Answered step by step
Verified Expert Solution
Question
1 Approved Answer
MANZANITA Inc. Balance Sheet information (US$ millions) As of December 31 Cash and cash equivalent Accounts receivable Inventories Other current assets 2014 367 1,378 1,260
MANZANITA Inc. Balance Sheet information (US$ millions) As of December 31 Cash and cash equivalent Accounts receivable Inventories Other current assets 2014 367 1,378 1,260 375 3,380 9,105 12,485 689 2,696 3,385 1,932 5,317 4,956 2,212 7,168 12,485 2013 423 1,364 1,015 195 2,997 8,916 11,913 502 3,073 3,575 1,812 5,387 4,956 1,570 6,526 11,913 Total current assets Property and equipment, net Total assets Account payable Other current liabilities Total current liabilities Long-term debt Total liabilities Common stock and paid in capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Income Statement Information (US$ millions) For Years Ended December 31 Sales Cost of goods sold Depreciation expense Selling, general, and administrative expense Interest expense Income tax expense Net income 2014 13,038 6,633 417 4,968 93 185 742 2013 12,483 6,441 357 ,911 54 144 576 Notes The LIFO reserves as of December 31 2014 and 2013 are $465 million and $351 million. The effective tax rate for 2014 and earlier periods is 20%. No items impacted retained earnings other than net income and dividends. MANZANITA Inc. Balance Sheet information (US$ millions) As of December 31 Cash and cash equivalent Accounts receivable Inventories Other current assets 2014 367 1,378 1,260 375 3,380 9,105 12,485 689 2,696 3,385 1,932 5,317 4,956 2,212 7,168 12,485 2013 423 1,364 1,015 195 2,997 8,916 11,913 502 3,073 3,575 1,812 5,387 4,956 1,570 6,526 11,913 Total current assets Property and equipment, net Total assets Account payable Other current liabilities Total current liabilities Long-term debt Total liabilities Common stock and paid in capital Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Income Statement Information (US$ millions) For Years Ended December 31 Sales Cost of goods sold Depreciation expense Selling, general, and administrative expense Interest expense Income tax expense Net income 2014 13,038 6,633 417 4,968 93 185 742 2013 12,483 6,441 357 ,911 54 144 576 Notes The LIFO reserves as of December 31 2014 and 2013 are $465 million and $351 million. The effective tax rate for 2014 and earlier periods is 20%. No items impacted retained earnings other than net income and dividends
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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