Costco Industries 2007 and 2008 balance sheets (in thousands of dollars) are shown. (000s) (000s) Costs excluding depreciation and amortization were 85% of sales. Depreciation and amortization were $7,388 TIE = 7.1x BEP = 19.52% The corporate tax rate was 40% The firm's Net Income is $31,386 Costco pays 40% of its net income in dividends. a. Calculate the firm's Sales for the year 2008. b. Calculate the following for the year 2008: i. Changes in accounts payable, accruals, accounts receivable, inventories, notes payable. ii. Increase in long-term debt and increase in common stock iii. Payment of common dividends. c. Use the information from part (b) and construct the statement of cash flows for 2008. Cash used to acquire fixed assets in 2008 was $32,117,000. d. Calculate and analyze the firm's NOPAT for the year 2008.

(000's) 2008 $102,850 103,365 38,444 $244,659 67,165 $311,824 (000's) 2007 $ 89,725 85,527 34,982 $210,234 42,436 $252,670 Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,761 30.477 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157605 $311,824 $ 23,109 22,656 14,217 $ 59,982 63,914 $123,896 90,000 38,774 $128,774 $252,670 (000's) 2008 $102,850 103,365 38,444 $244,659 67,165 $311,824 (000's) 2007 $ 89,725 85,527 34,982 $210,234 42,436 $252,670 Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity $ 30,761 30.477 16,717 $ 77,955 76,264 $154,219 100,000 57,605 $157605 $311,824 $ 23,109 22,656 14,217 $ 59,982 63,914 $123,896 90,000 38,774 $128,774 $252,670