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The Following Balance Sheet and Income Statement Pertain to Goode

Question 49

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The following balance sheet and income statement pertain to Goode Corp.,using the following assumptions complete a forecasted 2013 income statement:
 Assumptions far 2013:  Revenue growth rate 45% COGS 70% of sales  Operating expenses 18% of sales  Interest expense 12% of begining lang-term debt  Tax rate 35%\begin{array}{l}\text { Assumptions far 2013: }\\\begin{array} { l l } \text { Revenue growth rate } & 45 \% \\\text { COGS } & 70 \% \text { of sales } \\\text { Operating expenses } & 18 \% \text { of sales } \\\text { Interest expense } & 12 \% \text { of begining lang-term debt } \\\text { Tax rate }&35\%\end{array}\end{array}
 Goode corp. Consolidated Statement of Income (Thousands except per share amounts) Net Revenues Cost of Revenue SG&A Operating Income Interest Expense Income Before Income Taxes Income taxes Net Income Goode Corp Consolidated Balance Sheet  (Thousands) Current Assets Cash and Equivalents Merchandise inventory Accounts receivable PPE (including intangibles), net Total AssetsLiabilities and Stockholders’ Equity Accounts payableLong-term debtShareholders’ EquityCommon stock and APICRetained earningsTotal Liabilities and Shareholders’ Eq.2012$345,871(226,546)(83,009)36,316(484)35,832(12,541)$23,29120127,9056,3086,61439,45860,2859,64313,50028,6138,52960,285\begin{array}{l}\begin{array}{lll} \text { Goode corp. Consolidated Statement of Income}\\ \text { (Thousands except per share amounts)}\\\\ \text { Net Revenues}\\ \text { Cost of Revenue}\\ \text { SG\&A}\\ \text { Operating Income}\\ \text { Interest Expense}\\ \text { Income Before Income Taxes}\\ \text { Income taxes}\\ \text { Net Income}\\ \text { Goode Corp Consolidated Balance Sheet }\\ \text { (Thousands)}\\ \text { Current Assets}\\ \text { Cash and Equivalents}\\ \text { Merchandise inventory}\\ \text { Accounts receivable}\\ \text { PPE (including intangibles), net}\\ \text { Total Assets}\\ \text {Liabilities and Stockholders' Equity}\\ \text { Accounts payable}\\ \text {Long-term debt}\\ \text {Shareholders' Equity}\\ \text {Common stock and APIC}\\ \text {Retained earnings}\\ \text {Total Liabilities and Shareholders' Eq.}\\\end{array}\begin{array}{lll}\\2012\\\\\$ 345,871 \\(226,546) \\\underline {(83,009)} \\36,316 \\\underline {(484)} \\35,832 \\\underline {(12,541)} \\\underline { \$ 23,291}\\\\2012\\\\7,905\\6,308\\6,614\\\underline {39,458}\\\underline {60,285}\\\\9,643 \\13,500 \\\\28,613 \\\underline { 8,529} \\\underline { 60,285}\\\end{array}\end{array}

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