See the following financial information (Income Statement and balance Sheet) for Thornton Company for the years ending December 31, 1998 and 1999.
- What is the Net Plant & Equipment in 1998 and 1999?
- Calculate the Cash balance in 1998 and 1999?
- What is firm’s Net Income in 1998 and 1999?
- What is the Quick ratio in 1998 and 1999?
- What is the ROE in 1998 and 1999?
- What is the EPS (Earnings Per Share) in 1998 and 1999?
Homework Answers
| With the information given , we should first draft Income Statement & Balance Sheet | |||||
| Income Statement | |||||
| 1998 | 1999 | ||||
| Sales | 2,500,000.00 | 2,900,000.00 | |||
| Cost of Goods Sold | 1,600,000.00 | 1,900,000.00 | |||
| R & D Expense | 170,000.00 | 190,000.00 | |||
| Selling & Admin Expense | 300,000.00 | 450,000.00 | |||
| EBIDA | 430,000.00 | 360,000.00 | |||
| Depreciation | 100,000.00 | 110,000.00 | |||
| EBIT | 330,000.00 | 250,000.00 | |||
| Interest Expense | 80,000.00 | 90,000.00 | |||
| EBIT | 250,000.00 | 160,000.00 | |||
| Taxes | 70,000.00 | 90,000.00 | |||
| PAT | 180,000.00 | 70,000.00 | |||
| Balance Sheet | |||||
| Assets | 1998 | 1999 | EQUITY & LIABILITY | 1998 | 1999 |
| Inventory | 530,000.00 | 490,000.00 | Notes Payable | 250,000.00 | 220,000.00 |
| Cash(Balance Figure) | 220,000.00 | 90,000.00 | Accounts Payable | 540,000.00 | 500,000.00 |
| Marketable Secuities | 20,000.00 | 20,000.00 | Accured Expenses | 70,000.00 | 50,000.00 |
| Accounts Receivables | 180,000.00 | 230,000.00 | Corporate Bond | 580,000.00 | 650,000.00 |
| Long Term Investment | 70,000.00 | 80,000.00 | Common Stock(Face Value $1) | 100,000.00 | 150,000.00 |
| Gross Plant & Equpiment | 1,000,000.00 | 1,310,000.00 | Excess Paid in Capital | 100,000.00 | 130,000.00 |
| Accumulated Depreciation | (200,000.00) | (310,000.00) | Retained Earnings | 180,000.00 | 210,000.00 |
| TOTAL | 1,820,000.00 | 1,910,000.00 | TOTAL | 1,820,000.00 | 1,910,000.00 |
| Solution | |||||
| Net Plant & Equipment | 1998 | 1999 | |||
| Gross Plant & Equpiment | 1,000,000.00 | 1,310,000.00 | |||
| Accumulated Depreciation | (200,000.00) | (310,000.00) | |||
| Net Plant & Equipment | 800,000.00 | 1,000,000.00 | |||
| Cash Balance | 1998 | 1999 | |||
| Balance Figure as per Balance Sheet | 220,000.00 | 90,000.00 | |||
| Net Income | 1998 | 1999 | |||
| PAT(as per income statement+A11) | 180,000.00 | 70,000.00 | |||
| Quick Ratio=Quick Assets/Current Liability | 1998 | 1999 | |||
| Quick Assets | |||||
| Cash(Balance Figure) | 220,000.00 | 90,000.00 | |||
| Marketable Secuities | 20,000.00 | 20,000.00 | |||
| Accounts Receivables | 180,000.00 | 230,000.00 | |||
| Total Quick Assets | 420,000.00 | 340,000.00 | |||
| Current Liabilities | |||||
| Notes Payable | 250,000.00 | 220,000.00 | |||
| Accounts Payable | 540,000.00 | 500,000.00 | |||
| Accured Expenses | 70,000.00 | 50,000.00 | |||
| Total Current Liabilities | 860,000.00 | 770,000.00 | |||
| Quick Ratio=Quick Assets/Current Liability | 0.49 | 0.44 | |||
| ROE=Net Income/Shareholer's Equity | 1998 | 1999 | |||
| Net Income | 180,000.00 | 70,000.00 | |||
| Shareholder's Equity | |||||
| Common Stock(Face Value $1) | 100,000.00 | 150,000.00 | |||
| Excess Paid in Capital | 100,000.00 | 130,000.00 | |||
| Retained Earnings | 180,000.00 | 210,000.00 | |||
| Total Shareholder's Equity | 380,000.00 | 490,000.00 | |||
| ROE | 0.47 | 0.14 | |||
| EPS=Net Income/Total Outstanding Common Stock | 1998 | 1999 | |||
| Net Income | 180,000.00 | 70,000.00 | |||
| Total Outstanding Common Stock | 100,000.00 | 150,000.00 | |||
| EPS | 1.80 | 0.47 | |||
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