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Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2021 2020 Sales $11,000 $10,000 Operating costs excluding depreciation 9,612 8,728 Depreciation 380

Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2021 2020 Sales $11,000 $10,000 Operating costs excluding depreciation 9,612 8,728 Depreciation 380 360 Earnings before interest and taxes 1,008 912 Less interest 120 100 Pre-tax income 888 812 Taxes (25%) 222 203 Net income available to common shareholders $ 666 $ 609 Common dividends $ 202 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2021 2020 Assets Cash $ 550 $ 500 Short-term investments 110 100 Accounts receivable 2,750 2,500 Inventories 1,650 1,500 Total current assets 5,060 4,600 Net plant and equipment 3,850 3,500 Total assets $ 8,910 $ 8,100 Liabilities and Equity Accounts payable $ 1,100 $ 1,000 Accruals 550 500 Notes pa

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