Ch02 P14 Build a Model - Chapter 2 2-14 a Cumberland...

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4/16/2010 Chapter 2. 2-14 Key Input Data for Cumberland Industries 2010 (Thousands of dollars) Sales Revenue $455,000 Expenses (excluding depreciation) as a percent of sales 85.0% Net fixed assest $67,000 Depr. as a % of net fixed assets 10.0% Tax rate 40.0% Interest expense $8,550 Dividend Payout Ratio 25% Cumberland Industries: Income Statement (Thousands of dollars) 2010 Sales Operating costs excluding depreciation EBITDA Depreciation (Cumberland has no amortization charges) EBIT Interest expense EBT Taxes (40%) Net income Common dividends Addition to retained earnings Dollar value of common stock issued (in thousands of dollars) $10,000 Cumberland Industries December 31 Balance Sheets (in thousands of dollars) 2010 2009 Assets Cash and cash equivalents $91,450 $74,625 Short-term investments 11,400 15,100 Accounts Receivable 108,470 85,527 Inventories 38,450 34,982 Total current assets $249,770 $210,234 Net fixed assets 67,000 42,436 Total assets $316,770 $252,670 Liabilities and equity
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