5. The following balance sheet and income statement pertain to Goode Corp, using the following assumptions complete a forecasted 2013 income statement Assumptions for 2013: Revenue growth rate COGS Operating expenses Interest expense Tax rate 45% 70% of sales 18% of sales 12% of beginning long-term debt Goode Corp. Consolidated Statement of Income (Thousands except per share amounts) Net Revenues Cost of Revenue SG&A 35% 2012 $345.871 (226.546) (83.009) 2018 Cengage May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part Operating Income Interest Expense Income Before Income Taxes Income taxes Net Income Goode Corp Consolidated Balance Sheet (Thousands) Current Assets Cash and Equivalents Merchandise inventory Accounts receivable PPE (including intangibles), net Total Assets Liabilities and Stockholders' Equity 36.316 (484) 35.832 (12.541) $23.291 2012 7.905 6.308 6.614 39,458 60.285 Accounts payable Long-term debt Shareholders' Equity Common stock and APIC 9.643 13.500 28.613 Retained earnings Total Liabilities and Shareholders' Eq 8.529 60.285 ANS: Goode Corp. Consolidated Statements of Income (Thousands except per share amounts) 2013 2012 Net Revenues 501,513 $345.871 Cost of Goods Sold (351,059) (226.546) SG&A (90.272) (83,009) Operating Income 60,182 36.316 Interest Expense (1.620) (484) Income Before Income Taxes 58.562 35.832 Income taxes (20.497) (12.541) Net Income $38.065 $23,291 10-7