148 Se B D 1 Build a Model Solution 2 Chapter: 3 3 Problem: 15 4 5 Joshua & White Technologies: December 31 Balance Sheets 6 (Thousands of Dollars) 7 8 Assets 2019 2018 9 Cash and cash equivalents $21,000 $20,000 10 Short-term investments 3,759 3,240 11 Accounts Receivable 52,500 48,000 12 Inventories 84,000 56,000 $161,259 $127,240 13 Total current assets 14 Net fixed assets 15 Total assets 16 17 Liabilities and equity 223,097 200,000 $384.356 $327.240 18 Accounts payable $33,600 $32,000 19 Accruals 12,600 12,000 20 Notes payable 19,929 6.480 21 Total current liabilities $66,129 $50,480 22 Long-term debt 67,662 58,320 23 Total liabilities $133,791 $108,800 24 Common stock 25 Retained Earnings 178,440 178,440 72.125 40,000 26 Total common equity 27 Total liabilities and equity 28 $250,565 $218,440 $384.356 $327.240 $0 29 Joshua & White Technologies December 31 Income Statements 30 (Thousands of Dollars) 31 2019 2018 32 Sales $420,000 $400,000 33 COGS except excluding depr. and am 300,000 298,000 34 Depreciation and Amortization 19,660 18,000 35 Other operating expenses 27,600 22,000 36 EBIT $72,740 $62,000 38 EBT 37 Interest Expense 39 Taxes (25%) 40 Net Income 41 42 Common dividends 43 Addition to retained earnings Build a Model $18,125 $17,262 $32,125 $17,262 5,740 4.460 $67,000 $57,540 16,750 14,385 $50,250 $34.524 Type here to search G 11/26/2018