Cooperate Finance Ch2

1 | Sunset Boards | | 2010 Income Statements | | $ (Thousands) | | | | | Net Sales | $321,437.00 | | COGS | $(163,849.00) | | S&A | $(32,223.00) | | Depreciation | $(46,255.00) | | EBIT | $79,110.00 | | Interest | $(10,056.00) | | Taxable Income | $69,054.00 | | Tax (20%) = 13,810.2 | $(13,810.80) | | Net Income | $55,243.20 | | | | | Retained Earnings | $27,621.60 | | Dividents | $27,621.60 | | | | | Sunset Boards | | | 2011 Income Statements | | | $ (Thousands) | | | | | | Net Sales | $391,810.00 | | COGS | $(206,886.00) | | S&A | $(42,058.00) | | Depreciation | $(52,282.00) | | EBIT | $90,584.00 | | Interest | $(11,526.00) | | Taxable Income | $79,058.00 | | Tax (20%) = 15,811.6 | $(15,811.60) | | Income | $63,246.40 | | | | | Retained Earnings (2010) | $27,621.60 | | Retained Earnings (2011) | $31,623.20 | | Total Retained Earnings | $59,244.80 | | | | | | | | Dividends | $31,623.20 | 2 | Sunset Boards Inc | | Balance Sheet of 2010 | | Assets | 2010 | 2011 | | Current Assets | | | | Cash | $23,643.00 | $35,721.00 | | Accounts Receivable | $16,753.00 | $21,732.00 | | Inventory | $32,255.00 | $43,381.00 | | Total | $72,651.00 | $100,834.00 | | | | | | Fixed Assets | | | | Net Fixed Assets | $204,068.00 | $248,625.00 | | Total Assets | $276,719.00 | $349,459.00 | | | | | | | | | | Liabilities and Owner's Equity | 2010 | 2011 | | Current Liability: | | | | Accounts Payable | $42,786.00 | $47,325.00 | | Notes Payable | $19,046.00 | $20,796.00 | | Total | $60,832.00 | $68,121.00 | | | | | | Long-term Debt: | $103,006.00 | $116,334.00 | | | | | | Owner's Equity | $85,259.40 | $105,759.40 | | Retained Earnings | $27,621.60 |