Use the Table for the Question(s) Below -Refer to the Balance Sheet Above

question 2

Essay

Use the table for the question(s) below.
$\begin{array} { c } \text {Luther Corporation }\\ \text { Consolidated Balance Sheet }\\ \text { June 30, 2011 and 2012 (in \$ millions)}\\\hline\begin{array} { l } \text {Assets }&2012&2011&\begin{array} { l } \text {Liabilities and }\\ \text {Shareholders' Equity }\\\end{array}&2012&2011\\\hline\text { Current Assets } & &&{\text { Current Liabilities }} \\\hline \text { Cash } & 63.6 & 58.5 & \text { Accounts payable } & 87.6&73 .5\\\hline \text { Accounts receivable }&55.5&39.6&\begin{array} { l } \text {Notes payable / }\\ \text { short-term debt}\\\end{array}&10.5&9 .6\\\hline \text { Inventories }&45.9&42.9&\begin{array} { l } \text {Current maturities of }\\ \text { long-term debt}\\\end{array}&39.9&36.9\\\hline \text { Other current assets } & 6.0 & 3.0 & \text { Other current liabilities } & 6.01&2 .0 \\\hline \text { Total current assets } & 171.0 & 144.0 & \text { Total current liabilities } & 144.0&132 .0 \\\hline\\\hline\text { Long-Term Assets } &&& \text { Long-Term Liabilities }\\\hline \text { Land } & 66.6 & 62.1 & \text { Long-term debt } & 239.7&168 .9 \\\hline \text { Buildings } & 109.5 & 91.5 & \text { Capital lease obligations } & -----& ----- \\\hline \text { Equipment } & 119.1 & 99.6 & \text { Total Debt } & 239.7&168 .9 \\\hline\begin{array} { l } \text { Less accumulated}\\ \text { depreciation }\\\end{array}&(56.1) & (52.5) & \text { Deferred taxes } & 22.8&22 .2\\\hline\begin{array} { l } \text { Net property, plant, and}\\ \text { equipment}\\\end{array}&239.1 & 200.7 &\text { Other long-term liabilities }&---&---\\\hline \text { Goodwill } & 60.0 & -- & \text { Total long-term liabilities } & 262.5&191 .1 \\\hline \text { Other long-term assets } & 63.0 & 42.0 & \text { Total liabilities } & 406.5&323 .1 \\\hline \text { Total long-term assets } & 362.1 & 242.7 & \text { Shareholders' Equity } & 126.6&63 .6 \\\hline\\\hline\text { Total Assets }&533.1 & 386.7&\begin{array} { l } \text {Total liabilities and }\\ \text { Shareholders' Equity}\\\end{array}&533.1&386.7\\\end{array}\end{array}$

-Refer to the balance sheet above. If on 30 June 2011 Luther has 8 million shares outstanding trading at $15 per share, then what is Luther's enterprise value?

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Definitions:

REM Sleep

A stage of sleep characterized by rapid eye movements, more dreaming and bodily movement, and faster pulse and breathing.

Wakefulness

The state of being awake and aware of one's environment, contrasting with sleep or unconsciousness.

Sleep Apnea

A sleep disorder characterized by repeated interruptions of breathing during sleep.

Nasal Passages

The channels through which air passes from the nostrils to the nasopharynx, playing a key role in respiration and filtering of airborne particles.