The following balance sheet and income statement pertain toGoode Corp., using the following assumptions complete a forecasted2016 income statement: Assumptions for 2016: Revenue growth rate 32% COGS 64% of sales Operating expenses 23% of sales Interest expense 10% of beginning long-term debt Tax rate 35% Goode Corp. Consolidated Statement ofIncome (Thousands except per share amounts) 2015 Net Revenues $345,871 Cost of Revenue (226,546) SG&A (83,009) Operating Income 36,316 Interest Expense (484) Income Before Income Taxes 35,832 Income taxes (12,541) Net Income $23,291 Goode Corp Consolidated Balance Sheet (Thousands) 2015 Current Assets Cash and Equivalents 7,905 Merchandise inventory 6,308 Accounts receivable 6,614 PPE (including intangibles), net 39,458 Total Assets 60,285 Liabilities and Stockholders' Equity Accounts payable 9,643 Long-term debt 13,500 Shareholders' Equity Common stock and APIC 28,613 Retained earnings 8,529 Total Liabilities and Shareholders' Eq. 60,285 Forecasted income statement: Goode Corp. Consolidated Statements ofIncome (Thousands except per share amounts) 2016 2015
The following balance sheet and income statement pertain toGoode Corp., using the following assumptions complete a forecasted2016 income statement:
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Assumptions for 2016: |
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Revenue growth rate |
32% |
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COGS |
64% of sales |
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Operating expenses |
23% of sales |
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Interest expense |
10% of beginning long-term debt |
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Tax rate |
35% |
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Goode Corp. Consolidated Statement ofIncome |
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(Thousands except per share amounts) |
2015 |
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Net Revenues |
$345,871 |
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Cost of Revenue |
(226,546) |
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SG&A |
(83,009) |
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Operating Income |
36,316 |
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Interest Expense |
(484) |
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Income Before Income Taxes |
35,832 |
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Income taxes |
(12,541) |
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Net Income |
$23,291 |
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Goode Corp Consolidated Balance Sheet |
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(Thousands) |
2015 |
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Current Assets |
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Cash and Equivalents |
7,905 |
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Merchandise inventory |
6,308 |
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6,614 |
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PPE (including intangibles), net |
39,458 |
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Total Assets |
60,285 |
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Liabilities and Stockholders' Equity |
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Accounts payable |
9,643 |
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Long-term debt |
13,500 |
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Shareholders' Equity |
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Common stock and APIC |
28,613 |
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8,529 |
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Total Liabilities and Shareholders' Eq. |
60,285 |
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Goode Corp. Consolidated Statements ofIncome |
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(Thousands except per share amounts) |
2016 |
2015 |
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