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Material Type: Assignment; Class: Business Finance I; Subject: Finance; University: University of Mississippi Main Campus; Term: Spring 2008;
Typology: Assignments
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FIN 331 Homework Due Thursday, January 29, 2008
Powell Panther Corporation Balance Sheets as of December 31, 2007 and 2008 2007 2008 2007 2008 Assets Liabilities and Owner’s Equity Current assets Cash Accounts receivable Inventory
Current Liabilities Accounts payable Accruals Notes payable
Total $360.0 $372.0 Total $201.5 $247. Fixed assets Net plant and equipment $250.0 $300. Long-term debt Owners’ Equity Common stock Retained earnings
Total $258.5 $275. Total assets $610.0 $672.0 Total $610.0 $672. Powell Panther Corporation 2008 Income Statement Net sales Operating costs (except deprec & amort) Depreciation and amortization
Operating income (EBIT) Interest paid
Taxable income Taxes ( 40 %)
Net income $77. Dividends Addition to retained earnings