The comparative statements of beulah company are presented below.
Problem 14-6A The comparative statements of Beulah Company are presented below.
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2014 |
2013 |
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Net sales (all on account) |
$500,000 |
$420,000 |
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Expenses |
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Cost of goods sold |
315,000 |
254,000 |
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Selling and administrative |
120,800 |
114,800 |
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Interest expense |
7,500 |
6,500 |
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Income tax expense |
20,000 |
15,000 |
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Total expenses |
463,300 |
390,300 |
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Net income |
$ 36,700 |
$ 29,700 |
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BEULAH COMPANY |
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Assets |
2014 |
2013 |
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Current assets |
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Cash |
$ 21,000 |
$ 18,000 |
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Short-term investments |
18,000 |
15,000 |
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Accounts receivable (net) |
85,000 |
75,000 |
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Inventory |
80,000 |
60,000 |
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Total current assets |
204,000 |
168,000 |
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Plant assets (net) |
423,000 |
383,000 |
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Total assets |
$627,000 |
$551,000 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
$122,000 |
$110,000 |
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Income taxes payable |
12,000 |
11,000 |
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Total current liabilities |
134,000 |
121,000 |
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Long-term liabilities |
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Bonds payable |
120,000 |
80,000 |
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Total liabilities |
254,000 |
201,000 |
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Stockholders’ equity |
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Common stock ($5 par) |
150,000 |
150,000 |
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Retained earnings |
223,000 |
200,000 |
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Total stockholders’ equity |
373,000 |
350,000 |
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Total liabilities and stockholders’ equity |
$627,000 |
$551,000 |
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Additional data:
The common stock recently sold at $19.50 per share.
Compute the following ratios for 2014. (Round Earnings per share and Acid-test ratio to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
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(a) |
Current ratio |
:1 |
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(b) |
Acid-test ratio |
:1 |
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(c) |
Accounts receivable turnover |
times |
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(d) |
Inventory turnover |
times |
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(e) |
Profit margin |
% |
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(f) |
Asset turnover |
times |
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(g) |
Return on assets |
% |
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(h) |
Return on common stockholders’ equity |
% |
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(i) |
Earnings per share |
|
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(j) |
Price-earnings ratio |
times |
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(k) |
Payout ratio |
% |
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(l) |
Debt to total assets |
% |
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(m) |
Times interest earned |
times |
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