Build a Model Chapter: Solution 3 15 Problem: Joshua & White Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets 2019 2018 Cash and cash equivalents $21,000 $20,000 Short-term investments 3,759 3,240 Accounts Receivable 52,500 48,000 Inventories 84.000 56.000 Total current assets $161,259 $127,240 Net fixed assets 223.097 200,000 Total assets $384,356 $327.240 Liabilities and equity Accounts payable $33,600 $32,000 Accruals 12,600 12,000 Notes payable 19.929 6.480 Total current liabilities $66,129 $50,480 Long-term debt 67.662 58,320 Total liabilities $133,791 $108,800 Common stock 178,440 178,440 Retained Earnings 72.125 40.000 Total common equity $250,565 $218.440 Total liabilities and equity $384.356 $327,240 $0 Joshua & White Technologies December 31 Income Statements (Thousands of Dollars) 2019 2018 Sales $420,000 $400,000 COGS except excluding depr. and am 300,000 298,000 Depreciation and Amortization 19,660 18,000 Other operating expenses 27.600 22.000 EBIT $72,740 $62,000 Interest Expense 5.740 4.460 EBT Taxes (25%) Net Income Common dividends Addition to retained earnings $67,000 $57,540 16.750 14.385 $50.250 $34.524 $18,125 $17,262 $32,125 $17,262 11/26/2018