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IE Corporation 2008 and 2009 Balance Sheets ($ in million)
2008 2009
ASSETS
Current Assets:
Cash 210 215
Accounts receivable 355 310
Inventory 507 328
Total Current Assets 1,072 853
Fixed Assets:
Net plant and equipment 6,085 6,527
TOTAL ASSETS 7,157 7,380
Current Liabilities:
Accounts payable 207 298
Notes payable 1,715 1,427
Total Current Liabilities 1,922 1,725
Long-term debt 1,987 2,308
Owners' equity
Common stock 1,000 1,000
Retained earnings 2,248 2,347
Total Owners' Equity 3,248 3,347
TOTAL LIABILITIES and OWNERS' EQUIT' 7,157 7,380
IE Corporation
2009 Income Statementn)
Sales 4,053
Cost of goods sold 2,780
Depreciation 550
Earnings before interest and taxes 723
Interest paid 502
Taxable income 221
Taxes (34%) 75
Net income 146
Dividends 47
Addition to retained earnings 99
Construct a Vertical/Common- Size Analysis for 2009
Construct a Horizontal/Indexed Analysis
Calculate the following ratios:
Current ratioInventory turnoverDSOFixed assets turnoverTotal assets turnoverTotal debt to total assetsTimes-interest-earned (TIE)EBITDA coverageProfit margin on salesBasic earning power (BEP)Return on total assets (ROA)Return on common equity (ROE)
• Provide insights• 1 Vertical• 1 Horizontal• 1 Ratio
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