Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If Company X has a share price of $80.50 and there are 3.014 million shares outstanding, What is the net income in 2023? Company X
If Company X has a share price of $80.50 and there are 3.014 million shares outstanding,
What is the net income in 2023?
| Company X Balance Sheet | Company X Income Statement | |||||||||||
| Period Ending: | 1/1/2023 | 1/1/2022 | 1/1/2021 | 1/2/2020 | Period Ending: | 1/1/2023 | 1/1/2022 | 1/1/2021 | 1/2/2020 | |||
| Current Assets | Total Revenue | $485,873,000 | $482,130,000 | $485,651,000 | $476,294,000 | |||||||
| Cash and Cash Equivalents | $6,867,000 | $8,705,000 | $9,135,000 | $7,281,000 | Cost of Revenue | $361,256,000 | $360,984,000 | $365,086,000 | $358,069,000 | |||
| Short-Term Investments | $0 | $0 | $0 | $0 | Gross Profit | $124,617,000 | $121,146,000 | $120,565,000 | $118,225,000 | |||
| Net Receivables | $5,835,000 | $5,624,000 | $6,778,000 | $6,677,000 | Operating Expenses | |||||||
| Inventory | $43,046,000 | $44,469,000 | $45,141,000 | $44,858,000 | Research and Development | $0 | $0 | $0 | $0 | |||
| Other Current Assets | $1,941,000 | $1,441,000 | $2,224,000 | $2,369,000 | Sales, General and Admin. | $101,853,000 | $97,041,000 | $93,418,000 | $91,353,000 | |||
| Total Current Assets | $57,689,000 | $60,239,000 | $63,278,000 | $61,185,000 | Non-Recurring Items | $0 | $0 | $0 | $0 | |||
| Long-Term Assets | Other Operating Items | $0 | $0 | $0 | $0 | |||||||
| Long-Term Investments | $0 | $0 | $0 | $0 | Operating Income | $22,764,000 | $24,105,000 | $27,147,000 | $26,872,000 | |||
| Fixed Assets | $114,178,000 | $116,516,000 | $116,655,000 | $117,907,000 | Add'l income/expense items | $100,000 | $81,000 | $113,000 | $119,000 | |||
| Goodwill | $17,037,000 | $16,695,000 | $18,102,000 | $19,510,000 | Earnings Before Interest and Tax | $22,864,000 | $24,186,000 | $27,260,000 | $26,991,000 | |||
| Intangible Assets | $0 | $0 | $0 | $0 | Interest Expense | $2,367,000 | $2,548,000 | $2,461,000 | $2,335,000 | |||
| Other Assets | $9,921,000 | $6,131,000 | $5,455,000 | $6,149,000 | Earnings Before Tax | $20,497,000 | $21,638,000 | $24,799,000 | $24,656,000 | |||
| Deferred Asset Charges | $0 | $0 | $0 | $0 | Income Tax | $6,204,000 | $6,558,000 | $7,985,000 | $8,105,000 | |||
| Total Assets | $198,825,000 | $199,581,000 | $203,490,000 | $204,751,000 | Minority Interest | ($650,000) | ($386,000) | ($736,000) | ($673,000) | |||
| Current Liabilities | Equity Earnings/Loss Unconsolidated Subsidiary | $0 | $0 | $0 | $0 | |||||||
| Accounts Payable | $63,008,000 | $58,615,000 | $58,583,000 | $57,174,000 | Net Income-Cont. Operations | $14,293,000 | $15,080,000 | $16,814,000 | $16,551,000 | |||
| Short-Term Debt / Current Portion of Long-Term Debt | $3,920,000 | $6,004,000 | $6,670,000 | $12,082,000 | Net Income | $13,643,000 | $14,694,000 | $16,363,000 | $16,022,000 | |||
| Other Current Liabilities | $0 | $0 | $0 | $89,000 | Net Income Applicable to Common Shareholders | $13,643,000 | $14,694,000 | $16,363,000 | $16,022,000 | |||
| Total Current Liabilities | $66,928,000 | $64,619,000 | $65,253,000 | $69,345,000 | ||||||||
| Long-Term Debt | $42,018,000 | $44,030,000 | $43,495,000 | $44,559,000 | ||||||||
| Other Liabilities | $0 | $0 | $0 | $0 | ||||||||
| Deferred Liability Charges | $9,344,000 | $7,321,000 | $8,805,000 | $8,017,000 | ||||||||
| Misc. Stocks | $0 | $0 | $0 | $1,491,000 | ||||||||
| Minority Interest | $2,737,000 | $3,065,000 | $4,543,000 | $5,084,000 | ||||||||
| Total Liabilities | $121,027,000 | $119,035,000 | $122,096,000 | $128,496,000 | ||||||||
| Stock Holders Equity | ||||||||||||
| Common Stocks | $305,000 | $317,000 | $323,000 | $323,000 | ||||||||
| Capital Surplus | $2,371,000 | $1,805,000 | $2,462,000 | $2,362,000 | ||||||||
| Retained Earnings | $89,354,000 | $90,021,000 | $85,777,000 | $76,566,000 | ||||||||
| Treasury Stock | $0 | $0 | $0 | $0 | ||||||||
| Other Equity | ($14,232,000) | ($11,597,000) | ($7,168,000) | ($2,996,000) | ||||||||
| Total Equity | $77,798,000 | $80,546,000 | $81,394,000 | $76,255,000 | ||||||||
| Total Liabilities & Equity | $198,825,000 | $199,581,000 | $203,490,000 | $204,751,000 | ||||||||
Step by Step Solution
★★★★★
3.51 Rating (161 Votes )
There are 3 Steps involved in it
Step: 1
Okay here are the steps to solve this 1 We are given that Company X has ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
8th Edition
1285190904, 978-1305176348, 1305176340, 978-1285190907
