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The following income statements and other information are available for the Schneider Company: 2014 2013 2012 Sales $382,500,000 $255,800,000 $190,100,000 Less cost of goods sold
The following income statements and other information are available for the Schneider Company:
2014 | 2013 | 2012 | |
Sales | $382,500,000 | $255,800,000 | $190,100,000 |
Less cost of goods sold | 210,375,000 | 122,784,000 | 91,248,000 |
Gross margin | 172,125,000 | 133,016,000 | 98,852,000 |
Less: | |||
Selling and administrative costs | 26,775,000 | 25,580,000 | 19,010,000 |
Research and development | 15,300,000 | 12,790,000 | 9,505,000 |
Income from operations | 130,050,000 | 94,646,000 | 70,337,000 |
Less taxes on income | 39,015,000 | 28,393,800 | 21,101,100 |
Net income | $91,035,000 | $66,252,200 | $49,235,900 |
Total assets | $718,400,000 | $668,500,000 | $438,400,000 |
Noninterest-bearing current liabilities | 138,500,000 | 11,160,000 | 98,280,000 |
Cost of capital | 12% | 12% | 12% |
Calculate EVA for 2014. Assume that for purposes of calculating EVA, the company capitalizes research and development expenditures and amortizes them over three years, including the year they are incurred. For external reporting purposes, research and development is expensed in the year incurred, as indicated in the income statements above.(Round answer to the nearest whole dollar, e.g. 5,725.)
EVA for 2014 | $ |
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