- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 1 (22.61 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 2 (74.66 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 3 (61.49 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 4 (61.49 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 5 (49.52 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 6 (104.23 KiB) Viewed 126 times
- Rec Financials Pd Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A 7 (83.6 KiB) Viewed 126 times
2007 2006 $ 4,061 5,272 $ 2382 8,004 Astels Current Assets Cosh Marketablo securities (Note A) Accounts receivable, less allowance for doubtful counts of $448 in 2007 and 5417 in 2006 Inventories (Note A) Prepeld expenses Total current asset Property, Plant, and Piquipment (Notes A. Cand E) Land Buildings and lensehold improvements Equipment 8.900 47,041 512 65,846 8,350 36,769 759 36,264 811 18.273 21,323 40,007 11.528 29.079 373 $95,298 811 11.928 12.768 26,507 7.530 18,977 608 $75,909 $14,294 9.614 1,884 5.660 27.461 Less accumulated depreciation and emotication Net properly, plant, and equipmurit Other Assets (Note A) "Total Assets Llabilities and Stockholders' Equity Current Liabilities Accounts payable Notos payable-banku (Nate B) Current maturities of long-term debt (Nota C) Accrued tinbilities Total current liabilities Deferred Federal Income Taxes (Notes A and D) Long-Term Debt (Nata C) Commitments (Note E) Total liabilities Stockholders' Equity Cominon stock, par value $1, authorized, 10,000,000 kharon; Issued, 4,803,000 shares in 2007 and 4,594,000 shares in 2006 (Note F) Additional paid-in capital Relalou Earnings Total stockholders' equity Total Liabilitios and Stockholders' Equity $ 7,591 6,012 1,516 3313 20,432 635 16,975 843 21,059 49,363 38,042 4,803 957 40.175 45.935 SOS, 298 4,594 910 32 363 37.867 $23,909 The senspanying notes are an integral part of those statements
- Noto 1 -Summary of Signtficant Accounting Policies R.E.C. Inc, is a ruluiler of recrentional equipmont and clothing, Consolidaton: "Tho consulldated financial statements Include the accounts and transactions of the company and its wholly owned subsidiaries. The company accounts for its Investment in its subsídluries using the equity mothod of accounting. All significant intercompany transactions have hon eliminuted in consolidation. Marketable Securitius: Marketable securities consist of short-terms, Interest-benring securitles. Inventaries: Iaventaries are stated at the lower of cost-last In, first out (LIFO)-or market. If the first-in, first-out (PIFO) method of invenlory Accounting had been used. Inventories would have been approx)- mately $2,681,(XX) and $2,096,000 higher than reported at December 31, 2007 and 2006. Depreciation and Amortization: Property, plant, and equipment is stated at cast. Dupreciation expense is cnlculated principally by the straight-line method based on estimated useful lives of 3 to 10 years for equipment, 3 to 30 years for leuschold Improvements, and 40 years for buildings. Estimated useful lives of lapsehold improvements represent the remaining form of the lauke In ellect at the time the improvements are made. Expenses of New Slorex: Expenses assuclnted with the opening of now stores are charged to expense as incurred. Other Assots: Other assets are investments in properties not used in business operations
Net sales Cost of gesods sold (Note A) Gross profit Selling and administrative expenses (Notes A and 2) Advertising Depreciation and amortization (Note A) Repairs and maintenance Operating profit Other Income (expesso) Interest Income Interest expense Earnings before income taxes Income taxes (Notes A and D) Net oarnings Basic carnings per common whare (Note C) Dilated earnings per common burc (Note 6) 2007 $215,600 129,364 86,236 45,722 14,258 3,998 3,015 19,243 2006 $153,000 92,879 61,121 33,493 10,792 2,934 2,046 11,806 2005 $140,700 81,606 59,094 32,765 9,541 2,50 3,031 11,256 422 (2.589) 17,080 7.686 $9,394 1.96 1.93 838 (2,277) 10,367 4457 $ 5910 1.29 $ 1.26 738 (1,274) 10,720 4,824 5,896 1.33 $ 1.31 'Tho nocompanying notes are an integral part of theso statements
2007 2006 2005 $ 9,394 $ 5,910 $ 5,896 3,998 208 2,984 136 2.501 118 (610) (10,272) 247 6,703 356 $ 10,024 (3.339) (7.006) 295 (1,051) (1.696) ($ 3,767) (448) (2,331) (82) 902 (927) $ 3,629 Cash Flows from Oporating Actvities.-- Indirect Method Net income Adjustments to reconcile net income to onsh provided (used) by operating activitles Depreciation and amortization Deforred Income taxes Cash provided (used) by current assets and liabilities Accounts recolvable Inventorios Prepaid exponses Accounts payublo Accrued llablitics Not cash provided (usoil) by operating motivities Cash Flows from Investing Activities Addition to property, plant, and equipment Other investing activities Net cash provided (lased) by investing activities Ca] Flows from Financing Activities Sales of common stock Increaso (decrease) In short-term borrowings (Includes current maturities of long-term debt) Additions to long-term borrowings Raductions of long-turm borrowing Dividend paid Net cash provided (used) by financing activities Increase (degrense) in cash and marketablo securities Cash and marketæhle svouritios, beginning of your Cush and marketablo securitler, end of year Supplemental cash flow information: Cash paid for interest Cush pald for taxes De accompanying noten nre un integral part of that statements, (14,00) 299 ($ 13,805) (4,773) 0 (5 4,773) (3,982) 0 ($ 3,982) 256 183 124 (30) 5,600 (1,516) (1.582) $ 2,728 ($ 1,033) 10.386 9,333 1,854 7,882 (1.593) (1.862) $ 6,464 ($ 2,076) 12.462 10.386 1,326 629 (127) (1.841) $ 111 $ 1,758 10,704 12.462 $ 2,585 7.478 $ 2,277 4,321 $ 1,274 4,706
2007 2006 $ 4,061 5,272 $ 2,382 8,004 Assets Current Assets Cash Markotable securitics (Note A) Accounts receivable, less allowance for doubtful accounts of $418 In 2007 and $417 in 2016 Inventories (Note A) Prepold expensos "Total current Assets Property, Plant, and Pequipment (Notes A. Cand B) Land Buildings and leasehold intiprovements Equipment 8.900 47,041 512 65,846 8,350 36,769 759 56,264 811 18.273 21.323 40,007 11.528 29,079 373 $95,298 811 15,928 _13.768 26,507 7.530 18,977 668 $75,909 Less accumulated depreciation and anoctization Net property, plant, and equipmurit Other Assols (Not A) "Total Assets Llabilities and Stockholders' Equity Current Liabilities Accounts payable Notas payable-banks (Note B) Current meturltios of long-term debt (Note C) Accrued liabilities "Total current liabilities Deferred Federal Income Thxes (Noles A and D) Long-Term Debt (Nate C) Commitments (Note E) Total liabilitios Stockholders' Equity Common stock, por Value $1, authorized, 10,000,000 xhuros: Issued, 4,803,000 shares in 2007 and 4,594,000 shares in 2006 (Note F) Additional puid-in capital Retal Earnings Total stockholders' equity "Total Liabilities and Stockholders' Equity $14,294 $.614 1,884 5,669 27,467 843 21,059 5 7,501 6,012 1,516 5.313 20,432 635 16,975 49.363 38,042 4,803 957 240.173 4193 $05,208 4.594 910 32.363 37857 575.909