- Reo Enancials De Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A C 1 (19.48 KiB) Viewed 81 times
- Reo Enancials De Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A C 2 (73.81 KiB) Viewed 81 times
- Reo Enancials De Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A C 3 (54.11 KiB) Viewed 81 times
- Reo Enancials De Using The Lifo Reserve What Would Rec S After Tax Net Income Be Adjusted By In 2007 If Adjusted To A C 4 (63.71 KiB) Viewed 81 times
2007 2006 $ 4,061 5,272 $ 2,382 8,004 Asrols Current Assets Cash Markotable securitics (Note A) Accounts receivable, less allowance for doubtful counts of $4d8 (2007 and $417 in 2006 Inventories (Note A) Prepaid exponisos Total current Assets Property, Plunt, and equipment (Notos A.Cand E) Land Buildings and lensehold improvements Equipment 8.900 47,041 512 65,846 8,350 36,769 759 56,264 811 18.273 21,523 40,607 !1.528 29,079 373 811 15,928 13.268 26,507 7.530 18,977 668 $75,909 $95.298 Less accumulated depreciation and amortization Net properly, plant, and equipment Other Assets (Notç A) Total Assets Llabilities and Stockholders' Equity Current Liabilities Accounis payable Notos payable-banks (Note B) Current maturitios of long-term debt (Note C) Accrued inbilities Total current liabilities Deferred Federal Income Taxes (Notes A and D) Long-Term Debt (Nata C) Commitments (Note E) Total liabilities Stockholders' Equity Common stock, por value $1, authorized, 10,000,000 xharos: Issued, 4,803,000 sbarca in 2007 and 4,594,000 shares in 2006 (Note F) Additional puid-in capital Retained Earnings Total stockholders' equity Total Liabilities and Stockholders' Equity The accompanying natos are an integral part of those statements $14,294 5.614 1,884 5.660 27,461 843 21.059 5 7,591 6,012 1,516 5.313 20,432 635 16,975 49,363 38,042 4,803 957 40.1775 45,035 S05 298 4,594 910 32.363 37857 $25.909
ITUI Net sales Cost of goods sold (Note A) Gross profil Selling and administrative expenses (Notes A and 2) Advertising Depreciation and amortization (Note A) Ropains and maintenance Operating profit Other Income (expense) Interest Income Interest expense Earnings before income taxes Income taxes (Notes A and D) Net oarnings Basc carnings por common wharo (Notc G) pilated oarnlags por common shurc (Note 6) 2007 $215,600 129,364 86,236 45,722 14,258 3,998 3,015 19,243 2006 $153,000 92.879 61121 33,493 10,792 2,984 2.046 11,806 2005 $140,700 81.606 59,094 32,765 9,541 2,50 3.031 11256 422 (2.589) 17,080 7.686 9.394 $ 1.96 $ 1.93 838 (2,277) 10,367 4457 $ 5,910 $ 129 $ 1.26 738 (1,274) 10,720 4,824 $ 3.896 $1.33 $ 1.31 The accompanying notes nro an Integral part of these statemente
w Noto 1 - Summary of Signtficant Accounting Policies R.E.C. Inc. is a rotiller of recrentional equipmont and clothing. Consolidation: To connelldated financial statements Include the accounts and transactions of the company und Its wholly owned subsidiaries. The company accounts for its Investment in its subsidiaries using the equity mothod of accounting. All significant intercompany transictions have been eliminated in consolidation. Markurable Securitius: Market ble securities consist of short-term, Interest-henring securiiles Inventaries: laventuries are atuted at the lower of cost-last In, first out (LIFO)-or market. If the first in, first-out (PIFO) method of Inventory Accounting had been used Inventories would have been approxs- mately $2,681,0KM) and $2,096,000 higher than reported at December 31, 2007 and 2006. Depreciation and Amurization: Property, plant, and equipment is stated at cost. Depreciation expenses calculated principally by thu straight-ling method based on oslimated useful lives of 3 to 10 years for equipment, 3 to 30 years for leaschold Improvements, and 40 years for bulidings. Estimated useful lives of leasehold improvements represent the remaining term of the lauke In elfact at the time the improvements are made. Experises of New Storex: Expenses ansuciated with the opening of now stores are charged to expense as Incurred. Other Asiats: Other assets are investments in propertios not used in husiness operations