Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. $ 19,387 112,055 387,924 23,485 42,124 189,841 30, 686 Cash and cash equivalents Receivables, net Product inventories, net Prepaid expenses and other current assets Property and equipment, net Intangible assets Other noncurrent assets, net Accounts payable Accrued expenses and other current liabilities Current portion of long-term debt Long-term debt Other long-term liabilities Common stock Additional paid-in capital Retained earnings Net sales Cost of sales Selling and administrative expenses Interest expense Provision for income taxes $ 177,937 53,698 32 248,300 40,919 67 173,680 34,826 1,803,318 1,266,728 407,073 7,855 45,619 $2,532,777 $2,532,777 Required: 1-a. Prepare a classified consolidated statement of income (with earnings per share) for the current year. Number of shares outstanding used in computation of earnings per share was 48,258. 1-b. Prepare a consolidated balance sheet for the current year. 2. Compute gross profit percentage and return on assets. Total assets at the beginning of the year was $733,545. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2 Prepare a classified consolidated statement of income (with earnings per share) for the current year. Number of shares outstanding used in computation of earnings per share was 48,258. (Enter your answers in thousands. Round "Basic earnings per share" to 2 decimal places.) POOL CORPORATION, INC. Consolidated Statement of Income (In Thousands Except Per Share Amounts) Earnings per share: Basic earnings per share Weighted average shares outstanding 48,258 Assets Assets Current assets Total current assets Noncurrent assets Total assets Liabilities and Stockholders' Equity Current liabilities: Total current liabies Noncurrent liabilities: Total noncurrent abilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Compute gross profit percentage and return on assets. Total assets at the beginning of the year was $733,545. (Enter your answers in thousands. Round your answers to 1 decimal place.) Gross Profit Percentage Numerator 11 Denominator Return on Assets (ROA) Numerator II 11 Denominator
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