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bus 356 hw 2 - Please type your name yiwen chen Seawolves...

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Please type your name: yiwen chen
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Seawolves Company Pro-Forma Income Statement For the Year Ended December 31, 2012 and 2011 (in millions) 2013* 2012% 2012 2011% 2011 Sales 16,360 100.00% 15,400 100.00% 13,682 Cost of Goods Sold 7,322 46.75% 7,200 42.76% 5,850 Gross Profit 9,038 53.25% 8,200 57.24% 7,832 Variable Expenses 837 5.19% 800 5.04% 689 Fixed Expenses 2,500 16.23% 2,500 18.27% 2,500 Depreciation 24 0.16% 24 0.18% 24 Earnings Before Interest and Taxes 5,677 31.66% 4,876 33.76% 4,619 Interest Expense 420 2.73% 420 2.62% 359 Earnings Before Taxes 5,257 28.94% 4,456 31.14% 4,260 Taxes 1,840 10.13% 1,560 10.90% 1,491 Net Income 3,417 18.81% 2,896 20.24% 2,769 *Forecasted Notes: Tax Rate 35% Dividends 2,566 2 points each (20pts total)
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Seawolves Company Pro-Forma Balance Sheet As of December 31, 2012 and 2011(in millions) 2013* 2012% 2012 2011% 2011 Assets Cash 5,009 32.75% 5,009 23.33% 2,800 Accounts Receivable 7,890.59 46.42% 7,100 57.41% 6,890 Inventories 2,171.60 15.69% 2,400 12.50% 1,500 Total Current Assets 15,071 94.85% 14,509 93.24% 11,190 Land 495 3.24% 495 4.12% 495 Buildings and Equipment 350 2.29% 350 2.92% 350 Accumulated Depreciation 82 0.38% 58 0.28% 34 Total Fixed Assets 763 5.15% 787 6.76% 811 Total Assets 15,834 100.00% 15,296 100.00% 12,001 0.00% Liabilities and Owner's Equity Accounts Payable 4,478.19 28.11% 4,300 30.58% 3,670 Short-term Bank Notes 5,618 36.73% 5,618 49.54% 5,945 Total Current Liabilities 10,096 64.84% 9,918 80.12% 9,615 Long-term Debt 2,221 14.52% 2,221 14.92% 1,790 Common Stock 556 3.63% 556 4.63% 556
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