Apple-Space, Inc. year-end balance sheets are as follows: At December 31 &nb
Apple-Space, Inc. year-end balance sheets are as follows:
At December 31 2012 2011 2010
Assets
Cash 33,458 41,104 41,570
A/R, Net 96,971 71,234 54,318
Merchandise Inventory 125,655 90,440 58,433
Prepaid Expenses 11,104 10,685 4,665
Plant Assets, net 311,468 285,378 260,914
Total Assets 578,656 498,841 419,900
Liabilities and Equity
Accounts Payable 148,408 85,990 54,873
Long-term notes payable secured by
Mortgages on plant assets 106,612 114,733 92,798
Common Stock, $10 per value 162,500 162,500 162,500
Retained Earnings 161,136 135,618 109,729
Total Liabilities and equity 578,656 498,841 419,900
Apple-Space Inc. income statements for the years ended December 31, 2012 and 2011, follow
For Year Ended December 31 2012 2011
Sales 752,253 593,621
COGS 458,874 385,854
Other Operating Expenses 233,198 150,186
Interest Expense 12,788 13,653
Income Taxes 9,779 8,904
Total Costs and Expenses 714,639 558,597
Net Income 37,614 35,024
Earnings/Share 2.31 2.16
Compute the following:
- Debt-to-equity Ratio
Choose Numerator / Choose Denominator = Debt Ratio %
2012 ___________________ __________________ _________
2011 ___________________ ___________________ _________
- Times interest earned
Choose Numerator / Choose Denominator = Debt Ratio %
2012 ___________________ __________________ _________
2011 ___________________ ___________________ _________
(Ref 10-11)
Homework Answers
Answer:
Debt-to-equity Ratio = Total liabilities / Shareholders’ Equity
2012:
Total liabilities =148,408 + 106,612 = 255,020
Stockholders' equity = Common Stock + Retained Earnings
= 162,500 + 161,136 = 323,636
2011:
Total debt = 85,990 + 114,733 = 200,723
Stockholders' equity = Common Stock + Retained Earnings
= 162,500 +135,618 = 298,118
Times interest earned = Income before Interest and Taxes or EBIT / Interest Expense
2012:
Income before Interest and Taxes = Sales - COGS - Other Operating Expenses = 752,253 - 458,874 - 233,198 = 60,181
Interest expenses =12,788
2011:
Income before Interest and Taxes =593,621 - 385,854 - 150,186 = 57,581
Interest expenses = 13,653
Add Answer to:
Apple-Space, Inc. year-end balance sheets are as follows:
At December
31 &nb
Apple-Space, Inc. year-end balance sheets are as follows: At December 31 &nb
Apple-Space, Inc. year-end balance sheets are as follows: At December 31 2012 2011 2010 Assets Cash 33,458 41,104 41,570 A/R, Net 96,971 71,234 54,318 Merchandise Inventory 125,655 90,440 58,433 Prepaid Expenses 11,104 10,685 4,665 Plant Assets, net 311,468 285,378 260,914 Total Assets 578,656 498,841 419,900 Liabilities and Equity Accounts Payable 148,408 85,990 54,873 Long-term notes payable secured by Mortgages on plant assets 106,612 114,733 92,798 Common Stock, $10 per value 162,500 162,500 162,500 Retained Earnings 161,136 135,618 109,729 Total Liabilities...
Apple-Space year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,400 $...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 36,335...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
36,335
$
42,472
$
42,524
Accounts receivable, net
107,459
73,568
56,120
Merchandise inventory
139,163
102,226
60,994
Prepaid expenses
12,179
11,377
4,773
Plant assets, net
333,281
312,096
273,889
Total assets
$
628,417
$
541,739
$
438,300
Liabilities and Equity
Accounts payable
$
159,605
$
89,723
$
59,013
Long-term notes payable secured by
mortgages on plant assets
120,505
123,354
94,927
Common stock, $10 par value
162,500
162,500...
Apple-Space year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,400 $...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Apple-Space year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,400 $...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 34,945 $ 43,374 $ 44,312 Accounts receivable, net 104,412 72,956 58,492 Merchandise inventory 132,591 98,354 63,559 Prepaid expenses 11,369 11,386 4,874 Plant assets, net 327,281 300,308 276,363 Total assets $ 610,598 $ 526,378 $ 447,600 Liabilities and Equity Accounts payable $ 155,080 $ 90,737 $ 57,902 Long-term notes payable secured by mortgages on plant assets 114,792 119,856 98,920 Common stock,...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 32,294 $ 38,893 $ 38,527 Accounts receivable, net 93,598 67,395 53,488 Merchandise inventory 117,682 87,294 55,831 Prepaid expenses 10,295 10,009 4,369 Plant assets, net 299,017 273,035 248,985 Total assets $ 552,886 $ 476,626 $ 401,200 Liabilities and Equity Accounts payable $ 136,292 $ 78,133 $ 51,899 Long-term notes payable secured by mortgages on plant assets 100,824 107,432 87,779 Common stock,...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Ca...
Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash $ 28,446 $ 32,579 $ 36,403 Accounts receivable, net 84,111 58,189 47,124 Merchandise inventory 103,659 76,892 51,708 Prepaid expenses 9,253 8,640 3,927 Plant assets, net 261,536 243,532 217,838 Total assets $ 487,005 $ 419,832 $ 357,000 Liabilities and Equity Accounts payable $ 123,690 $ 70,952 $ 47,124 Long-term notes payable secured by mortgages on plant assets 92,473 97,527 80,475 Common stock,...
Simon Company's year-end balance sheets follow. Current Yri Yr Ago 2 Yrs Ago At December 31...
Simon Company's year-end balance sheets follow. Current Yri Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 25,385 77,328 91,561 8,258 236,505 $439,037 $ 29, 370 $ 30,912 52,987 40,800 67,918 44,339 7,789 3,400 220, 416 195,949 $ 378, 480 $...
Simon Company's year-end balance sheets follow. Current yr 1 Yr Ago 2 Yrs Ago At December...
Simon Company's year-end balance sheets follow. Current yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 36,073 104,549 135,475 11,498 336,283 $623,878 $ 42,166 $ 43,066 74,543 58,001 100,493 62,395 11,068 4,833 309,556 271,105 $ 537,826 $ 439,400 $150,685...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
36,335
$
42,472
$
42,524
Accounts receivable, net
107,459
73,568
56,120
Merchandise inventory
139,163
102,226
60,994
Prepaid expenses
12,179
11,377
4,773
Plant assets, net
333,281
312,096
273,889
Total assets
$
628,417
$
541,739
$
438,300
Liabilities and Equity
Accounts payable
$
159,605
$
89,723
$
59,013
Long-term notes payable secured by
mortgages on plant assets
120,505
123,354
94,927
Common stock, $10 par value
162,500
162,500...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Apple-Space year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,400
$
34,100
$
37,300
Accounts receivable, net
89,100
63,200
60,000
Merchandise inventory
26,906
84,700
56,200
Prepaid expenses
11,020
10,084
3,557
Plant assets, net
421,574
297,916
172,943
Total assets
$
580,000
$
490,000
$
330,000
Liabilities and Equity
Accounts payable
$
144,420
$
81,982
$
44,431
Long-term notes payable secured by
mortgages on plant assets
110,130
116,081
75,118
Common stock, $10 par value
162,500
162,500
162,500...
Simon Company's year-end balance sheets follow. Current Yri Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 25,385 77,328 91,561 8,258 236,505 $439,037 $ 29, 370 $ 30,912 52,987 40,800 67,918 44,339 7,789 3,400 220, 416 195,949 $ 378, 480 $...
Simon Company's year-end balance sheets follow. Current yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 36,073 104,549 135,475 11,498 336,283 $623,878 $ 42,166 $ 43,066 74,543 58,001 100,493 62,395 11,068 4,833 309,556 271,105 $ 537,826 $ 439,400 $150,685...
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