(LG 20-4) Lake of Egypt Marina Inc. Balance Sheet as of December 31, 2012 and 2013 (in millions of dollars) 2012 2013 Assets Liabilities & Equity 2012 2013 Current assets: Current liabilities: Cash and Accrued marketable wages and securities 5 65 $ 75 taxes $ 43 $ 40 Accounts Accounts receivable Inventory 110 115 payable 80 90 190 200 Notes payable 70 80 Total 5365 $390 Fixed assets: Total Long-term debt: $193 $210 $280 $300 Gross plant and equipment $471 $580 Less: Depreciation 100 110 Net Stockholders' equity: Preferred stock (5 million shares) $5 $5 plant and equipment $371 $470 Common stock and paid-in surplus Other long-term (65 million shares) 65 65 assets 49 50 Total $420 $520 Retained earnings 242 330 Total $312 $400 Total Total liabilities assets $785 $910 and equity $785 $910 Lake of Egypt Marina Inc. Income Statement for Years Ending December 31, 2012 and 2013 (in millions of dollars) Net sales (all credit) Less: Cost of goods sold Gross profits Less: Depreciation and other operating expenses 2012 2013 $432 $515 200 260 232 255 20 22 Earings before interest and taxes (EBIT) Less: Interest Eamings before taxes (EBT) Less: Taxes Net income Less: Preferred stock dividends Net income available to common stockholders Less: Common stock dividends 212 182 #2:! $127 $ 122 Addition to retained earnings $ 57