12/31/2019 12/31/2018 ASSETS 2019 2018 Assets Net Sales $ 945.00 $ 900.00 Current Assets: COGS $ 812.70 $ 774.00 EBITDA $ 132.30 $ 126.00 Cash and equivalents $ 47.25 $ 45.00 Depreciation and amortization $ 33.10 $ 31.50 Short-term investments $ 3.80 $ 3.60 EBIT (operating income) $ 99.20 $ 94.50 Accounts Receivable $ 283.50 $ 270.00 Less: Interest $ 10.40 8.90 nventory $ 141.75 $ 135.00 EBT $ 88.80 $ 85.60 Total $ 476.30 $ 453.60 Taxes (25%) $ 22.20 $ 21.40 NET INCOME $ 66.60 $ 64.20 ixed Assets: Less: Common Stock Dividends $ 43.30 $ 41.23 Net plant and equipment $ 330.75 $ 315.00 Addition to Retained Earnings $ 23.30 $ 22.97 Total assets $ 807.05 $ 768.60 Per share data Common shares (millions) 15 15 12/31/2019 12/31/2018 Common stock price $ 66.00 $ 65.00 LIABILITIES & EQUITY Earnings per share (EPS) $ 4.44 $ 4.28 iabilities and Equity Divdidends per share (DPS) $ 2.89 $ 2.75 Current liabilities: Book value per shares (BVPS) $ 37.19 $ 35.64 Accounts payable $ 94.50 $ 90.00 Accruals $ 47.25 EA 45.00 Additional data Notes Payable $ 17.40 $ 9.00 Tax Rate 25%% 25% Total $ 159.15 $ 144.00 WACC 10.0% 10.0% Days per year 365 365 ong-term bonds $ 90.00 $ 90.00 Total Liabilitys $ 249.15 $ 234.00 Common stock (15M shares) $ 444.60 $ 444.60 Retained Earnings $ 113.30 $ 90.00 Total Common Equity $ 557.90 $ 534.60 otal Liabilities and Equity $ 807.05 $ 768.60Statement of Cash Flows for the Year Ending December 31, 2019 Cash Provided (Used) Operating Activities Net Income before preferred dividends $ 66.60 Adjustments Noncash adjustments Depreciation and amortization $ 33.10 Due to changes in working capital Increase in accounts receivable $ (13.50) Increase in inventories $ (6.75) Increase in accounts payable $ 4.50 Increase in accruals $ 2.25 Net cash provided (used) by operating activities $ 86.20 Investing Activities Cash used to acquire fixed assets $ (48.85) Purchase of short-term investments $ (0.20) Net cash provided (used) by investing activities $ (49.05) Financing Activities Increase in notes payable $ 8.40 Change in bonds outstanding $ Payment of common dividends $ (43.30) Net cash flow from financing activities $ (34.90) Summary Net change in cash $ 2.25 Cash at beginning of year $ 45.00 Cash at end of year $ 47.25 $ 2.25