Rhodes Corporation: Income Statements for Year Ending December 31 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) (Millions of Dollars) Fiscal Years (FYs) 2015 2014 Fiscal Years (FYs) 2015 2014 Sales $12,000 $11,000 Assets: Operating costs excluding depreciation 9,400 9,000 Cash $612 $500 Depreciation 400 350 Short-term investments 150 100 Earnings before interest and taxes $2,200 $1,650 Account receivable 2,950 2,750 Less interest 130 150 Inventories 1,500 1,200 Earnings before taxes $2,070 $1,500 Total current assets $5,212 $4,550 Taxes (40%) $828 $600 Net plant and equipment 3,900 3,500 Net income available to common stockholders $1,242 $900 Total assets $9,112 $8,050 Common dividends $500 $300 Liabilities and equity: Accounts payable $920 $900 Accruals 600 550 Notes payable 350 300 Total current liabilities $1,870 $1,750 Long-term debt 1,200 1,000 Total liabilities $3,070 $2,750 Common stock 4,300 4,300 Retained earnings 1,742 1,000 Total common equity 6,042 5,300 Total liabilities and equity $9,112 $8,050