Homework Answers
| INCOME STATEMENT | |||
| 2017 | Projections 2018 | ||
| Sales | $ 61,15,82,000 | +20% | $ 73,38,98,400 |
| Cost of goods sold | $ 43,10,06,000 | +20% | $ 51,72,07,200 |
| Selling, general and administrative | $ 7,30,85,700 | +20% | $ 8,77,02,840 |
| Depreciation | $ 1,99,58,400 | $ 2,40,82,637 | |
| EBIT | $ 8,75,31,900 | $ 10,49,05,723 | |
| Interest expense | $ 1,10,00,900 | $ 1,32,01,080 | |
| EBT | $ 7,65,31,000 | $ 9,17,04,643 | |
| Taxes [40%] | $ 3,06,12,400 | $ 3,66,81,857 | |
| Net income | $ 4,59,18,600 | $ 5,50,22,786 | |
| Dividends [37.84%] | $ 1,73,74,500 | $ 2,08,20,622 | |
| Addn: to retained earnings | $ 2,85,44,100 | $ 3,42,02,164 | |
| BALANCE SHEET | |||
| Assets | |||
| 2017 | Projections 2018 | ||
| Current assets: | |||
| Cash and equivalents | $ 1,11,19,700 | +20% | $ 1,33,43,640 |
| Accounts receivable | $ 1,86,81,500 | +20% | $ 2,24,17,800 |
| Inventory | $ 2,01,49,650 | +20% | $ 2,41,79,580 |
| Other | $ 11,72,200 | +20% | $ 14,06,640 |
| Total current assets | $ 5,11,23,050 | $ 6,13,47,660 | |
| Fixed assets: | |||
| Property, plant and equipment | $ 45,75,09,600 | +95000000 | $ 55,25,09,600 |
| Less: Accumulated depreciation | $ -11,38,45,900 | $ -13,79,28,537 | |
| Net property, plant and equipment | $ 34,36,63,700 | $ 41,45,81,063 | |
| Intangible assets and others | $ 67,72,000 | $ 67,72,000 | |
| Total fixed assets | $ 35,04,35,700 | $ 42,13,53,063 | |
| Total assets | $ 40,15,58,750 | $ 48,27,00,723 | |
| Total liabiities & shareholders' equity | |||
| Current liabilities: | |||
| Accounts payable | $ 4,44,61,550 | +20% | $ 5,33,53,860 |
| Accrued expenses | $ 61,23,200 | +20% | $ 73,47,840 |
| Total current liabilities | $ 5,05,84,750 | $ 6,07,01,700 | |
| Long term debt | $ 16,92,60,000 | $ 20,60,82,859 | |
| Total long term liabilities | $ 16,92,60,000 | $ 20,60,82,859 | |
| Total liabilities | $ 21,98,44,750 | $ 26,67,84,559 | |
| Stockholders' equity: | |||
| Preferred stock | $ 19,70,000 | $ 19,70,000 | |
| Common stock | $ 3,75,83,700 | $ 3,75,83,700 | |
| Capital surplus | $ 2,81,16,300 | $ 2,81,16,300 | |
| Accumulated retained earnings | $ 16,15,64,000 | $ 19,57,66,164 | |
| Less: Treasury stock | $ -4,75,20,000 | $ -4,75,20,000 | |
| Total equity | $ 18,17,14,000 | $ 21,59,16,164 | |
| Total liabilities and stockholders' equity | $ 40,15,58,750 | $ 48,27,00,723 | |
| EXTERNAL FINANCING REQUIRED = 206084559-169260000 = | $ 3,68,24,559 | ||
| WORKINGS: | |||
| Rate of depreciation for 2017 = 19958400/(343663700+19958400) = | 5.49% | ||
| Depreciation for 2018 = (343663700+95000000)*5.49% = | $ 2,40,82,637 |
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EAST COAST YACHTS 2017 Income Statement Sales $611.582.000 Cost of goods sold 431,006,000 Selling, general, and...
After Dan’s analysis of East Coast Yachts’ cash flow (at the end of our previous chapter),...
After Dan’s analysis of East Coast Yachts’ cash flow (at the end of our previous chapter), Larissa approached Dan about the company’s performance and future growth plans. First, Larissa wants to find out how East Coast Yachts is performing relative to its peers. Additionally, she wants to find out the future financing necessary to fund the company’s growth. In the past, East Coast Yachts experienced difficulty in financing its growth plan, in large part because of poor planning. In fact,...
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RATIOS AND FINANCIAL PLANNING AT EAST COAST YACHTS Dan Ervin was recently hired by East Coast...
RATIOS AND FINANCIAL PLANNING AT EAST COAST
YACHTS
Dan Ervin was recently hired by East Coast Yachts to
assist the company with its short-term financial planning and also
to evaluate the company’s financial performance. Dan graduated from
college five years ago with a finance degree, and he has been
employed in the treasury department of a Fortune 500 company since
then.
East Coast Yachts was founded 10 years ago by Larissa
Warren. The company’s operations are located near Hilton Head...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales...
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Sales revenue 350,200
Cost of goods sold 141,800
Fixed costs 42,800
Selling, general, and administrative expenses
28,100
Depreciation 45,900
ASSETS
LIABILITIES
Cash 16,200 Notes payable
14,100
Accounts receivable 27,900 Accounts
payable 19,100
Inventories 47,900 Long-term
debt 189,900
Fixed assets 367,800 OWNERS'
EQUITY
Accumulated depreciation 140,100 Retained
earnings
Intangible assets 81,800 Common
stock 131,900
ASSETS
LIABILITIES
Cash 25,900 Notes payable
11,800
Accounts receivable 18,900 Accounts
payable 23,800
Inventories 52,800 Long-term
debt 162,100
Fixed assets 447,900 OWNERS'
EQUITY
Accumulated depreciation ...
The third picture is the question the 2 first are the informations
the third picture is the question the 2 first are the
informations
We were unable to transcribe this imageEAST COAST YACHTS 2010 Balance Sheet Current liabilities S 24,546,000 Current assets 11,232,000 Accounts payable Cash and equivalents Accounts receivable Inventories Other 0,208,000 Notes payable 22,656,000 Accrued expenses 6,185,000 S 49,456,000 184,000 Total current liabilities 55,280,000 $146,560,000 $146,560,000 Total current assets Long-term debt Fixed assets Total long-term liabilities $462,030,000 (114,996,000) Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment...
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TH Data Table Partial Income Statement Year Ending 2017 Sales revenue $349,800 Cost of goods sold $141,800 Fixed costs $43,200 Selling, general, and administrative expenses $28,100 Depreciation $46,200 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Cash $14,000 $19,100 $190,000 Accounts receivable Inventories $15,800 Notes payable $28,200 Accounts payable $47,800 Long-term debt $368,000 OWNERS' EQUITY $142,600 Retained earnings $82,000 Common stock Fixed assets Accumulated depreciation Intangible assets $132,000...
2018 2017 Income Statement Information Sales revenue Cost of goods sold Net income $ $ 10,440,000...
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Income Statement Year 2019 2020 Net Revenue 140,000 - Cost of Goods Sold 70,000 - Depreciation...
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CASH FLOWS AT EAST COAST YACHTS Because of the dramatic growth at East Coast Yachts, Larissa decided that the company should be reorganized as a corporation (see our Chapter 1 Closing Case for more detail). Time has passed and, today, the company is publicly traded under the ticker symbol ECY Dan Ervin was recently hired by East Coast Yachts to assist the company with its short-term financial planning and also to evaluate the company's financial performance. Dan graduated from college...
RATIOS AND FINANCIAL PLANNING AT EAST COAST
YACHTS
Dan Ervin was recently hired by East Coast Yachts to
assist the company with its short-term financial planning and also
to evaluate the company’s financial performance. Dan graduated from
college five years ago with a finance degree, and he has been
employed in the treasury department of a Fortune 500 company since
then.
East Coast Yachts was founded 10 years ago by Larissa
Warren. The company’s operations are located near Hilton Head...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales of securities Income before interest and taxes Interest expense Income before taxes Income tax expense Net income Retained earnings, January 1, 2017 $542,825 (435,550) $107,275 $(65,830) (310) $41,135 (9,220) $31,915 (12,766) $19,149 58,615 $77,764 (12,149) $65,615 Dividends paid on common stock Retained earnings, December 31, 2017 December 31, 2016 Heartland Inc. Comparative Statements of Financial Position (thousands omitted) December 31, 2017 Assets Current assets:...
Sales revenue 350,200
Cost of goods sold 141,800
Fixed costs 42,800
Selling, general, and administrative expenses
28,100
Depreciation 45,900
ASSETS
LIABILITIES
Cash 16,200 Notes payable
14,100
Accounts receivable 27,900 Accounts
payable 19,100
Inventories 47,900 Long-term
debt 189,900
Fixed assets 367,800 OWNERS'
EQUITY
Accumulated depreciation 140,100 Retained
earnings
Intangible assets 81,800 Common
stock 131,900
ASSETS
LIABILITIES
Cash 25,900 Notes payable
11,800
Accounts receivable 18,900 Accounts
payable 23,800
Inventories 52,800 Long-term
debt 162,100
Fixed assets 447,900 OWNERS'
EQUITY
Accumulated depreciation ...
the third picture is the question the 2 first are the
informations
We were unable to transcribe this imageEAST COAST YACHTS 2010 Balance Sheet Current liabilities S 24,546,000 Current assets 11,232,000 Accounts payable Cash and equivalents Accounts receivable Inventories Other 0,208,000 Notes payable 22,656,000 Accrued expenses 6,185,000 S 49,456,000 184,000 Total current liabilities 55,280,000 $146,560,000 $146,560,000 Total current assets Long-term debt Fixed assets Total long-term liabilities $462,030,000 (114,996,000) Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment...
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TH Data Table Partial Income Statement Year Ending 2017 Sales revenue $349,800 Cost of goods sold $141,800 Fixed costs $43,200 Selling, general, and administrative expenses $28,100 Depreciation $46,200 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Cash $14,000 $19,100 $190,000 Accounts receivable Inventories $15,800 Notes payable $28,200 Accounts payable $47,800 Long-term debt $368,000 OWNERS' EQUITY $142,600 Retained earnings $82,000 Common stock Fixed assets Accumulated depreciation Intangible assets $132,000...
2018 2017 Income Statement Information Sales revenue Cost of goods sold Net income $ $ 10,440,000 6,827,760 360,000 8,400,000 5,900,000 248,000 Balance Sheet Information Current assets Long-term assets $ 1,600,000 2,200,000 $ 1,500,000 1,900,000 Total assets $ 3,800,000 $ 3,400,000 $ Current liabilities Long-term liabilities Common stock Retained earnings 1.200,000 1,500,000 800,000 300,000 900.000 1,500,000 800,000 200,000 Total liabilities and stockholders' equity 3,800,000 $ 3,400,000 Required: 1. Calculate the following profitability ratios for 2018 (Round your answers to 1 decimal...
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