Question

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Ch 17-3 Exercises and Problems Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $59 on December 31, 20Y2. 2011 Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 2041 2012 Retained earnings, January 1 $3,102,250 Net income 691,200 Total $3,793,450 Dividends: On preferred stock $9,100 On common stock 66,600 Total dividends $75,700 Retained earnings, December 31 $3,717,750 $2,637,650 540,300 $3,177,950 $9,100 66,600 $75,700 $3,102,250 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2011

Answer 1

1) Working capital:	20Y2
Total Current Assets (a)	$3,181,228
Total Current Liabilities (b)	$1,096,975
Working Capital (a - b)	$2,084,253
2) Current Ratio:	20Y2
Total Current Assets (a)	$3,181,228
Total Current Liabilities (b)	$1,096,975
Current Ratio (a / b)	2.9
3) Quick Ratio:	20Y2
Cash	$674,670
Marketable securities	$1,021,120
Accounts receivable (net)	$773,800
Quick Assets (a)	$2,469,590
Total Current Liabilities (b)	$1,096,975
Quick Ratio (a / b)	2.3
4) Accounts receivable turnover:	20Y2
Net credit sales (a)	$4,210,640
Average accounts receivable (b) ($773,800 + $730,000/2)	$751,900
Accounts receivable turnover (a/b)	5.6
5) Number of days' sales in receivable:	20Y2
Number of days in a year (a)	365
Accounts receivable turnover (b)	5.6
Number of days' sales in receivable (a/b)	65	days
6) Inventory turnover:	20Y2
Cost of goods sold (a)	$1,606,730
Average inventory (b) ($584,000 + $452,600/2)	$518,300
Inventory turnover (a / b)	3.1
7) Number of days' sales in inventory:	20Y2
Ending Inventory (a)	$584,000
Cost of Goods Sold (b)	$1,606,730
Number of days in a year (c )	365
Number of days in a year (a / b * c)	133	days

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