":"F15*(1+$B$2)","v":2488.3199999999997}]
["Costs of goods sold",-500,{"$f":"-C15*$B$6","v":-600},-720,-864,-1036.8,-1244.1599999999999]
["Interest payments on debt",-40,{"$f":"-$B$8*(B36+C36)/2","v":-32},{"$f":"-$B$8*(C36+D36)/2","v":-32},{"$f":"-$B$8*(D36+E36)/2","v":-32},{"$f":"-$B$8*(E36+F36)/2","v":-32},{"$f":"-$B$8*(F36+G36)/2","v":-32}]
["Interest earned on cash and marketable securities",6.4,{"$f":"$B$9*(B27+C27)/2","v":3.6087790326017419},{"$f":"$B$9*(C27+D27)/2","v":-1.1621270718470442},{"$f":"$B$9*(D27+E27)/2","v":-5.5805116037188123},{"$f":"$B$9*(E27+F27)/2","v":-11.019810746823449},{"$f":"$B$9*(F27+G27)/2","v":-17.707648509097705}]
["Depreciation",-100,{"$f":"-$B$7*(C30+B30)/2","v":-124.21052631578948},{"$f":"-$B$7*(D30+C30)/2","v":-155.81163434903047},{"$f":"-$B$7*(E30+D30)/2","v":-194.44443796471788},{"$f":"-$B$7*(F30+E30)/2","v":-241.59016827679343},{"$f":"-$B$7*(G30+F30)/2","v":-299.03418599014014}]
["Profit before tax",366.4,{"$f":"SUM(C15:C19)","v":447.39825271681229},531.02623857912249,631.97505043156332,752.19002097638315,895.41816550076203]
["Taxes",-146.56,{"$f":"-C20*$B$10","v":-178.95930108672493},-212.410495431649,-252.79002017262533,-300.8760083905533,-358.16726620030482]
["Profit after tax",219.83999999999997,{"$f":"C21+C20","v":268.43895163008733},318.61574314747349,379.18503025893801,451.31401258582986,537.25089930045715]
["Dividends",-109.91999999999999,{"$f":"-$B$11*C22","v":-134.21947581504367},{"$f":"-$B$11*D22","v":-159.30787157373675},{"$f":"-$B$11*E22","v":-189.59251512946901},{"$f":"-$B$11*F22","v":-225.65700629291493},{"$f":"-$B$11*G22","v":-268.62544965022857}]
["Retained earnings",109.91999999999999,{"$f":"C23+C22","v":134.21947581504367},159.30787157373675,189.59251512946901,225.65700629291493,268.62544965022857]
[]
["Balance sheet"]
["Cash and marketable securities",80,{"$f":"C39-C32-C28","v":10.219475815043552},{"$f":"D39-D32-D28","v":-39.272652611219655},-100.24013748175065,-175.25513118883555,-267.43608153860703,"Can't have Negative Cash"]
["Current assets",200,{"$f":"C15*$B$3","v":180},{"$f":"D15*$B$3","v":216},{"$f":"E15*$B$3","v":259.2},{"$f":"F15*$B$3","v":311.03999999999996},{"$f":"G15*$B$3","v":373.24799999999993}]
["Fixed assets"]
["     At cost",1100,{"$f":"C32-C31","v":1384.2105263157896},1732.0221606648199,2156.8665986295377,2674.9367669063313,3305.7469528964712]
["     Depreciation",-300,{"$f":"B31+C19","v":-424.21052631578948},{"$f":"C31+D19","v":-580.02216066481992},{"$f":"D31+E19","v":-774.46659862953777},{"$f":"E31+F19","v":-1016.0567669063312},{"$f":"F31+G19","v":-1315.0909528964712}]
["     Net fixed assets",800,{"$f":"C15*$B$5","v":960},1152,1382.4,1658.88,1990.6559999999999]
["Total assets",1080,{"$f":"C32+C28+C27","v":1150.2194758150436},{"$f":"D32+D28+D27","v":1328.7273473887803},{"$f":"E32+E28+E27","v":1541.3598625182494},{"$f":"F32+F28+F27","v":1794.6648688111645},{"$f":"G32+G28+G27","v":2096.4679184613929}]
[]
["Current liabilities",80,{"$f":"C15*$B$4","v":96},115.2,138.24,165.88800000000001,199.06559999999999]
["Debt",320,{"$f":"B36","v":320},{"$f":"C36","v":320},320,320,320,"Fix by taking on debt when cash goes to zero."]
["Stock",450,450,450,450,450,450]
["Accumulated retained earnings",150,{"$f":"B38+C24","v":284.21947581504367},{"$f":"C38+D24","v":443.52734738878041},{"$f":"D38+E24","v":633.11986251824942},{"$f":"E38+F24","v":858.77686881116438},{"$f":"F38+G24","v":1127.402318461393}]
["Total liabilities and equity",1080,{"$f":"SUM(C35:C38)","v":1150.2194758150436},1328.7273473887803,1541.3598625182494,1794.6648688111645,2096.4679184613929]
[]
[]
["Year",0,1,2,3,4,5]
["Free cash flow calculation"]
["Profit after tax",null,{"$f":"C22","v":268.43895163008733},{"$f":"D22","v":318.61574314747349},{"$f":"E22","v":379.18503025893801},{"$f":"F22","v":451.31401258582986},{"$f":"G22","v":537.25089930045715}]
["Add back depreciation",null,{"$f":"-C19","v":124.21052631578948},{"$f":"-D19","v":155.81163434903047},{"$f":"-E19","v":194.44443796471788},{"$f":"-F19","v":241.59016827679343},{"$f":"-G19","v":299.03418599014014}]
["Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":20},{"$f":"-(D28-C28)","v":-36},{"$f":"-(E28-D28)","v":-43.199999999999989},{"$f":"-(F28-E28)","v":-51.839999999999975},{"$f":"-(G28-F28)","v":-62.20799999999997}]
["Add back increase in current liabilities",null,{"$f":"C35-B35","v":16},{"$f":"D35-C35","v":19.200000000000003},{"$f":"E35-D35","v":23.040000000000006},{"$f":"F35-E35","v":27.647999999999996},{"$f":"G35-F35","v":33.177599999999984}]
["Subtract increase in fixed assets at cost",null,{"$f":"-(C30-B30)","v":-284.21052631578959},{"$f":"-(D30-C30)","v":-347.81163434903033},{"$f":"-(E30-D30)","v":-424.84443796471783},{"$f":"-(F30-E30)","v":-518.07016827679354},{"$f":"-(G30-F30)","v":-630.81018599013987}]
["Add back after-tax interest on debt",null,{"$f":"-(1-$B$10)*C17","v":19.2},19.2,19.2,19.2,19.2]
["Subtract after-tax interest on cash and+A14 mkt. securities",null,-2.1652674195610451,0.69727624310822656,3.3483069622312871,6.6118864480940696,10.624589105458623]
["Free cash flow",null,{"$f":"SUM(C44:C50)","v":161.47368421052616},{"$f":"SUM(D44:D50)","v":129.71301939058182},{"$f":"SUM(E44:E50)","v":151.17333722116933},{"$f":"SUM(F44:F50)","v":176.45389903392385},{"$f":"SUM(G44:G50)","v":206.26908840591605}]
["Use our EBIT formula",null,{"$f":"(C15+C16+C19)*(1-$B$10)+C45+SUM(C46:C48)","v":161.47368421052619},{"$f":"(D15+D16+D19)*(1-$B$10)+D45+SUM(D46:D48)","v":129.71301939058191},151.17333722116939,176.45389903392379,206.26908840591614]
["CONSOLIDATED STATEMENT OF CASH FLOWS:  RECONCILING THE CASH BALANCES"]
["     Cash flow from operating activities"]
["Profit after tax",null,{"$f":"C22","v":268.43895163008733},{"$f":"D22","v":318.61574314747349},{"$f":"E22","v":379.18503025893801},{"$f":"F22","v":451.31401258582986},{"$f":"G22","v":537.25089930045715}]
["Add back depreciation",null,{"$f":"-C19","v":124.21052631578948},{"$f":"-D19","v":155.81163434903047},{"$f":"-E19","v":194.44443796471788},{"$f":"-F19","v":241.59016827679343},{"$f":"-G19","v":299.03418599014014}]
["Adjust for changes in net working capital:"]
["     Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":20},{"$f":"-(D28-C28)","v":-36},{"$f":"-(E28-D28)","v":-43.199999999999989},{"$f":"-(F28-E28)","v":-51.839999999999975},{"$f":"-(G28-F28)","v":-62.20799999999997}]
["     Add back increase in current liabilities",null,{"$f":"C35-B35","v":16},{"$f":"D35-C35","v":19.200000000000003},{"$f":"E35-D35","v":23.040000000000006},{"$f":"F35-E35","v":27.647999999999996},{"$f":"G35-F35","v":33.177599999999984}]
["Net cash from operating activities",null,{"$f":"SUM(C55:C59)","v":428.64947794587681},{"$f":"SUM(D55:D59)","v":457.62737749650393},{"$f":"SUM(E55:E59)","v":553.46946822365589},{"$f":"SUM(F55:F59)","v":668.71218086262331},{"$f":"SUM(G55:G59)","v":807.25468529059731}]
[]
["     Cash flow from investing activities"]
["Aquisitions of fixed assets--capital expenditures",null,{"$f":"-(C30-B30)","v":-284.21052631578959},{"$f":"-(D30-C30)","v":-347.81163434903033},{"$f":"-(E30-D30)","v":-424.84443796471783},{"$f":"-(F30-E30)","v":-518.07016827679354},{"$f":"-(G30-F30)","v":-630.81018599013987}]
["Purchases of investment securities",null,0,0,0,0,0]
["Proceeds from sales of investment securities",null,0,0,0,0,0]
["Net cash used in investing activities",null,{"$f":"SUM(C63:C65)","v":-284.21052631578959},{"$f":"SUM(D63:D65)","v":-347.81163434903033},{"$f":"SUM(E63:E65)","v":-424.84443796471783},{"$f":"SUM(F63:F65)","v":-518.07016827679354},{"$f":"SUM(G63:G65)","v":-630.81018599013987}]
[]
["     Cash flow from financing activities"]
["Net proceeds from borrowing activities",null,{"$f":"C36-B36","v":0},0,0,0,0]
["Net proceeds from stock issues, repurchases",null,0,0,0,0,0]
["Dividends paid",null,{"$f":"C23","v":-134.21947581504367},{"$f":"D23","v":-159.30787157373675},{"$f":"E23","v":-189.59251512946901},{"$f":"F23","v":-225.65700629291493},{"$f":"G23","v":-268.62544965022857}]
["Net cash from financing activities",null,{"$f":"SUM(C69:C71)","v":-134.21947581504367},{"$f":"SUM(D69:D71)","v":-159.30787157373675},{"$f":"SUM(E69:E71)","v":-189.59251512946901},{"$f":"SUM(F69:F71)","v":-225.65700629291493},{"$f":"SUM(G69:G71)","v":-268.62544965022857}]
[]
["Net increase in cash and cash equivalents",null,{"$f":"C72+C66+C60","v":10.219475815043552},{"$f":"D72+D66+D60","v":-49.49212842626315},{"$f":"E72+E66+E60","v":-60.967484870530939},{"$f":"F72+F66+F60","v":-75.014993707085182},{"$f":"G72+G66+G60","v":-92.180950349771138}]
["Check:  changes in cash and mkt. securities",null,{"$f":"C27-B27","v":-69.780524184956448},{"$f":"D27-C27","v":-49.492128426263207},{"$f":"E27-D27","v":-60.967484870530996},{"$f":"F27-E27","v":-75.014993707084898},{"$f":"G27-F27","v":-92.180950349771479}]
[null,null,"**Won't be even due to comparison to pre-forecast period"]

{"sheet":"With_CB","index":2,"n_rows":76,"n_cols":7,"rows_kept":76,"cut":false,"hidden":false,"merged":[[0,0,0,6],[53,0,53,7]]}
["Lemonade Stand"]
["Sales growth",0.1]
["Current assets/Sales",0.15]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.77]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash and marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.4]
["Circuit Breaker","OFF"]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000,{"$f":"B16*(1+$B$2)","v":1100},{"$f":"C16*(1+$B$2)","v":1210},1331,1464.1000000000001,1610.5100000000002]
["Costs of goods sold",-500,{"$f":"-C16*$B$6","v":-550},{"$f":"-D16*$B$6","v":-605},-665.5,-732.05000000000007,-805.25500000000011]
["Interest payments on debt",-32,{"$f":"-$B$8*(C37+B37)/2","v":-32},{"$f":"-$B$8*(D37+C37)/2","v":-32},-32,-32,-32]
["Interest earned on cash and marketable securities",6.4,{"$f":"$B$9*(C28+B28)/2","v":8.9477956254272062},{"$f":"$B$9*(D28+C28)/2","v":14.276702863501569},20.080913361163564,26.376731259734139,33.178068826054904]
["Depreciation",-100,{"$f":"-(C31+B31)/2*$B$7","v":-116.68421052631579},{"$f":"-(D31+C31)/2*$B$7","v":-137.47728531855955},-161.31015745735533,-188.58791087391907,-219.76678043959475]
["Profit before tax",374.4,{"$f":"SUM(C16:C20)","v":410.26358509911148},{"$f":"SUM(D16:D20)","v":449.799417544942},492.27075590380821,537.8388203858151,586.66628838646022]
["Taxes",-149.76,{"$f":"-C21*$B$10","v":-164.10543403964459},{"$f":"-D21*$B$10","v":-179.91976701797682},-196.90830236152328,-215.13552815432604,-234.66651535458411]
["Profit after tax",224.64,{"$f":"C21+C22","v":246.15815105946689},{"$f":"D21+D22","v":269.87965052696518},295.36245354228492,322.70329223148906,351.99977303187609]
["Dividends",-89.855999999999995,{"$f":"-C23*$B$11","v":-98.463260423786764},{"$f":"-D23*$B$11","v":-107.95186021078608},-118.14498141691398,-129.08131689259562,-140.79990921275044]
["Retained earnings",134.78399999999999,{"$f":"C23+C24","v":147.69489063568011},{"$f":"D23+D24","v":161.92779031617908},177.21747212537093,193.62197533889344,211.19986381912565]
[]
["Balance sheet"]
["Cash and marketable securities",80,{"$f":"IF($B$12=\"OFF\",C40-C33-C29,0)","v":143.69489063568017},{"$f":"IF($B$12=\"OFF\",D40-D33-D29,0)","v":213.22268095185905},288.80015307722999,370.61812841612345,458.83359223524906]
["Current assets",150,{"$f":"C16*$B$3","v":165},{"$f":"D16*$B$3","v":181.5},199.65,219.61500000000001,241.57650000000001]
["Fixed assets"]
["     At cost",1070,{"$f":"IF($B$12=\"OFF\",C33-C32,0)","v":1263.6842105263158},{"$f":"IF($B$12=\"OFF\",D33-D32,0)","v":1485.8614958448754},1740.341653302231,2031.4165641761501,2363.9190446157445]
["     Depreciation",-300,{"$f":"B32+C20","v":-416.68421052631578},{"$f":"C32+D20","v":-554.16149584487539},-715.47165330223072,-904.05956417614982,-1123.8263446157446]
["     Net fixed assets",770,{"$f":"C16*$B$5","v":847},{"$f":"D16*$B$5","v":931.7},1024.8700000000001,1127.3570000000002,1240.0927000000001]
["Total assets",1000,{"$f":"C33+C29+C28","v":1155.6948906356802},{"$f":"D33+D29+D28","v":1326.4226809518591},1513.3201530772303,1717.5901284161237,1940.5027922352492]
[]
["Current liabilities",80,{"$f":"C16*$B$4","v":88},{"$f":"D16*$B$4","v":96.8},106.48,117.12800000000001,128.84080000000003]
["Debt",320,{"$f":"B37","v":320},{"$f":"C37","v":320},320,320,320]
["Stock",450,{"$f":"B38","v":450},{"$f":"C38","v":450},450,450,450]
["Accumulated retained earnings",150,{"$f":"B39+C25","v":297.69489063568011},{"$f":"C39+D25","v":459.62268095185919},636.84015307723007,830.46212841612351,1041.6619922352493]
["Total liabilities and equity",1000,{"$f":"SUM(C36:C39)","v":1155.6948906356802},{"$f":"SUM(D36:D39)","v":1326.4226809518591},1513.3201530772301,1717.5901284161237,1940.5027922352492]
[]
[]
["Year",0,1,2,3,4,5]
["Free cash flow calculation"]
["Profit after tax",null,{"$f":"C23","v":246.15815105946689},{"$f":"D23","v":269.87965052696518},{"$f":"E23","v":295.36245354228492},{"$f":"F23","v":322.70329223148906},{"$f":"G23","v":351.99977303187609}]
["Add back depreciation",null,{"$f":"-C20","v":116.68421052631579},{"$f":"-D20","v":137.47728531855955},{"$f":"-E20","v":161.31015745735533},{"$f":"-F20","v":188.58791087391907},{"$f":"-G20","v":219.76678043959475}]
["Subtract increase in current assets",null,{"$f":"-(C29-B29)","v":-15},{"$f":"-(D29-C29)","v":-16.5},{"$f":"-(E29-D29)","v":-18.150000000000006},{"$f":"-(F29-E29)","v":-19.965000000000003},{"$f":"-(G29-F29)","v":-21.961500000000001}]
["Add back increase in current liabilities",null,{"$f":"C36-B36","v":8},{"$f":"D36-C36","v":8.7999999999999972},{"$f":"E36-D36","v":9.6800000000000068},{"$f":"F36-E36","v":10.64800000000001},{"$f":"G36-F36","v":11.712800000000016}]
["Subtract increase in fixed assets at cost",null,{"$f":"-(C31-B31)","v":-193.68421052631584},{"$f":"-(D31-C31)","v":-222.1772853185596},{"$f":"-(E31-D31)","v":-254.48015745735552},{"$f":"-(F31-E31)","v":-291.07491087391918},{"$f":"-(G31-F31)","v":-332.50248043959436}]
["Add back after-tax interest on debt",null,{"$f":"-(1-$B$10)*C18","v":19.2},19.2,19.2,19.2,19.2]
["Subtract after-tax interest on cash and+A14 mkt. securities",null,-5.3686773752563237,-8.5660217181009415,-12.048548016698138,-15.826038755840482,-19.90684129563294]
["Free cash flow",null,{"$f":"SUM(C45:C51)","v":175.98947368421051},{"$f":"SUM(D45:D51)","v":188.11362880886418},{"$f":"SUM(E45:E51)","v":200.87390552558662},{"$f":"SUM(F45:F51)","v":214.27325347564849},{"$f":"SUM(G45:G51)","v":228.30853173624354}]
["Use our EBIT formula",null,{"$f":"(C16+C17+C20)*(1-$B$10)+C46+SUM(C47:C49)","v":175.98947368421045},{"$f":"(D16+D17+D20)*(1-$B$10)+D46+SUM(D47:D49)","v":188.11362880886423},200.87390552558657,214.2732534756484,228.30853173624359]
["CONSOLIDATED STATEMENT OF CASH FLOWS:  RECONCILING THE CASH BALANCES"]
["     Cash flow from operating activities"]
["Profit after tax",null,{"$f":"C23","v":246.15815105946689},{"$f":"D23","v":269.87965052696518},295.36245354228492,322.70329223148906,351.99977303187609]
["Add back depreciation",null,{"$f":"-C20","v":116.68421052631579},{"$f":"-D20","v":137.47728531855955},161.31015745735533,188.58791087391907,219.76678043959475]
["Adjust for changes in net working capital:"]
["     Subtract increase in current assets",null,{"$f":"-(C29-B29)","v":-15},{"$f":"-(D29-C29)","v":-16.5},-18.150000000000006,-19.965000000000003,-21.961500000000001]
["     Add back increase in current liabilities",null,{"$f":"C36-B36","v":8},{"$f":"D36-C36","v":8.7999999999999972},9.6800000000000068,10.64800000000001,11.712800000000016]
["Net cash from operating activities",null,{"$f":"SUM(C56:C60)","v":355.84236158578267},{"$f":"SUM(D56:D60)","v":399.65693584552474},448.20261099964029,501.97420310540815,561.51785347147086]
[]
["     Cash flow from investing activities"]
["Aquisitions of fixed assets--capital expenditures",null,{"$f":"-(C31-B31)","v":-193.68421052631584},{"$f":"-(D31-C31)","v":-222.1772853185596},-254.48015745735552,-291.07491087391918,-332.50248043959436]
["Purchases of investment securities",null,0,0,0,0,0]
["Proceeds from sales of investment securities",null,0,0,0,0,0]
["Net cash used in investing activities",null,{"$f":"SUM(C64:C66)","v":-193.68421052631584},{"$f":"SUM(D64:D66)","v":-222.1772853185596},-254.48015745735552,-291.07491087391918,-332.50248043959436]
[]
["     Cash flow from financing activities"]
["Net proceeds from borrowing activities",null,{"$f":"C37-B37","v":0},{"$f":"D37-C37","v":0},0,0,0]
["Net proceeds from stock issues, repurchases",null,{"$f":"C38-B38","v":0},{"$f":"D38-C38","v":0},0,0,0]
["Dividends paid",null,{"$f":"C24","v":-98.463260423786764},{"$f":"D24","v":-107.95186021078608},-118.14498141691398,-129.08131689259562,-140.79990921275044]
["Net cash from financing activities",null,{"$f":"SUM(C70:C72)","v":-98.463260423786764},{"$f":"SUM(D70:D72)","v":-107.95186021078608},-118.14498141691398,-129.08131689259562,-140.79990921275044]
[]
["Net increase in cash and cash equivalents",null,{"$f":"C73+C67+C61","v":63.694890635680053},{"$f":"D73+D67+D61","v":69.52779031617905},75.577472125370775,81.817975338893348,88.215463819126057]
["Check:  changes in cash and mkt. securities",null,{"$f":"C28-B28","v":63.694890635680167},{"$f":"D28-C28","v":69.52779031617888},75.577472125370946,81.817975338893461,88.215463819125603]

{"sheet":"Answer_1","index":3,"n_rows":76,"n_cols":8,"rows_kept":76,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["Lemonade Stand"]
["Sales growth",0.1]
["Current assets/Sales",0.15]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.77]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash and marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.4]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000,{"$f":"B15*(1+$B$2)","v":1100},{"$f":"C15*(1+$B$2)","v":1210},{"$f":"D15*(1+$B$2)","v":1331},{"$f":"E15*(1+$B$2)","v":1464.1000000000001},{"$f":"F15*(1+$B$2)","v":1610.5100000000002},{"$f":"getformula(G15)","v":"<--  =F15*(1+$B$2)"}]
["Costs of goods sold",-500,{"$f":"-C15*$B$6","v":-550},-605,-665.5,-732.05000000000007,-805.25500000000011,{"$f":"getformula(G16)","v":"<--  =-G15*$B$6"}]
["Interest payments on debt",-40,{"$f":"-$B$8*(B36+C36)/2","v":-32},{"$f":"-$B$8*(C36+D36)/2","v":-32},{"$f":"-$B$8*(D36+E36)/2","v":-32},{"$f":"-$B$8*(E36+F36)/2","v":-32},{"$f":"-$B$8*(F36+G36)/2","v":-32},"<--  =-$B$8*(F36+G36)/2"]
["Interest earned on cash and marketable securities",6.4,{"$f":"$B$9*(B27+C27)/2","v":8.9247265892002723},{"$f":"$B$9*(C27+D27)/2","v":14.22746237623045},{"$f":"$B$9*(D27+E27)/2","v":20.025121776689733},{"$f":"$B$9*(E27+F27)/2","v":26.313659018124632},{"$f":"$B$9*(F27+G27)/2","v":33.106908403617787},"<--  =$B$9*(F27+G27)/2"]
["Depreciation",-100,{"$f":"-$B$7*(C30+B30)/2","v":-118.26315789473684},{"$f":"-$B$7*(D30+C30)/2","v":-137.64349030470916},{"$f":"-$B$7*(E30+D30)/2","v":-161.49385770520485},{"$f":"-$B$7*(F30+E30)/2","v":-188.79094798996326},{"$f":"-$B$7*(G30+F30)/2","v":-219.99118988364364},"<--  =-$B$7*(G30+F30)/2"]
["Profit before tax",366.4,{"$f":"SUM(C15:C19)","v":408.66156869446348},449.58397207152132,492.03126407148488,537.57271102816151,586.37071851997428,"<--  =SUM(G15:G19)"]
["Taxes",-146.56,{"$f":"-C20*$B$10","v":-163.4646274777854},-179.83358882860853,-196.81250562859395,-215.02908441126462,-234.54828740798973,"<--  =-G20*$B$10"]
["Profit after tax",219.83999999999997,{"$f":"C21+C20","v":245.19694121667808},269.75038324291279,295.21875844289093,322.54362661689686,351.82243111198454,"<--  =G21+G20"]
["Dividends",-109.91999999999999,{"$f":"-$B$11*C22","v":-98.078776486671245},{"$f":"-$B$11*D22","v":-107.90015329716512},{"$f":"-$B$11*E22","v":-118.08750337715638},{"$f":"-$B$11*F22","v":-129.01745064675876},{"$f":"-$B$11*G22","v":-140.72897244479381},"<--  =-$B$11*G22"]
["Retained earnings",109.91999999999999,{"$f":"C23+C22","v":147.11816473000684},161.85022994574769,177.13125506573454,193.5261759701381,211.09345866719073,"<--  =G23+G22"]
[]
["Balance sheet"]
["Cash and marketable securities",80,{"$f":"C39-C32-C28","v":143.11816473000681},{"$f":"D39-D32-D28","v":212.56839467575446},288.0596497414889,369.78182571162688,457.89088437881776,"<--  =G39-G32-G28"]
["Current assets",200,{"$f":"C15*$B$3","v":165},{"$f":"D15*$B$3","v":181.5},{"$f":"E15*$B$3","v":199.65},{"$f":"F15*$B$3","v":219.61500000000001},{"$f":"G15*$B$3","v":241.57650000000001},"<--  =G15*$B$3"]
["Fixed assets"]
["     At cost",1100,{"$f":"C32-C31","v":1265.2631578947369},1487.606648199446,1742.2705059046509,2033.5484538946143,2366.2753437782576,"<--  =G32-G31"]
["     Depreciation",-300,{"$f":"B31+C19","v":-418.26315789473682},{"$f":"C31+D19","v":-555.90664819944595},{"$f":"D31+E19","v":-717.4005059046508},{"$f":"E31+F19","v":-906.19145389461403},{"$f":"F31+G19","v":-1126.1826437782577},"<--  =F31+G19"]
["     Net fixed assets",800,{"$f":"C15*$B$5","v":847},931.7,1024.8700000000001,1127.3570000000002,1240.0927000000001,"<--  =G15*$B$5"]
["Total assets",1080,{"$f":"C32+C28+C27","v":1155.1181647300068},{"$f":"D32+D28+D27","v":1325.7683946757545},{"$f":"E32+E28+E27","v":1512.579649741489},{"$f":"F32+F28+F27","v":1716.7538257116271},{"$f":"G32+G28+G27","v":1939.5600843788179},"<--  =G32+G28+G27"]
[]
["Current liabilities",80,{"$f":"C15*$B$4","v":88},96.8,106.48,117.12800000000001,128.84080000000003,"<--  =G15*$B$4"]
["Debt",320,{"$f":"B36","v":320},{"$f":"C36","v":320},320,320,320,"<--  =F36"]
["Stock",450,450,450,450,450,450,"<--  =F37"]
["Accumulated retained earnings",150,{"$f":"B38+C24","v":297.11816473000681},{"$f":"C38+D24","v":458.9683946757545},{"$f":"D38+E24","v":636.09964974148897},{"$f":"E38+F24","v":829.62582571162704},{"$f":"F38+G24","v":1040.7192843788177},"<--  =F38+G24"]
["Total liabilities and equity",1080,{"$f":"SUM(C35:C38)","v":1155.1181647300068},1325.7683946757545,1512.579649741489,1716.7538257116271,1939.5600843788179,"<--  =SUM(G35:G38)"]
[]
[]
["Year",0,1,2,3,4,5]
["Free cash flow calculation"]
["Profit after tax",null,{"$f":"C22","v":245.19694121667808},{"$f":"D22","v":269.75038324291279},{"$f":"E22","v":295.21875844289093},{"$f":"F22","v":322.54362661689686},{"$f":"G22","v":351.82243111198454},"<--  =G22"]
["Add back depreciation",null,{"$f":"-C19","v":118.26315789473684},{"$f":"-D19","v":137.64349030470916},{"$f":"-E19","v":161.49385770520485},{"$f":"-F19","v":188.79094798996326},{"$f":"-G19","v":219.99118988364364},"<--  =-G19"]
["Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":35},{"$f":"-(D28-C28)","v":-16.5},{"$f":"-(E28-D28)","v":-18.150000000000006},{"$f":"-(F28-E28)","v":-19.965000000000003},{"$f":"-(G28-F28)","v":-21.961500000000001},"<--  =-(G28-F28)"]
["Add back increase in current liabilities",null,{"$f":"C35-B35","v":8},{"$f":"D35-C35","v":8.7999999999999972},{"$f":"E35-D35","v":9.6800000000000068},{"$f":"F35-E35","v":10.64800000000001},{"$f":"G35-F35","v":11.712800000000016},"<--  =G35-F35"]
["Subtract increase in fixed assets at cost",null,{"$f":"-(C30-B30)","v":-165.26315789473688},{"$f":"-(D30-C30)","v":-222.34349030470912},{"$f":"-(E30-D30)","v":-254.66385770520492},{"$f":"-(F30-E30)","v":-291.27794798996342},{"$f":"-(G30-F30)","v":-332.72688988364325},"<--  =-(G30-F30)"]
["Add back after-tax interest on debt",null,{"$f":"-(1-$B$10)*C17","v":19.2},19.2,19.2,19.2,19.2,"<--  =-(1-$B$10)*G17"]
["Subtract after-tax interest on cash and+A14 mkt. securities",null,-5.3548359535201628,-8.5364774257382692,-12.015073066013839,-15.788195410874778,-19.864145042170673,"<--  =-(1-$B$10)*G18"]
["Free cash flow",null,{"$f":"SUM(C44:C50)","v":255.04210526315788},{"$f":"SUM(D44:D50)","v":188.01390581717459},{"$f":"SUM(E44:E50)","v":200.76368537687705},{"$f":"SUM(F44:F50)","v":214.15143120602187},{"$f":"SUM(G44:G50)","v":228.17388606981427},"<--  =SUM(G44:G50)"]
["Use our EBIT formula",null,{"$f":"(C15+C16+C19)*(1-$B$10)+C45+SUM(C46:C48)","v":255.04210526315785},{"$f":"(D15+D16+D19)*(1-$B$10)+D45+SUM(D46:D48)","v":188.01390581717448},200.76368537687699,214.15143120602193,228.17388606981433,"<--  =(G15+G16+G19)*(1-$B$10)+G45+SUM(G46:G48)"]
["CONSOLIDATED STATEMENT OF CASH FLOWS:  RECONCILING THE CASH BALANCES"]
["     Cash flow from operating activities"]
["Profit after tax",null,{"$f":"C22","v":245.19694121667808},{"$f":"D22","v":269.75038324291279},{"$f":"E22","v":295.21875844289093},{"$f":"F22","v":322.54362661689686},{"$f":"G22","v":351.82243111198454},"<--  =G22"]
["Add back depreciation",null,{"$f":"-C19","v":118.26315789473684},{"$f":"-D19","v":137.64349030470916},{"$f":"-E19","v":161.49385770520485},{"$f":"-F19","v":188.79094798996326},{"$f":"-G19","v":219.99118988364364},"<--  =-G19"]
["Adjust for changes in net working capital:"]
["     Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":35},{"$f":"-(D28-C28)","v":-16.5},{"$f":"-(E28-D28)","v":-18.150000000000006},{"$f":"-(F28-E28)","v":-19.965000000000003},{"$f":"-(G28-F28)","v":-21.961500000000001},"<--  =-(G28-F28)"]
["     Add back increase in current liabilities",null,{"$f":"C35-B35","v":8},{"$f":"D35-C35","v":8.7999999999999972},{"$f":"E35-D35","v":9.6800000000000068},{"$f":"F35-E35","v":10.64800000000001},{"$f":"G35-F35","v":11.712800000000016},"<--  =G35-F35"]
["Net cash from operating activities",null,{"$f":"SUM(C55:C59)","v":406.46009911141493},{"$f":"SUM(D55:D59)","v":399.69387354762199},{"$f":"SUM(E55:E59)","v":448.24261614809581},{"$f":"SUM(F55:F59)","v":502.01757460686008},{"$f":"SUM(G55:G59)","v":561.5649209956282},"<--  =SUM(G55:G59)"]
[]
["     Cash flow from investing activities"]
["Aquisitions of fixed assets--capital expenditures",null,{"$f":"-(C30-B30)","v":-165.26315789473688},{"$f":"-(D30-C30)","v":-222.34349030470912},{"$f":"-(E30-D30)","v":-254.66385770520492},{"$f":"-(F30-E30)","v":-291.27794798996342},{"$f":"-(G30-F30)","v":-332.72688988364325},"<--  =-(G30-F30)"]
["Purchases of investment securities",null,0,0,0,0,0,"<-- Not in our model"]
["Proceeds from sales of investment securities",null,0,0,0,0,0,"<-- Not in our model"]
["Net cash used in investing activities",null,{"$f":"SUM(C63:C65)","v":-165.26315789473688},{"$f":"SUM(D63:D65)","v":-222.34349030470912},{"$f":"SUM(E63:E65)","v":-254.66385770520492},{"$f":"SUM(F63:F65)","v":-291.27794798996342},{"$f":"SUM(G63:G65)","v":-332.72688988364325},"<--  =SUM(G63:G65)"]
[]
["     Cash flow from financing activities"]
["Net proceeds from borrowing activities",null,{"$f":"C36-B36","v":0},0,0,0,0,"<--  =G36-F36"]
["Net proceeds from stock issues, repurchases",null,0,0,0,0,0,"<--  =G37-F37"]
["Dividends paid",null,{"$f":"C23","v":-98.078776486671245},{"$f":"D23","v":-107.90015329716512},{"$f":"E23","v":-118.08750337715638},{"$f":"F23","v":-129.01745064675876},{"$f":"G23","v":-140.72897244479381},"<--  =G23"]
["Net cash from financing activities",null,{"$f":"SUM(C69:C71)","v":-98.078776486671245},{"$f":"SUM(D69:D71)","v":-107.90015329716512},{"$f":"SUM(E69:E71)","v":-118.08750337715638},{"$f":"SUM(F69:F71)","v":-129.01745064675876},{"$f":"SUM(G69:G71)","v":-140.72897244479381},"<--  =SUM(G69:G71)"]
[]
["Net increase in cash and cash equivalents",null,{"$f":"C72+C66+C60","v":143.11816473000681},{"$f":"D72+D66+D60","v":69.450229945747765},{"$f":"E72+E66+E60","v":75.491255065734492},{"$f":"F72+F66+F60","v":81.722175970137869},{"$f":"G72+G66+G60","v":88.109058667191107},"<--  =G72+G66+G60"]
["Check:  changes in cash and mkt. securities",null,{"$f":"C27-B27","v":63.118164730006811},{"$f":"D27-C27","v":69.450229945747651},{"$f":"E27-D27","v":75.491255065734435},{"$f":"F27-E27","v":81.722175970137982},{"$f":"G27-F27","v":88.10905866719088},"<--  =G27-F27"]
[null,null,"**Won't be even due to comparison to pre-forecast period"]

{"sheet":"Answer_2","index":4,"n_rows":76,"n_cols":8,"rows_kept":76,"cut":false,"hidden":false,"merged":[[0,0,0,6]]}
["Lemonade Stand"]
["Sales growth",0.2]
["Current assets/Sales",0.15]
["Current liabilities/Sales",0.08]
["Net fixed assets/Sales",0.8]
["Costs of goods sold/Sales",0.5]
["Depreciation rate",0.1]
["Interest rate on debt",0.1]
["Interest paid on cash and marketable securities",0.08]
["Tax rate",0.4]
["Dividend payout ratio",0.5]
[]
["Year",0,1,2,3,4,5]
["Income statement"]
["Sales",1000,{"$f":"B15*(1+$B$2)","v":1200},{"$f":"C15*(1+$B$2)","v":1440},{"$f":"D15*(1+$B$2)","v":1728},{"$f":"E15*(1+$B$2)","v":2073.6},{"$f":"F15*(1+$B$2)","v":2488.3199999999997},{"$f":"getformula(G15)","v":"<--  =F15*(1+$B$2)"}]
["Costs of goods sold",-500,{"$f":"-C15*$B$6","v":-600},-720,-864,-1036.8,-1244.1599999999999,{"$f":"getformula(G16)","v":"<--  =-G15*$B$6"}]
["Interest payments on debt",-40,{"$f":"-$B$8*(B36+C36)/2","v":-32},{"$f":"-$B$8*(C36+D36)/2","v":-33.96961323755761},{"$f":"-$B$8*(D36+E36)/2","v":-39.009028471660912},{"$f":"-$B$8*(E36+F36)/2","v":-45.872368520160926},{"$f":"-$B$8*(F36+G36)/2","v":-54.344506966464294},"<--  =-$B$8*(F36+G36)/2"]
["Interest earned on cash and marketable securities",6.4,{"$f":"$B$9*(B27+C27)/2","v":3.6087790326017419},{"$f":"$B$9*(C27+D27)/2","v":0.40877903260174209},{"$f":"$B$9*(D27+E27)/2","v":0},{"$f":"$B$9*(E27+F27)/2","v":0},{"$f":"$B$9*(F27+G27)/2","v":0},"<--  =$B$9*(F27+G27)/2"]
["Depreciation",-100,{"$f":"-$B$7*(C30+B30)/2","v":-124.21052631578948},{"$f":"-$B$7*(D30+C30)/2","v":-155.81163434903047},{"$f":"-$B$7*(E30+D30)/2","v":-194.44443796471788},{"$f":"-$B$7*(F30+E30)/2","v":-241.59016827679343},{"$f":"-$B$7*(G30+F30)/2","v":-299.03418599014014},"<--  =-$B$7*(G30+F30)/2"]
["Profit before tax",366.4,{"$f":"SUM(C15:C19)","v":447.39825271681229},530.62753144601368,630.54653356362121,749.33746320304567,890.78130704339549,"<--  =SUM(G15:G19)"]
["Taxes",-146.56,{"$f":"-C20*$B$10","v":-178.95930108672493},-212.25101257840549,-252.2186134254485,-299.73498528121826,-356.31252281735823,"<--  =-G20*$B$10"]
["Profit after tax",219.83999999999997,{"$f":"C21+C20","v":268.43895163008733},318.37651886760818,378.32792013817271,449.60247792182741,534.46878422603731,"<--  =G21+G20"]
["Dividends",-109.91999999999999,{"$f":"-$B$11*C22","v":-134.21947581504367},{"$f":"-$B$11*D22","v":-159.18825943380409},{"$f":"-$B$11*E22","v":-189.16396006908636},{"$f":"-$B$11*F22","v":-224.80123896091371},{"$f":"-$B$11*G22","v":-267.23439211301866},"<--  =-$B$11*G22"]
["Retained earnings",109.91999999999999,{"$f":"C23+C22","v":134.21947581504367},159.18825943380409,189.16396006908636,224.80123896091371,267.23439211301866,"<--  =G23+G22"]
[null,null,null,null,null,null,null,"<--  "]
["Balance sheet",null,null,null,null,null,null,"<--  "]
["Cash and marketable securities",80,{"$f":"C39-C32-C28","v":10.219475815043552},{"$f":"D39-D32-D28","v":0},0,0,0,"<--  =G39-G32-G28"]
["Current assets",200,{"$f":"C15*$B$3","v":180},{"$f":"D15*$B$3","v":216},{"$f":"E15*$B$3","v":259.2},{"$f":"F15*$B$3","v":311.03999999999996},{"$f":"G15*$B$3","v":373.24799999999993},"<--  =G15*$B$3"]
["Fixed assets",null,null,null,null,null,null,"<--  "]
["     At cost",1100,{"$f":"C32-C31","v":1384.2105263157896},1732.0221606648199,2156.8665986295377,2674.9367669063313,3305.7469528964712,"<--  =G32-G31"]
["     Depreciation",-300,{"$f":"B31+C19","v":-424.21052631578948},{"$f":"C31+D19","v":-580.02216066481992},{"$f":"D31+E19","v":-774.46659862953777},{"$f":"E31+F19","v":-1016.0567669063312},{"$f":"F31+G19","v":-1315.0909528964712},"<--  =F31+G19"]
["     Net fixed assets",800,{"$f":"C15*$B$5","v":960},1152,1382.4,1658.88,1990.6559999999999,"<--  =G15*$B$5"]
["Total assets",1080,{"$f":"C32+C28+C27","v":1150.2194758150436},{"$f":"D32+D28+D27","v":1368},{"$f":"E32+E28+E27","v":1641.6000000000001},{"$f":"F32+F28+F27","v":1969.92},{"$f":"G32+G28+G27","v":2363.904},"<--  =G32+G28+G27"]
[null,null,null,null,null,null,null,"<--  "]
["Current liabilities",80,{"$f":"C15*$B$4","v":96},115.2,138.24,165.88800000000001,199.06559999999999,"<--  =G15*$B$4"]
["Debt",320,{"$f":"MAX(C28+C32-C35-C37-C38,B36)","v":320},{"$f":"MAX(D28+D32-D35-D37-D38,C36)","v":359.3922647511522},420.78830468206604,496.65906572115239,590.23107360813356,"<--  =MAX(G28+G32-G35-G37-G38,F36)"]
["Stock",450,{"$f":"B37","v":450},450,450,450,450,"<--  =F37"]
["Accumulated retained earnings",150,{"$f":"B38+C24","v":284.21947581504367},{"$f":"C38+D24","v":443.40773524884776},{"$f":"D38+E24","v":632.57169531793409},{"$f":"E38+F24","v":857.37293427884777},{"$f":"F38+G24","v":1124.6073263918665},"<--  =F38+G24"]
["Total liabilities and equity",1080,{"$f":"SUM(C35:C38)","v":1150.2194758150436},1368,1641.6000000000001,1969.92,2363.904,"<--  =SUM(G35:G38)"]
[null,null,null,null,null,null,null,"<--  "]
[null,null,null,null,null,null,null,"<--  "]
["Year",0,1,2,3,4,5,"<--  5"]
["Free cash flow calculation",null,null,null,null,null,null,"<--  "]
["Profit after tax",null,{"$f":"C22","v":268.43895163008733},{"$f":"D22","v":318.37651886760818},{"$f":"E22","v":378.32792013817271},{"$f":"F22","v":449.60247792182741},{"$f":"G22","v":534.46878422603731},"<--  =G22"]
["Add back depreciation",null,{"$f":"-C19","v":124.21052631578948},{"$f":"-D19","v":155.81163434903047},{"$f":"-E19","v":194.44443796471788},{"$f":"-F19","v":241.59016827679343},{"$f":"-G19","v":299.03418599014014},"<--  =-G19"]
["Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":20},{"$f":"-(D28-C28)","v":-36},{"$f":"-(E28-D28)","v":-43.199999999999989},{"$f":"-(F28-E28)","v":-51.839999999999975},{"$f":"-(G28-F28)","v":-62.20799999999997},"<--  =-(G28-F28)"]
["Add back increase in current liabilities",null,{"$f":"C35-B35","v":16},{"$f":"D35-C35","v":19.200000000000003},{"$f":"E35-D35","v":23.040000000000006},{"$f":"F35-E35","v":27.647999999999996},{"$f":"G35-F35","v":33.177599999999984},"<--  =G35-F35"]
["Subtract increase in fixed assets at cost",null,{"$f":"-(C30-B30)","v":-284.21052631578959},{"$f":"-(D30-C30)","v":-347.81163434903033},{"$f":"-(E30-D30)","v":-424.84443796471783},{"$f":"-(F30-E30)","v":-518.07016827679354},{"$f":"-(G30-F30)","v":-630.81018599013987},"<--  =-(G30-F30)"]
["Add back after-tax interest on debt",null,{"$f":"-(1-$B$10)*C17","v":19.2},20.381767942534566,23.405417082996546,27.523421112096553,32.606704179878577,"<--  =-(1-$B$10)*G17"]
["Subtract after-tax interest on cash and+A14 mkt. securities",null,-2.1652674195610451,-0.24526741956104525,0,0,0,"<--  =-(1-$B$10)*G18"]
["Free cash flow",null,{"$f":"SUM(C44:C50)","v":161.47368421052616},{"$f":"SUM(D44:D50)","v":129.71301939058182},{"$f":"SUM(E44:E50)","v":151.17333722116925},{"$f":"SUM(F44:F50)","v":176.45389903392399},{"$f":"SUM(G44:G50)","v":206.26908840591619},"<--  =SUM(G44:G50)"]
["Use our EBIT formula",null,{"$f":"(C15+C16+C19)*(1-$B$10)+C45+SUM(C46:C48)","v":161.47368421052619},{"$f":"(D15+D16+D19)*(1-$B$10)+D45+SUM(D46:D48)","v":129.71301939058191},151.17333722116939,176.45389903392379,206.26908840591614,"<--  =(G15+G16+G19)*(1-$B$10)+G45+SUM(G46:G48)"]
["CONSOLIDATED STATEMENT OF CASH FLOWS:  RECONCILING THE CASH BALANCES",null,null,null,null,null,null,"<--  "]
["     Cash flow from operating activities",null,null,null,null,null,null,"<--  "]
["Profit after tax",null,{"$f":"C22","v":268.43895163008733},{"$f":"D22","v":318.37651886760818},{"$f":"E22","v":378.32792013817271},{"$f":"F22","v":449.60247792182741},{"$f":"G22","v":534.46878422603731},"<--  =G22"]
["Add back depreciation",null,{"$f":"-C19","v":124.21052631578948},{"$f":"-D19","v":155.81163434903047},{"$f":"-E19","v":194.44443796471788},{"$f":"-F19","v":241.59016827679343},{"$f":"-G19","v":299.03418599014014},"<--  =-G19"]
["Adjust for changes in net working capital:",null,null,null,null,null,null,"<--  "]
["     Subtract increase in current assets",null,{"$f":"-(C28-B28)","v":20},{"$f":"-(D28-C28)","v":-36},{"$f":"-(E28-D28)","v":-43.199999999999989},{"$f":"-(F28-E28)","v":-51.839999999999975},{"$f":"-(G28-F28)","v":-62.20799999999997},"<--  =-(G28-F28)"]
["     Add back increase in current liabilities",null,{"$f":"C35-B35","v":16},{"$f":"D35-C35","v":19.200000000000003},{"$f":"E35-D35","v":23.040000000000006},{"$f":"F35-E35","v":27.647999999999996},{"$f":"G35-F35","v":33.177599999999984},"<--  =G35-F35"]
["Net cash from operating activities",null,{"$f":"SUM(C55:C59)","v":428.64947794587681},{"$f":"SUM(D55:D59)","v":457.38815321663861},{"$f":"SUM(E55:E59)","v":552.61235810289054},{"$f":"SUM(F55:F59)","v":667.00064619862098},{"$f":"SUM(G55:G59)","v":804.47257021617747},"<--  =SUM(G55:G59)"]
[null,null,null,null,null,null,null,"<--  "]
["     Cash flow from investing activities",null,null,null,null,null,null,"<--  "]
["Aquisitions of fixed assets--capital expenditures",null,{"$f":"-(C30-B30)","v":-284.21052631578959},{"$f":"-(D30-C30)","v":-347.81163434903033},{"$f":"-(E30-D30)","v":-424.84443796471783},{"$f":"-(F30-E30)","v":-518.07016827679354},{"$f":"-(G30-F30)","v":-630.81018599013987},"<--  =-(G30-F30)"]
["Purchases of investment securities",null,0,0,0,0,0,"<--  0"]
["Proceeds from sales of investment securities",null,0,0,0,0,0,"<--  0"]
["Net cash used in investing activities",null,{"$f":"SUM(C63:C65)","v":-284.21052631578959},{"$f":"SUM(D63:D65)","v":-347.81163434903033},{"$f":"SUM(E63:E65)","v":-424.84443796471783},{"$f":"SUM(F63:F65)","v":-518.07016827679354},{"$f":"SUM(G63:G65)","v":-630.81018599013987},"<--  =SUM(G63:G65)"]
[null,null,null,null,null,null,null,"<--  "]
["     Cash flow from financing activities",null,null,null,null,null,null,"<--  "]
["Net proceeds from borrowing activities",null,{"$f":"C36-B36","v":0},39.392264751152197,61.396039930913844,75.870761039086346,93.572007886981169,"<--  =G36-F36"]
["Net proceeds from stock issues, repurchases",null,0,0,0,0,0,"<--  =G37-F37"]
["Dividends paid",null,{"$f":"C23","v":-134.21947581504367},{"$f":"D23","v":-159.18825943380409},{"$f":"E23","v":-189.16396006908636},{"$f":"F23","v":-224.80123896091371},{"$f":"G23","v":-267.23439211301866},"<--  =G23"]
["Net cash from financing activities",null,{"$f":"SUM(C69:C71)","v":-134.21947581504367},{"$f":"SUM(D69:D71)","v":-119.79599468265189},{"$f":"SUM(E69:E71)","v":-127.76792013817251},{"$f":"SUM(F69:F71)","v":-148.93047792182736},{"$f":"SUM(G69:G71)","v":-173.66238422603749},"<--  =SUM(G69:G71)"]
[null,null,null,null,null,null,null,"<--  "]
["Net increase in cash and cash equivalents",null,{"$f":"C72+C66+C60","v":10.219475815043552},{"$f":"D72+D66+D60","v":-10.219475815043609},{"$f":"E72+E66+E60","v":0},{"$f":"F72+F66+F60","v":0},{"$f":"G72+G66+G60","v":0},"<--  =G72+G66+G60"]
["Check:  changes in cash and mkt. securities",null,{"$f":"C27-B27","v":-69.780524184956448},{"$f":"D27-C27","v":-10.219475815043552},{"$f":"E27-D27","v":0},{"$f":"F27-E27","v":0},{"$f":"G27-F27","v":0},"<--  =G27-F27"]
[null,null,"**Won't be even due to comparison to pre-forecast period"]