![[2] Financial ratios (58 points) Find the missing values on the balance sheet and the income statement of Pensacola Railroads (in S millions). Start with the balance sheet, and then continue with the income statement. You can use the following ratios: NOTE: USE AVERAGE RECEIVABLES AND INVENTORY Debt Ratio loterest Coverage Ratio CurreatRatio Quick Ratio Cash Ratio 0.4 1.4 0.2 Average Collection Period (average receivables) Tax rate 73 das 40% Marks: 28 for balance sheet, 30 for income statement.](http://img.homeworklib.com/questions/c166a2e0-70fe-11ea-9ffc-df2cae7e03c5.png?x-oss-process=image/resize,w_560)
![[2] Financial ratios (58 points) NOTE: use average inventory and receivables Balance Sheet Pensacola Railroad Marks 2017 2016 Cash & marketable securities Accounts Receivable Inventory 20 34 26 80 Current Assets 25 105 Fixed Assets Total assets Notes Payable Accounts Payable 25 30 20 35 Current Liabilities Long term Debt Equity 20 30 Total Liabilities+Equity 115 105 28](http://img.homeworklib.com/questions/c2465a80-70fe-11ea-af45-ebb66a4cf6eb.png?x-oss-process=image/resize,w_560)
Homework Answers
| 2017 | 2016 | |
| Cash and marketable securities (55*0.2) | 11.00 | 20.00 |
| Accounts receivable = 55*1-11 = | 44.00 | 34.00 |
| Inventory | 22.00 | 26.00 |
| Current assets (55*1.4) | 77.00 | 80.00 |
| Fixed assets (115-77) | 38.00 | 25.00 |
| Total assets | 115.00 | 105.00 |
| Notes payable | 25.00 | 20.00 |
| Accounts payable | 30.00 | 35.00 |
| Current liabilities | 55.00 | 55.00 |
| Long term debt | 6.38 | 20.00 |
| Equity = (30.00+23.63) | 53.63 | 30.00 |
| Total liabilities+Equity | 115.00 | 105.00 |
| Sales | 195.00 | |
| COGS | 120.00 | |
| Other costs | 10.00 | |
| Depreciation | 20.00 | |
| EBIT | 45.00 | |
| Interest (45/8) | 5.63 | |
| Earnings before tax | 39.38 | |
| Tax | 15.75 | |
| Net income | 23.63 | |
| WORKING NOTES FOR INCOME STATEMENT FIGURES: | ||
| Sales = Average receivables*365/73 = 39*365/73 = | 195 | |
| COGS = Average inventory*5 = 24*5 = | 120 | |
| Total assets = Total liabilities+Equity = 115 |
| which is given. |
| Next find current assets = Current liabilities*Current ratio = 55*1.4 = 77 |
| Further, cash = Current liabilities*0.2 = 55*0.2 = 11 |
| Quick assets = Current liabilities*1 = 55 |
| Accounts receivable = 55-cash = 55-11 = 44 |
| Inventory = 77-11-44 = 22 |
| Sales and COGS calculations are given. |
| Equity = beginning balance+Net income = 30+5.63 |
| Long term debt = 115-53.63-55 |
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how to get the numbers
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