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Baxter Medical Financial Statements are presented on the last 2 pages of the exam booklet . ( all information is in thousands of dollars ) . In addition , the table below Follows the financial statements at the end of the exam . During and " in- class" exam , you will be better served to separate those pages from the exam booklet . This saves time by not requiring you to flip back and forth so many times . Forecasting information for the next several problems - Baxter Medical 2014 2015 2016 2017 Sales Growth ( YOY ) 8.7% 2. 9% 5. 2% 6. 4% Gross Profit Margin 50. 0% 50. 2%0 50.5% 50.5% Operating Profit Margin 17. 8% 17.9% 18.2%/0 18.5% Net Profit Margin 13. 3% 13.9% 14. 2% 14.3% Dividend Payout Ratio 52% 51 % 50 % 50% Asset Turnover 0. 65 0. 68 0. 70 0. 70 Current Assets / Total Assets 40% 41 % 42%0 43% Current Ratio 1.70 1.72 1.74 1.76 Days Supply Inventory 164 160 156 152 Days Sales Outstanding 75 73 71 7132. Forecast the 2014 Accounts Receivables for Baxter. (Use 365 day year for turns to days) a. $2,452,529 b. $3,591,488 c. $3,455,528 d. $3,408,192 37 . Forecast the 2015 Ending Inventory for Baxter . ( Use 365 day year for turns to days ) a . $7, 481, 662 $3, 725, 868 C . $3, 904, 884 d $3, 913, 712Baxter Medical , Inc . Income Statements - Fiscal Year end is December 31 All information in thousands ( 000 's ) except shares Period Ending* 2010 2011 2012 2013 Total Revenue 12 , 843 , 000 13, 893 , 000 14, 190, 000 15 , 259 , 000 Cost of Revenue 6, 885, 000 6. 847, 000 6. 889, 000 7 , 6 64, 000 Gross Profit 5 , 958, 000 7 , 046, 000 7, 301 , 000 7, 595, 000 Operating Expenses Research Development 915, 000 946, 000 1 , 156 , 000 1 , 246 ,000 Selling General and Administrative* 2, 907, 000 3 , 154 , 000 3 , 324, 000 3, 681, 000 Total Operating Expenses 3, 822 , 000 4 , 100, 000 4, 480, 000 4 , 927,000 Operating Income or Loss 2 , 136 , 000 2 , 946 , 000 2, 821, 000 2 , 6 68, 000 Total Other Income ( Expenses ) Net 159 , 000 183, 0001 155 , 000 9, 000 Earnings Before Interest And Taxes 1. 97 7, 000 2, 809, 000 2, 889, 000 2, 549, 000 Interest Expense 87, 000 Income Before Tax 1, 890, 000 2, 809, 000 2, 889, 000 2, 549, 000 Income Tax Expense 463, 000 553, 000 563, 000 5:37, 000 Minority Interest 7, 000 132, 000) Net Income 1, 420, 000 2 , 224, 000 2 , 326, 000 2 , 012, 000 Shares issued and outstanding 580, 7:33, 356\\ 560, 970, 456 546, 213, 545\\ 543, 037, 955 Stock Price at Year End 50.62 49. 48 66. 66\\ 69.55Period Ending* 2010 2011 2012 2013 Assets Current Assets Cash And Cash Equivalents $2, 685, 000\\ 2 , 905 , 000 3 , 270 , 000\\ 2, 733, 000 Net Receivables $2, 265, 000 2, 715 , 000 2 , 769 , 000 3 , 304 , 000 Inventory* $2 , 371 , 000 2 , 628 , 000 2 , 803, 000 3 , 49.9 , 000 Other Current Assets $668, 000 402, 000 418, 000 468, 000 Total Current Assets $7, 989, 000 8 , 650, 000| 9 , 260 , 000\\ 10 , 004 , 000 Property Plant and Equipment ( net ) $5, 260, 000 5 , 525, 000 6, 098, 000 7 , 832, 000 Goodwill $2 , 015 , 000 2 , 317 , 000 2, 502, 000 4 , 205 , 000 Intangible Assets $500, 000 8:26, 000 814, 000 2 , 294, 000 Other Assets $1 , 725 , 000 1 , 755 , 000 1 , 716, 000 1, 534, 000 Total Non - Curent Assets 9 , 500, 000 10 , 423 , 000 11, 130, 000 15 , 865 , 000 Total Assets $17, 489, 000 19 , 073 , 000 20, 390, 000 25, 869, 000 Liabilities 2010 2011 2012 2013 Current Liabilities Accounts Payable* $4, 017, 000 4 , 411 , 000 1, 409 , 000 4 , 866 , 000 Short / Current Long Term Debt $24, 000 446, 000 350, 000 1 , 040 , 000 Total Current Liabilities $4, 041, 000 4 , 857 , 000 1 , 759 , 000 5, 906, 000 Non - Current Liabilities Long Term Debt $4, 363, 000 4 , 749 , 000 Other Liabilities* 5, 580, 000 8, 126 , 000 $2 , 289, 000 2, 6:39 , 000 3, 073, 000 3 , 351 , 000 Minority Interest $229, 000 243, 000 40, 000 23, 000 Total Non - Current Liabilities $6 , 881 , 000 $7, 631 , 000 $8, 693, 000\\ $11 , 500 , 000 Total Liabilities $10 . 922 , 000 $12, 488 , 000 $13, 452 , 000 $17 , 406 , 000 Stockholders' Equity 2010 2011 2012 2013 Common Stock $683, 000 683, 000 683, 000 683, 000 Retained Earnings $7 , 925, 000 9, 429, 000 10. 888, 000 11 , 852 , 000 Treasury Stock ($5, 655, 000 ) 16 , 719 , 000 ) (7, 592, 000 ) 17 , 914 , 000 ) Capital Surplus $5 , 753, 000 5 , 783 , 000 5 . 769 , 000 Other Stockholder Equity* ($2, 139, 000 ) 5 , 818 , 000 ( 2 , 591 , 000 ) (2 , 810 , 000 ) ( 1 , 976 , 000 ) Total Stockholder Equity $6, 567, 000 6. 585 , 000 3. 938, 000| 8, 463, 000 Total !! ilities and equity $17. 489. 000 19. 073, 000 20. 390. 000 25. 869. 000