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Question - Quantitative Problem - Rosnan Industries' 2019 and 2018 balance sheets and income statements are shown below.
Balance Sheets:
2019
2018
Assets
Cash and equivalents
$100
$85
Accounts receivable
275
300
Inventories
375
250
Total current assets
$750
$635
Net plant and equipment
2,300
1,490
Total assets
$3,050
$2,125
Liabilities and Equity
Accounts payable
$150
Accruals
75
50
Notes payable
150
Total current liabilities
$375
$210
Long-term debt
450
290
Total liabilities
825
500
Common stock
1,225
Retained earnings
1,000
400
Common equity
2,225
1,625
Total liabilities and equity
Income Statements:
Sales
$2,285
$1,585
Operating costs excluding depreciation
1,250
EBITDA
$1,035
$585
Depreciation and amortization
100
EBIT
$935
$510
Interest
63
46
EBT
$872
$464
Taxes (25%)
218
116
Net income
$654
$348
Dividends paid
$54
$48
Addition to retained earnings
$600
$300
Shares outstanding
110
Price
$22.73
$20.23
WACC
11.00%
Required -
1. Using the financial statements above, what is Rosnan's 2019 market value added (MVA)? Do not round intermediate calculations. Round your answer to the nearest cent.
2. Using the financial statements given earlier, what is Rosnan's 2019 economic value added (EVA)? Do not round intermediate calculations. Round your answer to the nearest cent.
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