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03problem
    Name
    Section
    Chapter 3. 3.19 End-of-Chapter Comprehensive/Spreadsheet Problem
    Problem 3-19
    Laiho Industries December 31 Balance Sheets
    (in thousands of dollars)
                    2019    2018
    Assets
    Cash                $ 102,850    $ 89,725
    Accounts receivable                103,365    85,527
    Inventories                38,444    34,982
     Total current assets                $ 244,659    $ 210,234
    Net fixed assets                67,165    42,436
    Total assets                $ 311,824    $ 252,670
    Liabilities and equity
    Accounts payable                $ 30,761    $ 23,110
    Accruals                30,477    22,656
    Notes payable                16,717    14,217
     Total current liabilities                $ 77,955    $ 59,983
    Long-term debt                76,264    63,914
     Total liabilities                $ 154,219    $ 123,897
    Common stock                100,000    90,000
    Retained earnings                57,605    38,773
     Total common equity                $ 157,605    $ 128,773
    Total liabilities and equity                $ 311,824    $ 252,670
    a. Sales for 2019 were $455,150,000, and EBITDA was 15% of sales. Furthermore, depreciation and
     amortization were 18% of net fixed assets, interest was $8,583,000, the corporate tax
     rate was 25%, and Laiho pays 47.25% of its net income as dividends. Given this information,
     construct the firm’s 2019 income statement.
    The input information required for the problem is outlined in the "Key Input Data" section below. Using
    this...