Answer Happy

5. The following balance sheet and income statement pertain to Goode Corp, using the following assumptions complete a forecasted 2013 income statement: Assumptions for 2013: 45% Revenue growth rate COGS 70% of sales Operating expenses 18% of sales Interest expense 12% of beginning long-term debt Tax rate 35% Goode Corp. Consolidated Statement of Income (Thousands except per share amounts) 2012 Net Revenues $345.871 Cost of Revenue (226.546) (83.009) SG&A © 2018 Cengage. May not be scanned copied or duplicated, or posted to a publicly accessible website, in whole or in part 10-7 Operating Income Interest Expense 36,316 (484) Income Before Income Taxes 35.832 Income taxes (12.541) Net Income $23.291 Goode Corp Consolidated Balance Sheet (Thousands) Current Assets Cash and Equivalents Merchandise inventory Accounts receivable PPE (including intangibles), net Total Assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Shareholders' Equity Common stock and APIC Retained earnings Total Liabilities and Shareholders' Eq ANS: Goode Corp. Consolidated Statements of Income (Thousands except per share amounts) Net Revenues Cost of Goods Sold SG&A Operating Income Interest Expense Income Before Income Taxes Income taxes Net Income 2012 7.905 6.308 6.614 39,458 60.285 9.643 13.500 28.613 8.529 60.285 2013 2012 501,513 $345.871 (351,059) (226,546) (90.272) (83,009) 60,182 36.316 (1.620) (484) 58.562 (20.497) $38.065 35.832 (12.541) $23,291