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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 |
