Use the following financial statements for Lake of Egypt Marina, Incorporated LAKE OF EGYPT MARINA, INCORPORATED Balance
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Use the following financial statements for Lake of Egypt Marina, Incorporated
| LAKE OF EGYPT MARINA, INCORPORATED | |||||
| Balance Sheet as of December 31, 2024 and 2023 | |||||
| (in millions of dollars) | |||||
| 2024 | 2023 | 2024 | 2023 | ||
|---|---|---|---|---|---|
| Assets | Liabilities and Equity | ||||
| Current assets: | Current liabilities: | ||||
| Cash and marketable securities | $ 75 | $ 65 | Accrued wages and taxes | $ 40 | $ 43 |
| Accounts receivable | 115 | 110 | Accounts payable | 90 | 80 |
| Inventory | 200 | 190 | Notes payable | 80 | 70 |
| Total | $ 390 | $ 365 | Total | $ 210 | $ 193 |
| Fixed assets: | Long-term debt: | $ 300 | $ 280 | ||
| Gross plant and equipment | $ 580 | $ 471 | Stockholders’ equity: | ||
| Less: Depreciation | 110 | 100 | Preferred stock (5 million shares) | $ 5 | $ 5 |
| Net plant and equipment | $ 470 | $ 371 | Common stock and paid-in surplus | 65 | 65 |
| Other long-term assets | 50 | 49 | Retained earnings | 330 | 242 |
| Total | $ 520 | $ 420 | Total | $ 400 | $ 312 |
| Total assets | $ 910 | $ 785 | Total liabilities and equity | $ 910 | $ 785 |
| 2024 | 2023 | |
|---|---|---|
| LAKE OF EGYPT MARINA, INCORPORATED | ||
| Income Statement for Years Ending December 31, 2024 and 2023 | ||
| (in millions of dollars) | ||
| Net sales (all credit) | $ 515 | $ 432 |
| Less: Cost of goods sold | 230 | 175 |
| Gross profits | $ 285 | $ 257 |
| Less: Other operating expenses | 30 | 25 |
| Earnings before interest, taxes, depreciation, and amortization (EBITDA) | 255 | 232 |
| Less: Depreciation | 22 | 20 |
| Earnings before interest and taxes (EBIT) | $ 233 | $ 212 |
| Less: Interest | 33 | 30 |
| Earnings before taxes (EBT) | $ 200 | $ 182 |
| Less: Taxes | 42 | 55 |
| Net income | $ 158 | $ 127 |
| Less: Preferred stock dividends | $ 5 | $ 5 |
| Net income available to common stockholders | $ 153 | $ 122 |
| Less: Common stock dividends | 65 | 65 |
| Addition to retained earnings | $ 88 | $ 57 |
| Per (common) share data: | ||
| Earnings per share (EPS) | $ 2.354 | $ 1.877 |
| Dividends per share (DPS) | $ 1.000 | $ 1.000 |
| Book value per share (BVPS) | $ 6.077 | $ 4.723 |
| Market value (price) per share (MVPS) | $ 14.750 | $ 12.550 |
Spread the balance sheets of Lake of Egypt Marina, Incorporated, for 2024 and 2023.
Note: Input all amounts as positive values. Round your answers to 2 decimal places.
Spread the income statements of Lake of Egypt Marina, Incorporated, for 2024 and 2023.
Expert Answer:
Below we will spread or reformat both the balance sheets and income statements for Lake of Egypt Marina Incorporated for the years 2024 and 2023 This ... View the full answer
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