CHO Problem 12-898 Preparing Common Size Statements The financial statements for Richardson Socks Company follow Richardson Socks Company Consolidated Income Statements (in thousands, except per share data) ROM RE do Year ended December 31, 2019 2018 2017 Revenues $4,102,721 $3,652,412 $3,178,569 Costs and expenses Death.de Cost of goods sold $2,256,236 $2,234,985 $1,952,123 Selling and administrative 927,412 653,986 598,236 Interest 23,974 32,596 31,853 INAL Other expenses (income) 1,925 2,254 NAL docx (102) Total costs and expenses $3,209,547 $2,923,821 $2.582.110 Income before income taxxes 893,174 $728,591 $596,459 Income taxes 247,692 183,456 163.524 Net income s645,482 $545,135 $432,935 Check My Work 5 more Check My Work uses remaining Previous Email Instructor Save and Exit Submit Assignment for Grading w x MacBook Pro & 5 6 7 O delet- T G K ? M A ( Richardson Socks Company Consolidated Balance Sheets (in thousands) December 31, ASSETS 2019 2018 Current assets: Cash and equlvalents $ 301,695 $269,648 Accounts receivable, less allowance for doubtful accounts of 670,469 604,236 $20,568 and $18,322 Inventories 601,396 469,582 Deferred income taxes 23,415 24,397 Prepaid expenses 43,624 36,478 Total current assets $1,640,599 $1,404,341 Property, plant, and equipment $583,152 $501,239 Less accumulated depreciation (206,452) (148,231) Net property, plant, and equipment $376,700 $353,008 IN NA Goodwill 162,325 127,695 Other assets 23,598 29,158 Total assets $2,208,782 $1,908,642 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Curnt nostinn.nf.nnutemdnht Check My Work 5 more Check My Work uses remaining. Previous Email Instructor Save and Exit Submit Assignment for Grading MacBook Pro & 7 P Y Tenewome $5,665 $63,169 Current portion of long-term debt 110,423 112,596 Notes payable 139,364 128,696 Accounts payable 143,874 133,569 Accrued liabilities 23,541 38,972 Income taxes payable $471,876 $427,993 Total current liabilities Rw 83,456 16,254 RE Long-term debt 33,489 31,238 Noncurrent deferred income taxes 46,685 27,434 Other noncurrent liabilities 0 Commitments and contingencies Death 200 Redeemable preferred stock 200 $568,504 $570,321 Total liabilities Stockholders' equity: Common stock at stated value: INAL NAL.de $175 Class A convertible-27,723 and 25,832 shares outstanding $164 3,152 3,120 Class B-49,756 and 47,652 shares outstanding 110,596 96,546 Capital in excess of stated value (8,741) Treasury stock (common at cost) (7,859) 1,535,107 Retained earnings 1,246,339 $1,640,278 $1,338,321 Total stockholders' equity nne.cAn ndnttcnt nal Previous Check My Work 5 more Check My Work uses remaining. Email Instructor Save and Exit Submit Assignment for Grading MacBook Pro E10 & 6 7 de O P Y CO 2. Prepare common size balance sheets to be used for vertical analysis for 2019 and 2018 (in percentage terms, rounded to two decimal places). Percentages may not calculate down because of rounding. You do not need to include the actual dollar amounts shown above. If an answer box does not require an entry enter "0 Richardson Socks Company Consolidated Balance Sheet ASSETS December 31, 2019 December 31, 2018 Current assets Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $20,568 and $18,322 Inventories Deferred income taxes Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation INA Net property, plant, and equipment NAL Goodwill Other assets Total assets LTABILITIES AND STOCHOLDERS EQUITY Current liabilities December 31, 2019 December 31, 2018 Current portion of long-term debt Previous Check My Work 5 more Check My Work uses remaining Email instructor Save and Exit Submit Assignment for Grading w MacBook Pro DO 10 & % 6 P Y O 7
