Homework Answers
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CADUX CANDY COMPANY |
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Balance Sheet |
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At December 31, 2021 |
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(All values are in millions) |
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Assets |
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Current Assets: |
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Cash |
$6 |
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Account Receivable (net) |
$37 |
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Inventories |
$43 |
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Total Current assets |
$86 |
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Property, Plant & Equipment (net) |
$134 |
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Total assets |
$220 |
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Liabilities & Shareholder’s Equity |
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Current Liabilities |
$43 |
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Long Term Liabilities |
$67 |
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Shareholder’s Equity |
$110 |
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Total Liabilities & Shareholder’s Equity |
$220 |
Times Interest Earned Ratio = Income before Interest and Tax / Interest Exp
10 times = Income before Interest and Tax/$9
Income before Interest and Tax = $90
Net Income = Income before Interest and Tax – Interest - Tax
= $90 - $9 - $26 = $55
Return on assets = Net Income/total Assets
25% = $55/Total assets
Total assets = $220
Return on Equity = Net Income/Equity
50% = $55/Equity
Equity = $110
Profit margin on sale = Net Income/Sale
10% = $55/Sale
Sale = $550
GP = Sale * GP ratio
= $550 * 30% = $165
COGS = Sale – GP
$550 - $165 = $385
Inventory Turnover = COGS/Inventory
9 times = $385/Inventory
Inventory = $43
Receivable Turnover = Credit Sale/Account Receivable
Assume all sale are on credit
15 times = $550/Account receivable
Account receivable = $37
Current ratio = CA/CL
2 = CA/CL--------(1 equation)
Acid Test Ratio = (CA – Inventory)/CL
1 = (CA – Inventory)/CL
CL = CA – Inventory------(2 equation)
Put 2nd equation in 1st equation
2 = CA/CA – Inventory
2 = CA/CA - $43
2CA - $86 = CA
CA = $86
Cash = CA – Inventory – Account receivable
= $86 - $43 - $37 = $6
Property, Plant & Equipment (net) = Total assets – CA
$220 - $86 = $134
Current ratio = CA/CL
2 = $86/CL
CL = $43
Long Term Liabilities = Total Liabilities & Shareholder’s Equity – Current Liability – Shareholders equity
= $220 - $43 - $110 = $67
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