Question

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J P Q R and S

Financial statements for Fanning Company follow FANNING COMPANY Balance Sheets As of December 31 2019 2018 25.000 241,000 208.000 280,000 31,000 $584 000 26.000 $524 000 $ Current assets Cash Marketable securities Accounts receivable net) Inventories Prepaid items Total current assets Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liable Notes payable Accounts payable Salaries payable Total current a s Noncurrenties Bonds payable Other Total noncurrent abilities Total liabilities Stockholders' equity Preferred stock. (par value $10,5% cumulative, non participating: 8,000 shares authorized and issued) Common stock (no par: 50,000 shares authorized: 10.000 shares issued) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 19,200 78.800 20.000 8,100 65.000 93,100 150.000 29.000 179.000 303 000 150.000 24 000 174 000 267,100 80.000 80.000 80,000 80 000 121000 21000 $584 000 256 900 $524.000 2018 $260,000 6.000 200.000 FANNING COMPANY Statements of income and Retained Earings For the Years Ended December 31 2019 Revenues Sales (net) $280.000 Other revenues 9,000 289.000 Total revenues Expenses Cost of goods sold 140,000 Selling, general, and administrative 60 000 Interest expense 9.500 Income tax expense 48.000 257.500 Total expenses Net earnings (net income) 31,500 Retained earnings, January 1 96.900 Less: Preferred stock dividends 4,000 Common stock dividends Retained earings, December 31 $121,000 118.000 55,000 8.700 47.000 228.700 37,300 67.000 4,000 3.400 $96.900 3.400 Required Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented, do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, 2018, were $39,000). (Round your answers to 2 decimal places e. Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final

Answer 1

		j	No of times interest was earned	2019	2018
		No of times interest was earned	Earning before interest and taxes	89,000	93,000
			Interest expenses	9,500	8,700
		No of times interest was earned		9.37	10.69
	Note:-1	Cell Reference	Earning before interest and taxes	2019	2018
		A	Net Earning	31,500	37,300
		B	Income tax expenses	48,000	47,000
		C	Interest expenses	9,500	8,700
		D=A+B+C	Earning before interest and taxes	89,000	93,000
		p	Earning Per share	2019	2018
		Income Attributable to common stock holder		27,500	33,300
		Weighted average no of common shares during the year		10,000	10,000
			Earning Per share	2.75	3.33
		Cell Reference	Income Attributable to common stock holder	2019	2018
		A	Net Earning	31,500	37,300
		B	Preferred stock dividend	4,000	4,000
		C=A-B	Income Attributable to common stock holder	27,500	33,300
		q	Book Value per share of common stock	2019	2018
			Stockholder equity-Preferred stock	=281,000-80,000	=256,900-80,000
			No of common stock outstanding	10,000	10,000
			Book Value per share of common stock	201,000	176,900
				10,000	10,000
			Book Value per share of common stock	20.10	17.69
		r	Price Earning ratio	2019	2018
			Market price per share	13	12
			Earning per share	2.75	3.33
			Price Earning ratio	4.73	3.60