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What is the most important difference
between a corporation and all other organizational forms?
2.
What does the phrase limited
liability mean in a corporate context?
3.
Which organizational forms give their
owners limited liability?
4.
What are the main advantages and
disadvantages of organizing a firm as a corporation?
5.
Explain the difference between an S
corporation and a C corporation.
TABLE 2.5 2009–2013
Financial Statement Data and Stock Price Data for Mydeco Corp.
Mydeco Corp. 2009–2013
(All data as of fiscal year end; in $ million)
Income
Statement
2009
2010
2011
2012
2013
Revenue
Cost of Goods Sold
404.3
(188.3)
363.8
(173.8)
424.6
(206.2)
510.7
(246.8)
604.1
(293.4)
Gross Profit
Sales and Marketing
Administration
Depreciation and
Amortization
216.0
(66.7)
(60.6)
(27.3)
190.0
(66.4)
(59.1)
(27.0)
218.4
(82.8)
(59.4)
(34.3)
263.9
(102.1)
(66.4)
(38.4)
310.7
(120.8)
(78.5)
(38.6)
EBIT
Interest Income (Expense)
61.4
(33.7)
37.5
(32.9)
41.9
(32.2)
57.0
(37.4)
72.8
(39.4)
Pretax Income
Income Tax
27.7
(9.7)
4.6
(1.6)
9.7
(3.4)
19.6
(6.9)
33.4
(11.7)
Net Income
Shares outstanding (millions)
Earnings per share
18.0
55.0
$0.33
3.0
55.0
$0.05
6.3
55.0
$0.11
12.7
55.0
$0.23
21.7
55.0
$0.39
Balance
Sheet
2009
2010
2011
2012
2013
Assets
Cash
Accounts Receivable
Inventory
48.8
88.6
33.7
68.9
69.8
30.9
86.3
69.8
28.4
77.5
76.9
31.7
85.0
86.1
35.3
Total
Current Assets
Net Property, Plant, and
Equip.
Goodwill and Intangibles
171.1
245.3
361.7
169.6
169.6
243.3
184.5
309
361.7
186.1
345.6
361.7
206.4
347.0
361.7
Total
Assets
Liabilities
and Stockholders’ Equity
Accounts Payable
Accrued Compensation
778.1
18.7
6.7
774.6
17.9
6.4
855.2
22.0
7.0
893.4
26.8
8.1
915.1
31.7
9.7
Total
Current Liabilities
Long-term Debt
25.4
500.0
24.3
500.0
29.0
575.0
34.9
600.0
41.4
600.0
Total
Liabilities
Stockholders’ Equity
525.4
252.7
524.3
250.3
604.0
251.2
634.9
258.5
641.4
273.7
Total
Liabilities and Stockholders’ Equity
778.1
774.6
855.2
893.4
915.1
Statement
of Cash Flows
2009
2010
2011
2012
2013
Net Income
Depreciation and
Amortization
Chg. in Accounts
Receivable
Chg. in Inventory
Chg. in Payables and
Accrued Comp.
18.0
27.3
3.9
(2.9)
2.2
3.0
27.0
18.8
2.8
(1.1)
6.3
34.3
(0.0)
2.5
4.7
12.7
38.4
(7.1)
(3.3)
5.9
21.7
38.6
(9.2)
(3.6)
6.5
Cash from Operations
Capital Expenditures
48.5
(25.0)
50.5
(25.0)
47.8
(100.0)
46.6
(75.0)
54.0
(40.0)
Cash from Investing Activities
Dividends Paid
Sale (or purchase) of
stock
Debt Issuance (Pay Down)
(25.0)
(5.4)
—
—
(25.0)
(5.4)
—
—
(100.0)
(5.4)
—
75.0
(75.0)
(5.4)
—
25.0
(40.0)
(6.5)
—
—
Cash from Financing Activities
(5.4)
(5.4)
69.6
19.6
(6.5)
Change
in Cash
18.1
20.1
17.4
(8.8)
7.5
Mydeco
Stock Price
$7.92
$3.30
$5.25
$8.71
$10.89
