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Problem 1:
The financial statements of Harley Davidson, Inc. for the period 1985-1990 are presented below. Harley - Davidson was considered one of the success stories of the 1980s, having introduced world-class management techniques to turn around the company. At the same time, however, an examination of the company's return on equity indicates that after initial growth, the ratio stabilized and then declined.
Comparative Income Statements of
Harley-Davidson Inc. for the Year Ended 1985 to 1990 (in $ Millions)
1985
1986
1987
1988
1989
1990
Sales
287.48
295.32
685.36
757.38
790.97
864.6
Cost of goods sold
209.69
210.45
506.91
559.53
582.7
619.1
Selling, general, and admin. expenses
57.34
60.06
104.14
111.91
127.61
144.27
Depreciation
7.53
8.72
14 86
15.73
14.23
16.45
Operating Profit
12.92
16.09
59.45
70.21
66.43
84.78
Other Income
0
0.75
0.52
4.38
4.54
Other Expense
0.34
3.6
19
10.72
Profi: Before Interest and Tax
12.58
16.84
56.37
70.69
70.97
74.06
Interest
9.41
9.51
25.51
24.67
17.96
11.44
Profi: Before Tax
3.17
7.33
30.86
46.02
53.01
62.62
Income Tax Expense
0.53
3.03
13.08
18.85
20A
24.31
Net Income
2.64
4.3
17.78
27.17
32.61
38.31
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