# BALANCE SHEET ANALYSIS

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CHAPTER 3A PROBLEMS

PROBLEM 3-1A
RATIO CALCULATION

DATA
Net profit margin                8%
ROA                             15%
Debt ratio                      30%

Total asset turnover            1.875
Return on equity              21.43%

PROBLEM 3-2A
BALANCE SHEET ANALYSIS

Cash                          204,272
Account receivable            172,603
Inventory                     223,125
Current assets               600,000
Net fixed assets            1,500,000
Total                      2,100,000

Accounts payable              100,000
Long-term debt                320,000
Total liabilities            420,000
Common equity               1,680,000
Total                      2,100,000

Current ratio                       6
Inventory turnover                  8
Debt ratio                       20%
Sales                       2,100,000
COGS                        1,785,000
A / R Turnover                  12.17
Total asset turnover                1
Average collection period          30
Gross profit margin              15%

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PROBLEM 3-3A
RATIO ANALYSIS

DATA
Target current ratio:        2.0
Current ratio:               2.5
Current assets:              2.5
Current liabilities:           1

PROBLEM 3-4A
RATIO ANALYSIS

DATA
Balance Sheet
Cash                         500
Acct/Rec                   2,000
Inventories                1,000
Current assets            3,500
Net fixed assets           4,500

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Total assets                      8,000

Accts/Pay                           1,100
Accrued expenses                      600
Short-term N/P                        300
Current liabilities                2,000
Long-term debt                      2,000
Owner's equity                      4,000
8
Total liabilities and owner's equity,000

Income Statement
Net sales                          8,000
COGS                               3,300
Gross profit                      4,700
Operating expenses                 3,000
Net operating income              1,700
Interest expense                     367
EBT                               1,333
Income taxes                         533
Net income                          800

Calculate the following ratios:
Current ratio =                                   1.75
Debt ratio =                                      50%
Times interest earned =                           4.63
Average collection period =                         91
Inventory turnover =                              3.30
Fixed asset turnover =                            1.78
Total asset turnover =                            1.00
Gross profit margin =                             59%
Operating profit margin =                         21%
Operating income return on investment =           21%
Return on equity =                                20%

PROBLEM 3-5A
ANALYZING OPERATING INCOME RETURN ON INVESTMENT

Operating profit margin:                           10%

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Sales:                                        10,000,000
Total assets:                                  5,000,000

A)Total asset turnover ratio:                            2

B)
Goal of total asset turnover:                        3.5
Amount of sales increase                        7500000
Growth rate on Sales =                             75%

C)
OIROI for last yr:                                  20%
OIROI for next yr:                                  35%

PROBLEM 3-6A
USING FINANCIAL RATIOS

DATA
Gross profit margin:                                30%
Sales:                                         9,000,000
Sales on credit:                                    75%
Current assets:                                1,550,000
Current liabilities:                             300,000
Cash and marketable sec.:                        100,000

A)
Accts/Rec                                        562,500
Average collection pd =                            30.00

B)
Average collection pd =                            20.00
New Acct/Rec =                                   369,863

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Reduce =                                       192,637

C)
Inventory turnover ratio:                         9.00
Level of inventories =                         700,000

PROBLEM 3-7A
RATIO ANALYSIS

DATA
Balance Sheet
Assets
Beginning        End
Cash                               200               150
Accts/Rec                          450               425
Inventory                          550               625
Current assets                  1,200             1,200
Plant and equip.                 2,200             2,600
Less: Acc dep                   1,000             1,200
Net plant and equip.            1,200             1,400
Total assets                   2,400             2,600

Liabilities and Owners' Equity
Beginning        End
Accts/Pay                          200              150
Notes Pay-Current                     0             150
Current liabilities               200              300
Bonds                              600              600

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Owners' equity
Common stock                     300               300
Paid-in Capital                  600               600
Retained earnings                700               800
Total owners' equity          1,600             1,700
Total liabilities and
owners' equity                 2,400             2,600

Income Statement
Beginning        End
Sales                           1,200             1,450
COGS                              700               850
Gross profit                     500               600
Operating expenses                 30                40
Depreciation                      220               200
Net operating income              250               360
Interest expense                   50                64
Net income before tax             200               296
Taxes (40%)                        80               118
Net income                        120               178

A)                YEAR :     1997           1998          Industry Norm
Current ratio =                  6.00              4.00             5.00
Acid test ratio =                3.25              1.92             3.00
Inventory turnover =             1.27              1.36             2.20
Average collection pd =        135.00             105.5            90.00

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Debt ratio =                    33.33%         34.62%            33.00%
Times int earned =                 5.00           5.63              7.00
Total asset turnover =          50.00%         55.77%            75.00%
Fixed asset turnover =             1.00           1.04              1.00
Oper profit margin =            20.83%         24.83%               20%
Return on common equity =        7.50%         10.47%                9%

PROBLEM 3-8A
CASH FLOW STATEMENT

Indirect method
Cash (beginning balance)                           200
Sources and Uses of Funds
Net income                                        178
Depreciation                                      200
Change in A/R                                      25
Change in Inventory                               -75
Change in Plant and Equipment                    -400
Change in A/P                                     -50
Change in N/P                                     150
Dividends                                         -78
Cash ending balance                                150

Direct method
Cash flow from operating activities
Cash from customers                             1,475
Cash paid to suppliers                           -975
Cash paid for remaining expenses                  -40
Cash paid for interest expense                    -64
Cash paid for income tax                         -118
Net cash flow in operating                         278

Cash flow from investing
Change in Plant and Equipment'                   -400
Net cash flow from investing                      -400

Cash flow from financing
Change in N/P                                     150

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Dividends                                             -78
Net cash flow from financing                            72

Net change in cash                                    -50
Cash balance at beginning                            200
Cash balance at end                                  150

PROBLEM 3-9A
CASH FLOW STATEMENT

DATA
Beginning        End
Cash                               75,000         82,500
Receivables                       102,000         90,000
Inventory                         168,000        165,000
Prepaid expenses                   12,000         13,500
Fixed assets                      325,500        468,000
Acc Dep                            94,500        129,000
Patents                            61,500         52,500
Total Assets                      649,500        742,500

Accounts payable                  124,500         112,500
Taxes payable                      97,500         105,000
Mortgage payable                  150,000               0
Preferred Stock                         0         225,000
Common Stock                      225,000         225,000
Retained Earnings                  52,500          69,000
Total Liabilities and Equity      649,500         742,500

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Sales                                          187,500
Cost of Sales                                  111,000
Gross Profit                                    76,500
Operating expenses                              32,000
Provision for taxes                             10,000
Net Income                                      34,500

Statement of Sources and Uses of Funds
For the Year Ending December 31
Indirect Method
Beginning Cash Balance                          75,000
Sources and Uses
Net income                                     34,500
Depreciation                                   34,500
Change in A/R                                 -12,000
Change in Inventory                            -3,000
Change in Prepaid expenses                      1,500
Change in Patent                                9,000
Change in Fixed Assets                        142,500
Change in A/P                                 -12,000
Change in Mortgage pay                       -150,000
Change in Taxes pay                             7,500
Preferred Stock                               231,000
Dividends                                      18,000
Ending Cash Balance                             82,500

Direct Method
Cash flow from operating activities
Cash from customers                           199,500
Cash paid to suppliers                       -120,000
Cash paid for remaining expenses              -33,500
Depreciation                                   34,500
Cash paid for interest expense                      0

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Cash paid for income tax                        -2,500
Net cash flow in operating                       78,000

Cash flow from investing
Change in patents                                9,000
Change in Fixed Assets                         142,500
Net cash flow from investing                    133,500

Cash flow from financing
Change in Mortgage pay                        -150,000
Change in Preferred Stock                      231,000
Dividends                                      -18,000
Net cash flow from financing                     63,000

Net change in cash                                7,500
Cash balance at beginning                       75,000
Cash balance at end                             82,500

PROBLEM 3-10A
REVIEW OF FINANCIAL STATEMENTS

DATA
Accts Rec                       120,000
Mach and equip                  700,000
Acc Depreciation                236,000
Notes pay-current               100,000

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Net sales                 800,000
Inventory                 110,000
Accts pay                  90,000
Long-term debt            160,000
COGS                      500,000
Operating expenses        280,000
Common stock              320,000
Cash                       96,000

BALANCE SHEET
FOR DECEMBER 31
Cash                       96,000
Accts Rec                 120,000
Inventory                 110,000
Total Current Assets     326,000
Machinery Equipment       700,000
Acc Depreciation        -236,000
Net M & E                464,000
Total Assets              790,000

Total Assets             790,000
Total Liabilities        670,000
Total R/E                120,000

Accts Pay                  90,000
Notes Pay-current         100,000
Current Liabilities      190,000
Long-Term Debt            160,000
Common Stock              320,000
R/E
Prior Years              100,000
Total Owners' Equity      440,000
Total Liabilities and     790,000

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Owners' Equity

Total R/E             120,000
Net Income             20,000
Prior Yrs R/E         100,000

INCOME STATEMENT
FOR YEAR ENDING DECEMBER 31

Net Sales              800,000
COGS                   500,000
Gross Profit          300,000
Operating Expenses     280,000
Net Income             20,000

PROBLEM 3-11A
FINANCIAL RATIOS-INVESTMENT ANALYSIS

Current Assets          500,000
Net Fixed Assets      1,500,000
2,000,000

Liabilities           1,000,000
Owners' Equity        1,000,000
2,000,000

Income Statement
Sales                 4,500,000
Less: COGS           3,500,000
Gross Profit          1,000,000
Less: Oper Exp         500,000
Net Oper Income         500,000
Less: Interest Exp     100,000
EBT                     400,000
Less: Taxes            200,000

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Net Income                      200,000

A)
Total asset turnover =                             2.25
Operating profit margin =                       11.11%
Operating income ROI =                             25%

B)
Present debt ratio                   0.5
New Oper profit margin             13%

New Oper income ROI =                           19.50%

C)                                                Post:               Pre:
NOI                                             585,000           500,000
Less: Interest                                 150,000           100,000
EBT                                             435,000           400,000
Less: Taxes (50%)                              217,500           200,000
Net Inc Available to Common                     217,500           200,000

Post Renovation Analysis:
Return on Common Equity =                       14.50%

Pre-renovation Analysis:
Return on Common Equity =                           20%

PROBLEM 3-12A
STATEMENT OF CASH FLOW

Beginning        End              Sources       and Uses
Cash                                 10                  8
Earned after taxes, May 31                                             14
Accts Rec                            12              22               -10

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Inventories                           8              14                   -6
Current assets                      30              44
Gross fixed assets                  100             110               -10
Less: Acc Depreciation              40              50                10
Net fixed assets                     60              60
Total assets                        90             104

Accts payable                        12               9                   -3
Notes payable                         7               7
Long-term debt                       11              24                   13
Common stock                         20              20
R/E                                  40              44
Total liabilities and               90             104
owners' equity
Dividends                                                             -10
Ending Cash balance                                                     8

Statement of Cash Flows

Net Income (from the statement of income)                                 14

Add/Deduct to reconcile NI to Net cash flow
Increase in Accounts Receivable                                      -10
Increase in Inventories                                               -6
Depreciation Expense                                                  10
Decrease in Accounts Payable                                          -3
Net cash inflow from operating activities                                       5

Cash flow from investing
Change in Fixed Assets                                               -10
Net cash flow from investing                                                   -10

Cash flow from financing
Change in Long Term Debt                                                 13
Change in Preferred Stock

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Dividends                                                            -10
Net cash flow from financing                                                 3

Net change in cash
Cash balance at beginning                                                  10
Cash balance at end                                                         8

CHAPTER 3-13A
PREPARING THE STATEMENT OF CASH FLOW

DATA
1997           1998
Cash                             89,000         100,000
Receivables                      64,000          70,000
Inventory                       112,000         100,000
Prepaid expenses                 10,000          10,000
Fixed assets                    238,000         311,000
Acc Dep                          40,000          66,000
Total Assets                    473,000         525,000

Accounts payable                 85,000          90,000
Accrued liabilities              68,000          63,000
Mortgage payable                 70,000               0
Preferred Stock                       0         100,000

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Common Stock                     205,000        205,000
Retained Earnings                 45,000         47,000
Total Liabilities & Equity       473,000        525,000

Sales                                           184,000
Cost of Sales                                   150,000
Gross Profit                                     34,000
Operating expenses                               10,000
Net Income                                       24,000

Statement of Cash Flows
Cash flow from operating activities
Net Income                                      24,000
Change in A/R                                   -6,000
Change in Inventories                           12,000
Change in Prepaids                                   0
Depreciation                                    26,000
Change in A/P                                    5,000
Net cash flow in operating                       61,000

Cash flow from investing
Change in Fixed Assets                         -73,000
Net cash flow from investing                    -73,000

Cash flow from financing
Change in Accrued Liabilities                   -5,000
Change in Mortgage pay                         -70,000
Change in Preferred Stock                      100,000
Change in APIC-P/S                              20,000
Dividends                                      -22,000
Net cash flow from financing                     23,000

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Net change in cash                                11,000
Cash balance at beginning                        89,000
Cash balance at end                             100,000

CHAPTER 3-15A
COMPREHENSIVE FINANCIAL ANALYSIS PROBLEM

DATA
Balance Sheets
Assets
Beginning           End
Cash                                             15,000            14,000
Marketable securities                              6,000            6,200
Accts receivable                                 42,000            33,000
Inventory                                        51,000            84,000
Prepaid rent                                       1,200            1,100
Total current assets                           115,200           138,300
Net plant and equip                             286,000           270,000
Total assets                                   401,200           408,300

Liabilities and Stockholders' Equity
Beginning           End
Accts payable                                    48,000            57,000
Notes payable                                    15,000            13,000
Accruals                                           6,000            5,000
Total current liabilities                       69,000            75,000
Long-term debt                                  160,000           150,000
Common Stockholders' equity                     172,200           183,300
Total liabilities and equity                   401,200           408,300

Income Statement

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Sales                                         600,000
Less: COGS                                    460,000
Gross profit                                  140,000
Less: Expenses
Interest                      10,000
Depreciation                  30,000
Total                                        70,000
Profit before taxes                            70,000
Less: Taxes                                    27,100
Profits after taxes                            42,900
Less: Cash dividends                           31,800
To R/E                                         11,100

A)
Ratios                                     Norm            RPI ratio
Current ratio                                     1.80              1.84
Acid test ratio                                   0.90              0.72
Debt ratio                                        0.50              0.55
Times interest earned                            10.00              8.00
Average collection period                        20.00              20.1
Inventory turnover                                7.00              5.48
Return on common equity                         12.0%             23.4%
Gross profit margin                             25.0%             23.3%
Operating ROI                                   16.8%             19.6%
Operating profit margin                         14.0%             13.3%
Total asset turnover                              1.20              1.47
Fixed asset turnover                              1.80              2.22

C)
Statement of Sources and Uses of Funds
Beginning Cash Balance                         15,000
Sources and Uses
Net income                                    42,900
Depreciation                                  30,000
Change in A/R                                  9,000
Change in Marketable securities                 -200
Change in Inventory                          -33,000
Change in Prepaid rent                           100
Change in Plant and Equipment                -14,000
Change in A/P                                  9,000

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Change in Note pay                              -2,000
Change in Accruals                              -1,000
Change in Long-term debt                       -10,000
Dividends                                      -31,800
Ending Cash Balance                              14,000

Statement of Cash Flows
Cash flow from operating activities
Cash from customers                                              609,000
Cash paid to suppliers                                          -484,000
Cash paid for remaining expenses                                 -30,900
Cash paid for interest expense                                   -10,000
Cash paid for income tax                                         -27,100
Net cash flow in operating                                         57,000

Cash flow from investing
Change in Marketable securities                                     -200
Change in Fixed Assets                                           -14,000
Net cash flow from investing                                      -14,200

Cash flow from financing
Change in Notes pay                                               -2,000
Change in Long-term debt                                         -10,000
Dividends                                                        -31,800
Net cash flow from financing                                      -43,800

Net change in cash
Cash balance at beginning                                         15,000
Cash balance at end                                               14,000

CHAPTER 3-16A
COMPREHENSIVE FINANCIAL ANALYSIS PROBLEM

Income Statement
Net Sales                                        31,645
Costs and Expenses, Net
Cost of sales                                  -15,383
Selling, G&A                                   -12,593
Amortization of intangibles                       -301
Impairment of long-lived assets                   -822

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Operating profit                                  2,546
Interest expense                                   -600
Interest income                                     101
Income before taxes                               2,047
Provision for taxes                                -898
Net income                                        1,149

BALANCE SHEET
Assets                                        1996             1995
Current assets
Cash and cash equivalents                           447               382
Short-term investments                              339             1,116
Accounts and notes receivable,                    2,516             2,407
Inventories                                       1,038             1,051
Prepaid expenses                                   799               590
Total current assets                             5,139             5,546
Investment in unconsolidated affiliates           1,375             1,635
Property, plant, and equip, net                  10,191             9,870
Intangible assets, net                            7,136             7,584
Other assets                                        671               797
Total assets                                    24,512            25,432

Liabilities and Shareholders Equity
Current liabilities
Accounts payable                                  1,565               1,556
Accrued compensation and benefits                   847                 815
Short-term borrowings                                26                 706
Accrued marketing                                   573                 469
Income taxes payable                                487                 387
Other current liabilities                         1,641               1,297
Total current liabilities                        5,139               5,230
Long-term debt                                    8,439               8,509
Other liabilities                                 2,533               2,495
Deferred income taxes                             1,778               1,885
Shareholder's equity
Capital stock                                         29               14
Capital in excess of par                           1,201            1,060
Retained earnings                                  9,184            8,730
Currency translation                                -768             -808
9,646            8,996
Less: treasury stock                              -3,023           -1,683     -1,340

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Total shareholder's equity                          6,623              7,313
Total liabilities and shareholder's equity         24,512             25,432

C)                                             Pepsi          Industry Norm
Current ratio                                         1.00                1.2
Acid-test ratio                                       0.80                0.7
Average collection period                            29.02               27.9
Accounts receivable turnover                         12.58               13.1
Inventory turnover                                   14.82               15.0
OIROI                                               10.4%              13.0%
Gross profit margin                                 51.4%              29.5%
Operating profit margin                              8.0%               6.2%
Total asset turnover                                  1.29                2.1
Fixed asset turnover                                  3.11                6.6
Debt ratio                                          73.0%              70.7%
Times interest earned                                 4.24                2.8
Return on equity                                    30.9%              19.0%

D)
Net sales                                          31,645
Less change in accounts receivable                    109
Cash inflows from customers                                           31,536
Cash paid to suppliers
Cost of goods sold                                 15,383
Less change in inventory                              -13
Plus change in accounts payable                         9
Cash paid to suppliers                                               -15,361
Other operating cash outflows
Plus decrease in accrued marketing                   -104
Interest expense                                      600
Change in prepaid expenses                            209
Less change in accrued compensation                    32
Less increase in other current liabilities            344
Other operating cash outflows                                        -11,182
Cash tax payments
Provision for taxes                                     898
Plus decrease in income tax pay.                       -100
Plus decrease in deferred income taxes                  107
Cash tax payments                                                       -905

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Interest income                                                       101
Cash flows from operations                                                      4,189
Investments
Increase in plant and equipment                                     2,883
Investments in unconsolidated affiliates                             -260
Decrease in short-term investments                                   -777
Increase in intangible assets                                        -147
Increase in other assets                                             -126
Total Investments                                                               1,573
Financial receipts
Increases in short-term borrowing                                    -680
Decrease in long term notes                                           -70
Increase in other liabilities                                          38
Increase in treasury stock                                         -1,340
Issue stock (increase in par and surplus)                             156
Cash dividends                                                       -695
Total financial receipts                                                       -2,551
Net change in cash                                                                 65

CHAPTER 3-17A

OIROI                               0.12
Opportunity Cost                    0.14
Total Assets                100,000,000
EVA                         (\$2,000,000)

INTEGRATIVE PROBLEM

Reebok International
Income Statement
1992           1993           1994            1995       1996
Sales                             3,023           2,894            3,280        3,481     3,479
COGS                              1,799           1,695            1,938        2,084     2,108
Gross Profit                      1,224           1,199            1,342        1,397     1,371
SG&A                                807             770              890        1,000     1,066
Depreciation                         27              35               32           35        40

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Operating Profit                  390              394                420            362      265
Interest Expense                   20               25                 17             26       42
Non-operating income / expense     14               11                 14             10       15
Special Items                    -125               -8                               -72
EBT                               259              372                417            274      238
Income Taxes                      143              140                154            100       84
Minority Interest                                    8                  9             11       15
Net Income                          116            224                254            163      139

Reebok International
Balance Sheet
1992           1993              1994            1995         1996
ASSETS
Cash                               105             79                  84             80      232
AR                                 418            457                 532            507      591
Inventories                        434            514                 625            635      545
Prepaids                            24             22                  30
Other Current                       79             55                  66         121           96
Total Current                    1,060          1,127               1,337       1,343        1,463
Gross P&E                          196            220                 283         336          357
Accum. Depreciation                 69             89                 118         144          172
Net PP&E                           127            131                 165         192          185
Other Assets                       158            134                 147         121          138
Total Assets                     1,345          1,392               1,649       1,656        1,786

LIABILITIES
Current Portion of LT Debt            4              3                  5              1       53
Notes Payable                         4             24                 64             67       33
AP                                  281            138                171            166      196
Taxes Payable                        89             81                102             48       66
Accrued Expenses                                   144                157            145      169
Other Current Liabilities             7              6                  6              6
Total Current Liabilities           385            396                505            432      517
LT Debt                             116            134                132            254      854
Deferred Taxes                        5                                                5
Minority Interest                                   15                 22             31        34
Total Liabilities                   506            545                659            722     1,405
EQUITY
P-Stock                                                                               39
Common Stock                          1              1                  1              1          1
Capital Surplus                     447            264                165

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Retained Earnings                 993           1,185              1,427         1,497        998
Less: Treasury Stock              603             603                603           603        618
Common Equity                     839             847                990           895        381
Total Equity                      839             847                990           934        381
Total Liabilities & Equity      1,345           1,392              1,649         1,656      1,786

Nike
Income Statement
1992            1993              1994            1995        1996
Sales                          3,405            3,931               3,790        4,761      6,471
COGS                           2,050            2,337               2,245        2,805      3,825
Gross Profit                   1,355            1,594               1,545        1,955      2,646
SG&A                             761              922                 974        1,210      1,589
Depreciation                      48               60                  72           84        119
Operating Profit                 546              612                 499          661        938
Interest Expense                  31               27                  16           24         39
Non-operating income / expense     7               10                  15           24          1
Special Items                                                          -7          -11
EBT                              522               595                491          650       899
Income Taxes                     193               230                192          250       346
Net Income                       329               365                299          400       553

Nike
Balance Sheet
1992           1993              1994            1995        1996
ASSETS
Cash                              260             291                519           216        262
AR                                596             668                704         1,053      1,346
Inventories                       471             593                470           630        931
Prepaids                           33              42                 40            74         94
Other Current                      28              26                 38            73         93
Total Current                   1,388           1,621              1,770         2,046      2,727
Gross P&E                         497             571                639           891      1,048
Accum. Depreciation               152             193                233           336        404
Net PP&E                          346             378                406           555        643
Intangibles                       110             158                157           496        475
Other Assets                       29              31                 40            46        106
Total Assets                    1,873           2,187              2,374         3,143      3,952

LIABILITIES
Current Portion of LT Debt          4               53                    4          32          7

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Notes Payable                       106            108               127         397       445
AP                                  135            136               211         298       455
Taxes Payable                        42             17                38          36        79
Accrued Expenses                    134            139               182         345       480
Total Current Liabilities           421            453               562       1,108     1,467
LT Debt                              69             15                12          11        10
Deferred Taxes                       27             30                18          18         2
Other Liabilities                    24             44                40          42        41
Total Liabilities                   541            541               633       1,178     1,520
EQUITY
Common Stock                        3               3                   3          3         3
Capital Surplus                    94             108                 108        122       155
Retained Earnings               1,235           1,535               1,630      1,839     2,274
Common Equity                   1,332           1,646               1,741      1,965     2,432
Total Equity                    1,332           1,646               1,741      1,965     2,432
Total Liabilities & Equity      1,873           2,187               2,374      3,143     3,952

A)                                                           Nike
Liquidity                    1992           1993             1994           1995       1996
Current ratio                   3.30            3.58                3.15       1.85      1.86
Acid-test                       2.18            2.27                2.31       1.28      1.22
ACP                            63.89           62.02               67.76      80.74     75.94
A/R turnover                    5.71            5.88                5.39       4.52      4.81
Inventory turnover              4.35            3.94                4.78       4.45      4.11
Profitability
OIROI                           0.29            0.28                0.21       0.21      0.24
OPM                             0.16            0.16                0.13       0.14      0.14
Total asset turnover            1.82            1.80                1.60       1.51      1.64
A/R turnover                    5.71            5.88                5.39       4.52      4.81
Inventory turnover              4.35            3.94                4.78       4.45      4.11
Fixed asset turnover            9.84           10.40                9.33       8.58     10.06
Financing
Debt ratio                      0.29            0.25                0.27       0.37      0.38
Times interest earned          17.61           22.67               31.16      27.55     23.80
Return on Equity
ROE                             0.25              0.22              0.17       0.20      0.23

Reebok
Liquidity                    1992           1993            1994            1995       1996
Current ratio                   2.75              2.85              2.65       3.11      2.83
Acid-test                       1.63              1.55              1.41       1.64      1.78

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ACP                            50.47           57.64             59.20   53.16   61.95
A/R turnover                    7.23            6.33              6.17    6.87    5.89
Inventory turnover              4.15            3.30              3.10    3.28    3.87
Profitability
OIROI                           0.29            0.28              0.25    0.22    0.15
OPM                             0.13            0.14              0.13    0.10    0.08
Total asset turnover            2.25            2.08              1.99    2.10    1.95
A/R turnover                    7.23            6.33              6.17    6.87    5.89
Inventory turnover              4.15            3.30              3.10    3.28    3.87
Fixed asset turnover           23.80           22.09             19.88   18.13   18.81
Financing
Debt ratio                      0.38            0.39              0.40    0.44    0.79
Times interest earned          19.50           15.76             24.71   13.92    6.31
Return on Equity
ROE                             0.14             0.26             0.26    0.18    0.36

C)
Nike Statement of Cash Flows
Cash flows from Operating Activities
Cash from Customers
Net Sales                                       6,471
Increase in Acc. Rec.                            (293)
Cash from Customers                             6,178

Cash paid to suppliers
COGS                                           (3,825)
Plus increase in Inventory                       (301)
Less increase in Acc. Pay                         157
Cash paid to suppliers                         (3,969)

Other operating cash flows
Interest Expense                                  (39)
Plus Increase in Prepaid Expenses                 (20)
Less Increase in Accrued Expenses                 135
Increase in Other Current Assets                  (20)
Plus Decrease in Other Liabilities                 (1)
Other operating cash flows                     (1,585)

Cash Tax Payments
Provision for Taxes                              (346)

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Increase in Taxes Payable                           43
Decrease in Deferred Taxes                         (16)
Cash Tax Payments                                 (318)
Non-operating income                                 1
Cash flows from Operating Activities               307

Cash flows from Investing Activities
Increase in P&E                                   (157)
Decrease in Intangibles                             21
Increase in Other Assets                           (60)
Cash flows from Investing Activities              (196)

Cash flows from Financing Activities
Increase in Notes Payable                           48
Decrease in L.T. Debt (incl. current)              (26)
Increase in Capital Surplus                         33
Cash Dividends                                    (119)
Cash flows from Financing Activities               (64)

Cash Flows                                          46

Reebok Statement of Cash Flows
Cash flows from Operating Activities
Cash from Customers
Net Sales                                        3,479
Increase in Acc. Rec.                              (84)
Cash from Customers                                               3,395

Cash paid to suppliers
COGS                                            (2,108)
Decrease in Inventory                               90
Increase in Acc. Pay                                30
Cash paid to suppliers                                           (1,988)

Other operating cash flows
Interest Expense                                   (42)
Less Increase in Accrued Expenses                   24
Decrease in Other Current Assets                    25
Decrease in Other Current Liabilities               (6)

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Other operating cash flows                                      (1,077)

Cash Tax Payments
Provision for Taxes                               (84)
Increase in Taxes Payable                          18
Decrease in Deferred Taxes                         (5)
Cash Tax Payments                                                  (71)
Non-operating income                                                15
Cash flows from Operating Activities                               274

Cash flows from Investing Activities
Increase in plant and equipment                   (21)
Increase in Other Assets                          (17)
Cash flows from Investing Activities                               (38)

Cash flows from Financing Activities
Decrease in Notes Payable                         (34)
Increase in Long Term Debt (including current)    652
Increase in Treasury Stock                        (13)
Increase in Preferred Stock                       (39)
Increase in minority interest                       3
Minority interest expense                         (15)
Dividend payment                                 (638)
Cash flows from Financing Activities                               (84)

Cash Flows                                                         152

CHAPTER 3B PROBLEMS

PROBLEM 3-1B
RATIO CALCULATION

DATA
Net profit margin                12%
ROA                              15%
Debt ratio                       45%

Total asset turnover             1.25
Return on equity              27.27%

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PROBLEM 3-2B
BALANCE SHEET ANALYSIS

Cash
Account receivable
Inventory
Current assets
Net fixed assets                              1,000,000
Total                                        1,300,000
Account payable                                 100,000
Long-term debt
Total liabilities
Common equity
Total                                        1,300,000

Current ratio                                         3
Inventory turnover                                   10
Debt ratio                                         30%
Total asset turnover                                0.5
Average collection period                            45
Gross profit margin                                30%
Sales
COGS
Accounts receivable turnover

PROBLEM 3-3B
RATIO ANALYSIS

DATA
Balance Sheet
Cash                              1,000
Acct/Rec.                         1,500
Inventories                       1,000
Current assets
Net fixed assets                  4,500
Total assets

Acct/Pay                          1,000
Accrued expenses                    600
Short-term N/P                      200

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Current liabilities
Long-term debt                      2,100
Owner's equity                      4,100

Income Statement
Net sales                           7,500
COGS                                3,000
Gross profit
Operating expenses                  3,000
Net operating income
Interest expense                     367
EBT
Income taxes
Net income

Calculate the following ratios:
Current ratio =
Debt ratio =
Times interest earned =
Average collection period =
Inventory turnover =
Fixed asset turnover =
Total asset turnover =
Gross profit margin =
Operating profit margin =
Return on equity =
Operating return on investment =

PROBLEM 3-5B
ANALYZING OPERATING INCOME RETURN ON INVESTMENT

Operating profit margin:                             6%
Sales:                                        11,000,000
Total assets:                                  6,000,000

A)Total asset turnover ratio:

B)
Goal of total asset turnover:                         2.5

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Amount of sales increase
Growth rate on Sales =

C)
OIROI for last yr:
OIROI for next yr:

PROBLEM 3-6B
USING FINANCIAL RATIOS

DATA
Gross profit margin:                              25%
Sales:                                       9,750,000
Sales on credit:                                  75%
Current assets:                              1,550,000
Current liabilities:                           300,000
Cash and marketable sec.:                      150,000

A)
Acct/Rec.                      562,500
Average collection pd =

B)
Average collection pd =          20.00
New Acct/Rec. =
Reduce =

C)
Inventory turnover ratio:         8.00
Level of inventories =

PROBLEM 3-7B
RATIO ANALYSIS OF LOAN REQUEST

DATA
Balance Sheet               Beginning        End
Assets
Cash                               225             175
Acct/Rec.                          450             430
Inventory                          575             625

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Current assets
Plant and equip.                 2,200             2,500
Less: Acc dep                   1,000             1,200
Net plant and equip.
Total assets

Liabilities and Owners' Equity
Beginning        End
Acct/Pay                           250              115
Notes Pay-Current                     0             115
Current liabilities
Bonds                              600              600
Owners' equity
Common stock                      300              300
Paid-in Capital                   600              600
Retained earnings                 700              800
Total owners' equity
Total liabilities and
owners' equity

Income Statement
Beginning         End
Sales                           1,250              1,450
COGS                              700                875
Gross profit
Operating expenses                   30              45
Depreciation                        220             200
Net operating income
Interest expense                     50              60
Net income before tax
Taxes (40%)                         100             108
Net income

A)                YEAR :     1997            1998          Industry Norm
Current ratio =                                                      5.00
Acid test ratio =                                                    3.00
Inventory turnover =                                                 2.20
Average collection pd =                                             90.00
Debt ratio =                                                      33.00%
Times interest earned =                                              7.00
Total asset turnover =                                            75.00%
Fixed asset turnover =                                               1.00

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Oper profit margin =                                                 20%
Operating income return on investment =                              15%
Return on common equity =                                          1343%

PROBLEM 3-8B
CASH FLOW STATEMENT

Statement of Changes In Financial Position
Cash (beginning balance)                            225
Sources and Uses of Funds
Net income
Depreciation
Change in A/R
Change in Inventory
Change in Plant and Equipment
Change in A/P
Change in N/P
Dividends
Cash ending balance

Statement of Cash Flows
Cash flow from operating activities
Cash from customers
Cash paid to suppliers
Cash paid for remaining expenses
Cash paid for interest expense
Cash paid for income tax
Net cash flow in operating

Cash flow from investing
Change in Plant and Equipment
Net cash flow from investing

Cash flow from financing
Change in N/P
Dividends
Net cash flow from financing

Net change in cash
Cash balance at beginning
Cash balance at end                                     0

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PROBLEM 3-9B
Cash Flow Statement

DATA
Beginning         End
Cash                           76,000          82,500
Receivables                   100,000          91,000
Inventory                     168,000         163,000
Prepaid expenses               11,500          13,500
Fixed assets                  325,500         450,000
Acc Dep                        94,500         129,000
Patents                        61,500          52,500
Dividends                      20,000

Accounts payable               123,000          93,500
Taxes payable                   97,500         105,000
Mortgage payable               150,000
Preferred Stock                                225,000
Common Stock                   225,000         225,000
Retained Earnings               52,500          69,000

Sales                           190,000
Cost of Sales                    86,000
Gross Profit                    104,000
Operating expenses               43,500
Provisions for taxes             24,000
Net Income
Cost of sales includes dep expense:           34,500

Statement of Sources and Uses of Funds
Beginning Cash Balance
Sources and Uses
Net income
Depreciation and amortization
Change in A/R
Change in Inventory
Change in Prepaid expenses
Change in Patent

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Change in Fixed Assets
Change in A/P
Change in Mortgage pay
Change in Taxes pay
Preferred Stock
Dividends
Ending Cash Balance

Statement of Cash Flows
Cash flow from operating activities
Cash from customers
Cash paid to suppliers
Cash paid for remaining expenses
Depreciation
Cash paid for interest expense
Cash paid for income tax
Net cash flow in operating

Cash flow from investing
Change in patents
Change in Fixed Assets
Net cash flow from investing

Cash flow from financing
Change in Mortgage pay
Change in Preferred Stock
Dividends
Net cash flow from financing

Net change in cash
Cash balance at beginning
Cash balance at end

PROBLEM 3-10B
REVIEW OF BASIC FINANCIAL STATEMENTS
DATA
Acct Rec.            150,000
Mach and equip       700,000
Acc Depreciation     236,000
Notes pay-current     90,000
Net sales            900,000

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Inventory                 110,000
Acct pay                   90,000
Long-term debt            160,000
COGS                      550,000
Operating expenses        280,000
Common stock              320,000
Cash                       90,000

BALANCE SHEET
FOR DECEMBER 31
Cash
Acct Rec.
Inventory
Total Current Assets
Machinery Equipment
Acc Depreciation
Net M & E
Total Assets

Total Assets
Total Liabilities
Total R/E

Acct Pay
Notes Pay-current
Current Liabilities
Long-Term Debt
Common Stock
R/E
Prior Years
Total Owners' Equity
Total Liabilities and
Owners' Equity

Total R/E
Net Income
Prior Yrs R/E

INCOME STATEMENT
FOR YEAR ENDING DECEMBER 31
Net Sales

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COGS
Gross Profit
Operating Expenses
Net Income

PROBLEM 3-11B
FINANCIAL RATIOS-INVESTMENT ANALYSIS

Current Assets                500,000
Net Fixed Assets            1,500,000

Liabilities                 1,000,000
Owners' Equity              1,000,000

Income Statement
Sales                       5,000,000
Less: COGS                 3,000,000
Gross Profit
Less: Oper Exp.            1,500,000
Net Oper Income
Less: Interest Exp.         100,000
EBT
Less: Taxes
Net Income

Tax Rate                         40%

A)
Total asset turnover =
Operating profit margin =
Operating income ROI =

B)
Present debt ratio                 0.5
New Oper profit margin           13%

New Oper income ROI =

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C)                                                  Post:              Pre:
NOI
Less: Interest
EBT
Less: Taxes (40%)
Net Inc Available to Common

Post Renovation Analysis:
Return on Common Equity =

Pre-renovation Analysis:
Return on Common Equity =

PROBLEM 3-12B
SOURCES AND USE STATEMENT

Beginning        End             S or U
Cash                                 10                  8
Earned after taxes, May 31                                              14
Acct Rec.                              12             22               -10
Inventories                             8             14                -6
Current assets
Gross fixed assets                    100            110               -10
Less: Acc Depreciation                40             50                10
Net fixed assets
Total assets

Acct payable                           12              9                  -3
Notes payable                           7              7
Long-term debt                         11             24                  13
Common stock                           20             20
R/E                                    40             44
Total liabilities and
owners' equity
Dividends                                                              -10
Ending Cash balance

Statement of Cash Flows
Cash flow from operating activities
NI

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Change in A/R
Change in inventories
Dep expense
Change in A/P
Net cash flow from operating

Cash flow from investing
Change in Fixed Assets
Net cash flow from investing

Cash flow from financing
Change in Long-term Debt
Dividends
Net cash flow from financing

Net change in cash
Cash balance at beginning
Cash balance at end

PROBLEM 3-13B
PREPARING THE STATEMENT OF CASH FLOW

DATA
1998           1997
Cash                             70,000          89,000
Receivables                      70,000          64,000
Inventory                        80,000         102,000
Prepaid expenses                 10,000          10,000
Fixed assets                    301,000         238,000
Acc Dep                          66,000          40,000
Total Assets

Accounts payable                 80,000          85,000
Accrued liabilities              63,000          68,000
Mortgage payable                      0          60,000
Preferred Stock                  60,000               0
Common Stock                    205,000         205,000
Retained Earnings                47,000          45,000
Total Debt & Equity

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Sales                            204,000
Cost of Sales                    160,000
Gross Profit
Operating expenses                10,000
Net Income

Statement of Cash Flows
Cash flow from operating activities
Net Income
Change in A/R
Change in Inventories
Change in Prepaids
Depreciation
Change in A/P

Net cash flow in operating

Cash flow from investing
Change in Fixed Assets
Net cash flow from investing

Cash flow from financing
Change in Accrued Liabilities
Change in Mortgage pay
Change in Preferred Stock
Change in APIC-P/S
Dividends
Net cash flow from financing

Net change in cash
Cash balance at beginning
Cash balance at end

PROBLEM 3-14B
PREPARING THE STATEMENT OF CASH FLOW

OMIT

CHAPTER 3-15B
COMPREHENSIVE FINANCIAL ANALYSIS PROBLEM

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DATA
Balance Sheet
Assets
Beginning           End
Cash                                             16,000            17,000
Marketable securities                              7,000            7,200
Acct receivable                                  42,000            38,000
Inventory                                        50,000            93,000
Prepaid rent                                       1,200            1,100
Total current assets
Net plant and equip                              286,000           290,000
Total assets

Liabilities and Stockholders' Equity
Beginning           End
Acct payable                                     48,000            55,000
Notes payable                                    16,000            13,000
Accruals                                           6,000            5,000
Total current liabilities
Long-term debt                                   160,000           150,000
Common Stockholders' equity                      172,200           223,300
Total liabilities and equity

Income Statement for Year Ended 12-31
Sales                                            700,000
Less: COGS                                       500,000
Gross profit
Less: Expenses
Interest                     10,000
Depreciation                 30,000
Total
Profit before taxes
Less: Taxes                                       27,100
Profits after taxes
Less: Cash dividends                              31,800
To R/E

Ratio
Norm            RPI ratio
Current ratio                                        1.80

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Acid test ratio                                        0.90
Debt ratio                                             0.50
L-T debt to total capitalization                       0.70
Times interest earned                                    10
Average collection period                             20.00
Inventory turnover                                     7.00
Gross profit margin                                 25.00%
Operating ROI                                       16.80%
Operating profit margin                             14.00%
Total asset turnover                                   1.20
Fixed asset turnover                                   1.80
Return on Equity                                    12.00%

C)
Statement of Sources and Uses of Funds
Beginning Cash Balance
Sources and Uses
Net income
Depreciation
Change in A/R
Change in Marketable securities
Change in Inventory
Change in Prepaid rent
Change in Plant and Equipment
Change in A/P
Change in Note pay
Change in Accruals
Change in Long-term debt
Dividends
Ending Cash Balance

Statement of Cash Flows
Cash flow from operating activities
Cash from customers
Cash paid to suppliers
Cash paid for remaining expenses
Cash paid for interest expense
Cash paid for income tax
Net cash flow in operating

Cash flow from investing
Change in Marketable securities

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Change in Fixed Assets
Net cash flow from investing

Cash flow from financing
Change in Notes pay
Change in Long-term debt
Dividends
Net cash flow from financing

Net change in cash
Cash balance at beginning
Cash balance at end

CHAPTER 3-16B
COMPREHENSIVE FINANCIAL ANALYSIS PROBLEM

Income Statements
(\$Millions)
1992           1993             1994           1995         1996
Sales                             5,163            5,411              6,070      6,795       9,698
Cost of goods sold                1,838            1,855              2,007      2,292       3,301
Gross Profit
Expense
Selling, General, & Administrative2,170           2,279               2,622      2,883       3,978
Depreciation                        188             189                 215        248         370
Operating Profit
Interest Expense                    83              60                  61           59        77
Non-Operating Income/Expense        -54             -82                 -62          -15       -35
Special Items                         0            -263                   0            0      -413
Earnings Before Taxes
Income Taxes                        316             256                406           473      576
Earnings After Taxes
Preferred Dividends                   5               5                   5            5          5
Extraordinary Items                   0            -139                   0            0          0
Net Income

Balance Sheets
(\$Millions)
ASSETS                         1992         1993               1994           1995         1996
Cash & Equivalents                   40             39                   46         50          84
Accounts Receivables              1,186          1,227                1,380      1,660       2,725
Inventories                         852            875                  941      1,035       1,358

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Prepaid Expenses                  258              388               113           140      227
Other Current Assets                0                0               268           220      359
Total Current Assets
Gross Plant,Property & Equipment2,414            2,576              2,902     3,262        4,561
Accumulated Depreciation        1,338            1,361              1,491     1,625        1,995
Net Plant,Property & Equipment
Intangibles                       432              917               887      1,221        2,626
Other Assets                      346              443               448        378          490
Total Assets
LIABILITIES
Long Term Debt Due In One Year 169                  46                28            27        15
Notes Payable                     307              395               344           576       656
Accounts Payable                  306              269               335           400       547
Taxes Payable                     156              197               186           248       299
Accrued Expenses                  584              807               788           806     1,318
Other Current Liabilities          40               46               102            67       100
Total Current Liabilities
Long Term Debt                    554              840               715           691     1,490
Deferred Taxes                    103              166               187            73       299
Minority Interest                  16               21                17            20        30
Other Liabilities                 460              836               774           919     1,190
Total Liabilities
EQUITY
Preferred Stock                    34               45                 54        63           70
Common Stock                      278              279                279       560          671
Capital Surplus                   237              259                278        31        1,159
Retained Earnings               1,994            1,943              2,453     2,906        3,647
Less: Treasury Stock            1,047            1,047              1,047     1,046        1,056
Common Equity
Total Equity
Total Liabilities & Equity

C)                                      Ratio Analysis
1992            1993            1994           1995         1996
Current ratio
Quick ratio
Average collection period
Accounts receivable turnover
Inventory turnover
Operating income return on investment
Operating profit margin
Gross profit margin

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Total asset turnover
Fixed asset turnover
Debt ratio
Times interest earned
Return on equity

D)
Cash flows from Operating Activities
Cash from Customers
Net sales
Increase in Accounts Rec.
Cash from Customers

Cash paid to suppliers
COGS
Increase in Inventory
Increase in Acc. Payable
Cash paid to suppliers

Other operating cash flows
Increase in prepaid expenses
Increase in accrued expenses
Increase in Other Current Liab
Interest Expense
Other operating cash flows

Cash tax payments
Provision for Taxes
Increase in Taxes Payable
Increase in deferred taxes
Cash tax payments

Non operating expense
Special items

Cash flows from Operating Activities

Cash flows from Investing Activities
Increase in Plant and Equipment(1,299)
Increase in Intangibles         (1,405)
Increase in Other Current Assets (139)

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Increase in Other Assets         (112)
Cash flows from Investing Activities

Cash flows from Financing Activities
Increase in Notes Payable           80
787
Increase in LT Debit (including current)
Increase in Other Liabilities      271
Increase in Treasury Stock         (10)
issue common stock               1,239
Issue preferred stock                7
Increase in Minority Interest       10
Common dividends                   741
Preferred stock dividends           (5)
Cash flows from Financing Activities

Cash Flows

CHAPTER 3-17B

OIROI                            0.15
Opportunity Cost                 0.12
Total Assets              200,000,000
EVA

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