Homework Answers
Answer to Part
(i)
Working Capital = Current Assets – Current Liabilities
Working Capital = $425,700 - $198,000
Working Capital = $227,700
Answer to Part
(ii)
Current Ratio = Current Assets / Current Liabilities
Current Ratio = $425,700 / $198,000
Current Ratio = 2.15: 1
Answer to Part
(iii)
Free Cash Flow = Cash Flow from Operating Activities – Capital
Expenditure – Dividend
Free Cash Flow = $192,000 - $91,500 - $32,300
Free Cash Flow = $68,200
Answer to Part
(iv)
Debt to Assets Ratio = Total Debt / Total Assets
Debt to Assets Ratio = $399,880 / $999,700
Debt to Assets Ratio = 40%
Earnings per Share could not be calculated as Net Income is not
given.
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Manufacturing.
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Income Statement
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Cost of goods sold
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Selling and administrative expenses
924,400
Interest expense
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Income tax expense
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Net income
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Balance Sheet
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Assets
Current assets
Cash
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Debt investments
85,610
Accounts receivable (net)
189,000
Inventory
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Total current assets
509,210
Plant assets (net)
591,100
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The following are financial statements of Vaughn
Manufacturing.
Vaughn Manufacturing
Income Statement
For the Year Ended December 31, 2017
Net sales
$2,230,600
Cost of goods sold
1,028,200
Selling and administrative expenses
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Interest expense
90,300
Income tax expense
70,610
Net income
$ 117,090
Vaughn Manufacturing
Balance Sheet
December 31, 2017
Assets
Current assets
Cash
$ 72,200
Debt investments
85,610
Accounts receivable (net)
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Inventory
162,400
Total current assets
509,210
Plant assets (net)
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Total assets
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