Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

current portion of long debt is 22 Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a

image text in transcribed

current portion of long debt is 22
Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply, Inc.; swimming pool builders; and retail swimming pool stores. The majority of these customers are small, family- owned businesses like Penny's. Its trial balance and additional information adapted from a recent year ended December 31 are presented below. All numbers are in thousands. Cash and cash equivalents Accounts payable Product inventories, net Net sales Prepaid expenses and other assets Property, plant and equipment, net Intangible assets Selling and administrative expenses Current portion of long-term debt Other noncurrent assets, net Accrued expenses and other current liabilities Other long-term liabilities Additional paid-in capital Provision for income taxes Common stock Cost of sales Retained earnings Interest expense Long-term debt Receivables, net $17,487 $177,437 386,924 1,793,318 23,035 41,394 188,841 406,523 2 Cut 30,386 53,398 40,719 173,180 45,319 47 1,261,782 34,526 7.755 247,300 110,555 Required: 1. Prepared a classified consolidated statement of income (with earnings per share) and consolidated balance sheet for the current year. Number of shares outstanding used in computation of earnings per share was 48,158. 2. Compute gross profit percentage and return on assets. Total assets at the beginning of the year was $728,545. Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply, Inc.; swimming pool builders; and retail swimming pool stores. The majority of these customers are small, family- owned businesses like Penny's. Its trial balance and additional information adapted from a recent year ended December 31 are presented below. All numbers are in thousands. Cash and cash equivalents Accounts payable Product inventories, net Net sales Prepaid expenses and other assets Property, plant and equipment, net Intangible assets Selling and administrative expenses Current portion of long-term debt Other noncurrent assets, net Accrued expenses and other current liabilities Other long-term liabilities Additional paid-in capital Provision for income taxes Common stock Cost of sales Retained earnings Interest expense Long-term debt Receivables, net $17,487 $177,437 386,924 1,793,318 23,035 41,394 188,841 406,523 2 Cut 30,386 53,398 40,719 173,180 45,319 47 1,261,782 34,526 7.755 247,300 110,555 Required: 1. Prepared a classified consolidated statement of income (with earnings per share) and consolidated balance sheet for the current year. Number of shares outstanding used in computation of earnings per share was 48,158. 2. Compute gross profit percentage and return on assets. Total assets at the beginning of the year was $728,545

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Brazilian Economy Confronting Structural Challenges

Authors: Edmund Amann

1st Edition

0367245272, 9780367245276

More Books

Students also viewed these Accounting questions

Question

What is the goal of the use of Ajax in a Web application?

Answered: 1 week ago