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3-29 Spreading the Financial Statements & 3-30 Calculating Ratios

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3-29 Spreading the Financial Statements & 3-30 Calculating Ratios Lake of Egypt Marina, Inc. Balance Sheet as of December 31, 2007 and 2008 (in millions of dollars) Assets 2015 2014 Liabilities & Equity 2015 2014 Current assets: Current liabilities : Cash and marketable securities $75 $65 Accrued wages and taxes 40 $43 Accounts receivable 115 110 Accounts payable 90 80 Inventory 200 190 Notes payable 80 70 Total $390 $365 Total 210 $193 Fixed assets: Long-term debt: 300 $280 Gross plant and equipment $580 $471 Stockholders’ equity: Less: Depreciation 110 100 Preferred stock (5 million shares) 5 5 Net plant and Equipment $470 $371 Common stock and paid-in surplus 65 65 Other long-term assets 50 49 (65 million shares) Total $520 $420 Retained earnings 330 242 Total $400 $312 Total assets $910 $785 Total liabilities and equity $910 $785 Lake of Egypt Marina, Inc. Income Statement 2015 2014 Net sales (all credit) $515 $432 Less: Cost of goods sold 260 200 Gross profits $255 $232 Less: Depreciation 22 20 Earnings before interest and taxes (EBIT) $233 $212 Less: Interest 33 30 Earnings before taxes (EBT) $200 $182 Less: Taxes 57 55 Net income $143 $127 Less: Preferred stock dividends $5 5 Net income available to common stockholders $138 $122 Less: Common stock dividends $65 $65 Addition to retained earnings $73 $57 Per (common) share data: Earnings per share (EPS) $2.12 $1.88 Dividends per share (DPS) $1.00 $1.00 Book value per share (BV) $6.08 $4.72 Market value (price) per share (MV) $14.75 $12.55

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