Question

Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply, Inc., swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance and additional information adapted from a recent year ended December 31 are presented below. All numbers are in thousands.

Cash and cash equivalents	$	17,487
Receivables, net		110,555
Product inventories, net		386,924
Prepaid expenses and other current assets		23,035
Property and equipment, net		41,394
Intangible assets		188,841
Other noncurrent assets, net		30,386
Accounts payable				$	177,437
Accrued expenses and other current liabilities					53,398
Current portion of long-term debt					22
Long-term debt					247,300
Other long-term liabilities					40,719
Common stock					47
Additional paid-in capital					173,180
Retained earnings					34,526
Net sales					1,793,318
Cost of sales		1,261,728
Selling and administrative expenses		406,523
Interest expense		7,755
Provision for income taxes		45,319
	$	2,519,947		$	2,519,947

Required:

1-a. Prepare a classified income statement (with earnings per share) for the current year. Number of shares outstanding used in computation of earnings per share was 48,158. (Enter your answers in thousands. Round "Basic earnings per share" to 2 decimal places.)

1-b. Prepare a classified balance sheet for the current year. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands.)

Answer 1

Net sales l, 13, 318 less Cost of csales 261,72) 5311S9 operacing Expense seuing and ad wenis hratiu exp 406) 523 operatirs nme CA-6) 125,06 Non operaun or other 755) In b) To tau m-operag CC-D) Bas Earnings share have s ouh tonding 44,悟8 481158

CLASSIFED BALANLE SHEET ASSETS Curvent Asset. Cash and Cah Eqrivaents Recivablec,net 110, 555 336,924 assets 23, b35 538, 001 Produet snuentfes, net Prepaid eXp and othe cuda en t A) Total cuTrent Assers 41, 314 183,8 41 30,3 8b roperty and tqitment Intangble Assets P Oter Nm-cuuent Assetsineh 2 665621 Totau Assets CA+8) A-ccountt payable. Acerued Expen ses andohe cuu ab 5,3& current porhon otng term deot 22. C Total cudent Liabiuhes 230, 85

Long term debt omer tng term ibies 2千子, 300 40, 11 D Total Nm current asbsite 288, 017 512, 8 6 Shareholder's Equity 커5993 Commen ctock 13,18 6 Rerained Eaunina 34,52L 71 8 622 Total Lrabouhes and Equuhas CEF) ppy # HappyCollege Days