Net Devices Inc. The following balance sheets and income statements are for Net Devices Inc., a...
Net Devices Inc.
The following balance sheets and income statements are for Net
Devices Inc., a manufacturer of small electronic devices, including
calculators, personal digital assistants and mp3 players. For
purposes of these questions assume that the company has an
effective tax rate of 35%.
BALANCE SHEETS
| ASSETS ($ in thousands) | |||
| Fiscal year end | 2011 | 2010 | 2009 |
| Cash | $875,650 | $571,250 | $154,230 |
| Marketable securities | 6,560 | 0 | 0 |
| Receivables | 771,580 | 775,250 | 902,000 |
| Inventories | 1,320,150 | 1,254,600 | 1,418,500 |
| Other current assets | 249,000 | 231,200 | 229,900 |
| Total current assets | 3,222,940 | 2,832,300 | 2,704,630 |
| Property, plant & equipment | 1,118,750 | 1,100,300 | 1,122,400 |
| Intangibles | 263,050 | 241,000 | 215,600 |
| Deposits & other assets | 184,500 | 168,250 | 168,900 |
| Total assets | $4,789,240 | $4,341,850 | $4,211,530 |
| LIABILITIES ($ in thousands) | |||
| Fiscal year end | 2011 | 2010 | 2009 |
| Accounts payable | $1,178,540 | $1,061,100 | $1,138,250 |
| Current long term debt | 18,100 | 316,500 | 150,900 |
| Accrued expenses | 664,100 | 615,900 | 585,400 |
| Income taxes payable | 138,900 | 108,400 | 38,200 |
| Other current liabilities | 0 | 0 | 0 |
| Total current liabilities | 1,999,640 | 2,101,900 | 1,912,750 |
| Long term debt | 478,250 | 378,400 | 599,630 |
| Other long term liabilities | 13,350 | 0 | 0 |
| Total liabilities | 2,491,240 | 2,480,300 | 2,512,380 |
| Preferred stock | 850,000 | 850,000 | 550,000 |
| Common stock net | 4,000 | 3,950 | 3,800 |
| Additional Paid-in Capital | 869,000 | 758,000 | 689,500 |
| Retained earnings | 1,430,500 | 1,055,000 | 1,245,050 |
| Treasury stock | (855,500) | (805,400) | (789,200) |
| Shareholders' equity | 2,298,000 | 1,861,550 | 1,699,150 |
| Total Liab. & Equity | $4,789,240 | $4,341,850 | $4,211,530 |
| INCOME STATEMENTS ($ in thousands) | ||
| Fiscal year end | 2011 | 2010 |
| Net sales | $11,455,500 | $11,082,100 |
| Cost of Goods Sold | (8,026,450) | (7,940,065) |
| Gross profit | 3,429,050 | 3,142,035 |
| Selling, general & admin. Exp. | (1,836,400) | (1,789,200) |
| Income before deprec. & amort. | 1,592,650 | 1,352,835 |
| Depreciation & amortization | (785,250) | (757,250) |
| Interest expense | (46,195) | (43,340) |
| Income before tax | 761,205 | 552,245 |
| Provision for income taxes | (157,725) | (112,290) |
| Minority interest | -- | -- |
| Net income | $603,480 | $439,955 |
| Outstanding shares (in thousands) | 308,515 | 303,095 |
| Preferred Dividends (in thousands) | $85,000 | $85,000 |
Refer to the information for Net Devices Inc. What
is the inventory turnover for Net Devices for 2011?
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Homework Answers
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Net Devices Inc.
The following balance sheets and income statements are for Net
Devices Inc., a...
Net Devices Inc. The following balance sheets and income statements are for Net Devices Inc., a...
Net Devices Inc. The following balance sheets and income statements are for Net Devices Inc., a manufacturer of small electronic devices, including calculators, personal digital assistants and mp3 players. For purposes of these questions assume that the company has an effective tax rate of 35%. BALANCE SHEETS ASSETS ($ in thousands) Fiscal year end 2011 2010 2009 Cash $875,650 $571,250 $154,230 Marketable securities 6,560 0 0 Receivables 771,580 775,250 902,000 Inventories 1,320,150 1,254,600 1,418,500 Other current assets 249,000 231,200 229,900...
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the start of the year.
a) Return on assets. The tax rate is 34.5%
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