Homework Answers
a.Earning per share = Net Income / Common shares outstanding = 206600 / ( (290000 +300000) / (5x2) ) = 206600 / 58000 = 3.50
b.Return on Common Stockholders Equity = Net Income / Avg. Stockholders Equity
= 206600 / (603400 + 465400 ) / 2
= 206600 / 534400
= 38.66%
c.Return on Assets = Net Income / Avg. Total Assets = 206600 / ( 1051600 + 877500 ) / 2 = 206600 / 964550 = 21.42%
d.Current Ratio = Current Assets / Current Liabilities = 387600 / 213200 = 1.82
e.Accounts Receivable Turnover = Sales / Avg. Accounts Receivable
= 1898540 / ( 125800 + 110800 ) / 2 = 1898540 / 118300 = 16.05
f.Average Collection period = 365 / Accounts Receivable Turnover = 365 / 16.05 = 22.74 Days
g.Inventory Turnover = Cost of goods sold / Avg. Inventory = 1066540 / ( 127700 + 117200 ) / 2 = 1066540 / 122450 = 8.71
h.Days in Inventory = 365 / Inventory Turnover = 365 / 8.71 = 41.91 Days
i.Times Interest Earned = EBIT / Interest Expense = 324000 / 23700 = 13.67 times
j.Asset Turnover = Sales / Avg. Total Assets = 1898540 / 964550 = 1.97
k.Debt Assets Ratio = Total Liabilities / Total Assets = 448200 / 1051600 = 42.62%
l.Free Cashflow = Operating Cashflow - Working Capital changes - Capital expenditures - Dividends
Free Cashflow = 229000 - 137000 - 58600 = 33400
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Income Statements
For the Years Ended December 31
2022
2021
Net sales
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Gross profit
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243,800
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18,400
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287,160
225,400
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86,148
67,620
Net income
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SHERIDAN COMPANY
Balance Sheets
December 31
Assets
2022
2021...
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Income Statements
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2022
2021
Net sales
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Cost of goods sold
887,000
845,040
Gross profit
699,400
624,960
Selling and administrative expenses
420,000
402,360
Income from operations
279,400
222,600
Other expenses and losses
Interest expense
18,480
16,800
Income before income taxes
260,920
205,800
Income tax expense
78,276
61,740
Net income
$ 182,644
$ 144,060
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Balance Sheets
December 31
Assets...
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here.
SHERIDAN COMPANY
Income Statements
For the Years Ended December 31
2022
2021
Net sales
$1,734,400
$1,610,000
Cost of goods sold
967,000
925,520
Gross profit
767,400
684,480
Selling and administrative expenses
460,000
440,680
Income from operations
307,400
243,800
Other expenses and losses
Interest expense
20,240
18,400
Income before income taxes
287,160
225,400
Income tax expense
86,148
67,620
Net income
$ 201,012
$ 157,780
SHERIDAN COMPANY
Balance Sheets
December 31
Assets
2022
2021...
Problem 13-02A
The comparative statements of Cullumber Company are presented
here.
CULLUMBER COMPANY
Income Statements
For the Years Ended December 31
2022
2021
Net sales
$1,586,400
$1,470,000
Cost of goods sold
887,000
845,040
Gross profit
699,400
624,960
Selling and administrative expenses
420,000
402,360
Income from operations
279,400
222,600
Other expenses and losses
Interest expense
18,480
16,800
Income before income taxes
260,920
205,800
Income tax expense
78,276
61,740
Net income
$ 182,644
$ 144,060
CULLUMBER COMPANY
Balance Sheets
December 31
Assets...
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