Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC....

 

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Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2021 and 2020. (in millions of dollars) 2021 2020 2021 2020 Assets Current assets: Liabilities and Equity Current liabilities: Cash and marketable securities Accounts receivable $ 52 $ 36 Accrued wages and taxes 45 $ 33 45 33 Accounts payable. 40 27 Inventory 208 84 Notes payable 35 24 Total $305 $153 Total $120 $84 Fixed assets: Long-term debts $211 $117 Gross plant and equipment $260 $168 Less: Depreciation 78 39 Net plant and equipment $182 $129 Stockholders' equity: Preferred stock (3 million shares) Common stock and paid-in surplus (18 million shares) $ 3 $ 3 18 18 Other long-term assets Total 25 18 Retained earnings 160 78 $207 $147 Total $181 $ 99 Total assets $512 $300 Total liabilities and equity $512 $300 LAKE OF EGYPT MARINA, INC. Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Net sales (all credit) $ 650 $ 450 Less: Cost of goods sold 390 261 Gross profito $ 260 $ 189 Less: Other operating expenses 52 36 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 208 153 Less Depreciation 39 27 Earnings before interest and taxes (EBIT) $ 169 $ 126 Less: Interest. 39 36 Earnings before taxes (EBT) $ 130 $ 90 Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2021 and 2020. (in millions of dollars) 2021 2020 2021 2020 Assets Current assets: Liabilities and Equity Current liabilities: Cash and marketable securities Accounts receivable $ 52 $ 36 Accrued wages and taxes 45 $ 33 45 33 Accounts payable. 40 27 Inventory 208 84 Notes payable 35 24 Total $305 $153 Total $120 $84 Fixed assets: Long-term debts $211 $117 Gross plant and equipment $260 $168 Less: Depreciation 78 39 Net plant and equipment $182 $129 Stockholders' equity: Preferred stock (3 million shares) Common stock and paid-in surplus (18 million shares) $ 3 $ 3 18 18 Other long-term assets Total 25 18 Retained earnings 160 78 $207 $147 Total $181 $ 99 Total assets $512 $300 Total liabilities and equity $512 $300 LAKE OF EGYPT MARINA, INC. Income Statement for Years Ending December 31, 2021 and 2020 (in millions of dollars) 2021 2020 Net sales (all credit) $ 650 $ 450 Less: Cost of goods sold 390 261 Gross profito $ 260 $ 189 Less: Other operating expenses 52 36 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 208 153 Less Depreciation 39 27 Earnings before interest and taxes (EBIT) $ 169 $ 126 Less: Interest. 39 36 Earnings before taxes (EBT) $ 130 $ 90

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