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Genmo Corporation
Author(s):
Anthony, Robert N.
Functional Area(s):
   Finance/Financial Management
   Financial Accounting
Setting(s):
   For Profit
Difficulty Level: Beginner
Pages: 2
Teaching Note: Available. 
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First Page and the Assignment Questions:

On the night of February 27, 2004, certain records of the Genmo Corporation were accidentally destroyed by fire. Two days after that the principal owner had an appointment with an investor to discuss the possible sale of the company. The owner needed as much information as could be gathered for this purpose, recognizing that over a longer period of time a more complete reconstruction would be possible.

On the morning of February 28, the following were available: a balance sheet as of December 31, 2002 and an income statement for 2002 (Exhibit 1) and some ratios that had been calculated from the 2002 and 2003 financial statements (Exhibit 2). Although the 2003 statements themselves had been destroyed in the fire, the following data (in thousands) were available:

2003 revenues $10,281
Current liabilities, December 31, 2003 $2,285

Assignment

  1. Prepare a balance sheet as of December 31, 2003, and the 2003 income statement.
  2. What was the return on shareholders’ equity for 2003?