PHILIPPE CORPORATION
2008 and 2009 Balance Sheets
($ in millions)
Assets
2008
2009
Current assets
Cash
$ 210
$ 215
Accounts receivable
355
310
Inventory
507
328
Total
$1,072
$ 853
Fixed assets
Net plant and equipment
$6,085
$6,527
Total assets
$7,157
$7,380
Liabilities and Owners' Equity
Current liabilities
Accounts payable
$ 207
$ 298
Notes payable
1,715
1,427
Total
$1,922
$1,725
Long-term debt
$1,987
$2,308
Owners' equity
Common stock and paid-in surplus
$1,000
$1,000
Retained earnings
2,248
2,347
Total
$3,248
$3,347
Total liabilities and owners' equity
$7,157
$7,380
PHILIPPE CORPORATION
2009 Income Statement
($ in millions)
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