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Statement of Cash Flow Summary for Vandelay Farms Pro farma Cash flows from operating activities 2018 Cash received from farm production and govt. payments Cash recelved from net nonfarm income 27,552 29,206 619,571 Bd for operating expenses Cash paid for interest on operating loans Cash paid for interest on term loans Cash paid for feed and market livestock Cash paid for ather items purchased for resae Cash paid for income and social security taxes Cash withdrawals for family I 8,277 19,221 82,521 7,506 0,739 9,911 60,847 543,842 547,159 Net cash flows provided by operating activities Cash flows from investing activities Cash recelved on sale of machinery,equipment and real estate Cash recelved from sale of breeding lvestock Cash recelved from withdrawals of savings, marketable securities, personal Cash paid to Cash paid for purchase of breeding livestock Cash paid for deposits to savings accounts, marketable securities, personal purchase machinery, equipment, and real estate 0,159 47,038 47,038 2,500 22,798 Net cash flows from investing activities Cash flows from financing acthities Proceeds from operating loans and short term notes Proceeds from debt financing Cash recelved from 15,789 capital contributions 15,789 121,793 Cash repayment of operating and short-term loans Cash repayment of term debt and capital leases-scheduled Cash repayment of term debt and capital leases-unscheduled Cash payment 13,789 4,178 24,795 12,432 ts of dividends and other capital distributions 39,753 39,753 28,976 92,817 Net cash flaws from financing activities 22,766 Net increase (decrease in cash flows Beginning of year cash balance End of year cash balance 13,545 12,780 12,780 18,154

  1. Calculate all of the missing performance measures in the sheet “Performance Measures for Vandelay Farms" seen below. “CF” is the statement of cash flow summary for Vandelay Farms. Based on the performance ratios, is Vandelay Farms in any kind of financial trouble? Why or why not?

Performance Measures for Vandelay Farms Historica 2015 Pro forma 2018 Profitability 2014 2016 2017 Rate-of-return on farm assets Rate-of-return on farm equity Cost of farm debt Operating profit margin ratio Net farm income before taxes Liquidity Current ratio Working capital Working capital to VFP 1.357125 1.3344361.33518 1.324723 1.328416 76,510.00 72,559.00 72,830.00 71,075.00 72,128.00 0.15 0.16 0.15 0.15 0.15 Solvency Farm debt-to-farm equity ratio Farm debt-to-farm asset ratio Farm equity-to-farm asset ratio 1.06507 1.066896 1.068856 1.069491 1.064236 0.515755 0.516183 0.516641 0.516789 0.515559 0.484245 0.483817 0.483359 0.483211 0.484441 Coverage and repayment capacity Interest coverage ratio Term debt and capital lease coverage ratio Replacement margin ratio Capital debt repayment capacity Capital debt repayment margin Replacement margin Financial efficiency Asset turnover ratio Operating expense ratio Deprecation expense ratio Interest expense ratio Net farm income from operations ratio

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Particulars Historical Proforma
Formulae 2014 2015 2016 2017 2018
Profitability
Rate of return on farm assets Net farm income before taxes/Farm assets 3.06% 3.77% 3.57% 4.00% 3.87%
Rate of return on farm equity Net farm income before taxes/Farm equity 6.32% 7.80% 7.38% 8.28% 7.98%
Cost of farm debt interest expense/(non-real estate debt + real estate debt) 10.41% 10.79% 11.30% 10.73% 10.81%
Operating profit margin ratio EBIT/Sales 14.07% 15.87% 15.66% 16.18% 15.87%
Net farm income before taxes Net farm income before taxes 33079 40875 38730 43389 42069
Financial efficency
Asset turnover ratio Turnover / assets 42.19% 42.36% 42.61% 42.68% 42.78%
Operating expense ratio Operating expense/Turnover 80.08% 79.11% 78.95% 78.24% 78.17%
Depreciation expense ratio Depreciation/Turnover 5.84% 5.03% 5.39% 5.58% 5.95%
Interest expense ratio Interest expense/Turnover 7.21% 7.43% 7.72% 7.29% 7.30%
Net farm income from operations ratio Net farm income from operations/turnover 14.07% 15.87% 15.66% 16.18% 15.87%
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