INCOME STATEMENT

(in millions of dollars) 2018 2019

Sales 2850.00 3000.00

Costs except depreciation 2497.00 2616.20
Depreciation 90.00 100.00
Total operating costs 2587.00 2716.20
EBIT 263.00 283.80
Less Interest 60.00 88.00
Earnings before taxes (EBT) 203.00 195.80
Taxes (40%) 81.20 78.32
NI before preferred dividends 121.80 117.48
Preferred dividends 4.00 4.00
NI available to common 117.80 113.48

Dividends to common 53.00 57.50

Add. to retained earnings (DRE) 64.80 55.98

Shares of common equity 50.00 50.00

Dividends per share 1.06 1.15
Price per share 26.00 23.00

BALANCE SHEET
(in millions of dollars)
2018 2019
Assets
Cash 15.00 9.98
ST Investments 65.00 0.00
Accounts receivable 315.00 375.00
Inventories 415.00 615.00
Total current assets 810.00 999.98

Net plant and equipment 870.00 1000.00

Total assets 1680.00 2000.00

2018.00 2019.00
Liabilities and equity
Accounts payable 30.00 60.00
Accruals 130.00 140.00
Notes payable 60.00 110.00

Total current liabilities 220.00 310.00

Long-term bonds 580.00 754.00
Total liabilities 800.00 1064.00
Preferred stock 40.00 40.00
Common stock 130.00 130.00
Retained earnings 710.00 765.98
Total common equity 840.00 895.98
Total liabilities and equity 1680.00 2000.00