Use the following financial statements for Lake of Egypt Marina, Inc.
LAKE OF EGYPT MARINA, INC. | ||||||||||||||||
Balance Sheet as of December 31, 2021 and 2020 | ||||||||||||||||
(in millions of dollars) | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Assets | Liabilities and Equity | |||||||||||||||
Current assets: | Current liabilities: | |||||||||||||||
Cash and marketable securities | $ | 75 | $ | 65 | Accrued wages and taxes | $ | 40 | $ | 43 | |||||||
Accounts receivable | 115 | 110 | Accounts payable | 90 | 80 | |||||||||||
Inventory | 200 | 190 | Notes payable | 80 | 70 | |||||||||||
Total | $ | 390 | $ | 365 | Total | $ | 210 | $ | 193 | |||||||
Fixed assets: | Long-term debt: | $ | 300 | $ | 280 | |||||||||||
Gross plant and equipment | $ | 580 | $ | 471 | Stockholders’ equity: | |||||||||||
Less: Depreciation | 110 | 100 | Preferred stock (5 million shares) | $ | 5 | $ | 5 | |||||||||
Net plant and equipment | $ | 470 | $ | 371 | Common stock and paid-in surplus | |||||||||||
(65 million shares) | 65 | 65 | ||||||||||||||
Other long-term assets | 50 | 49 | Retained earnings | 330 | 242 | |||||||||||
Total | $ | 520 | $ | 420 | Total | $ | 400 | $ | 312 | |||||||
Total assets | $ | 910 | $ | 785 | Total liabilities and equity | $ | 910 | $ | 785 | |||||||
LAKE OF EGYPT MARINA, INC. | |||||||
Income Statement for Years Ending December 31, 2021 and 2020 | |||||||
(in millions of dollars) | |||||||
2021 | 2020 | ||||||
Net sales (all credit) | $ | 515 | $ | 432 | |||
Less: Cost of goods sold | 230 | 175 | |||||
Gross profits | $ | 285 | $ | 257 | |||
Less: Other operating expenses | 30 | 25 | |||||
Earnings before interest, taxes, depreciation, and amortization (EBITDA) | $ | 255 | $ | 232 | |||
Less: Depreciation | 22 | 20 | |||||
Earnings before interest and taxes (EBIT) | $ | 233 | $ | 212 | |||
Less: Interest | 33 | 30 | |||||
Earnings before taxes (EBT) | $ | 200 | $ | 182 | |||
Less: Taxes | 42 | 55 | |||||
Net income | $ | 158 | $ | 127 | |||
Less: Preferred stock dividends | $ | 5 | $ | 5 | |||
Net income available to common stockholders | $ | 153 | $ | 122 | |||
Less: Common stock dividends | 65 | 65 | |||||
Addition to retained earnings | $ | 88 | $ | 57 | |||
Per (common) share data: | |||||||
Earnings per share (EPS) | $ | 2.354 | $ | 1.877 | |||
Dividends per share (DPS) | $ | 1.000 | $ | 1.000 | |||
Book value per share (BVPS) | $ | 6.077 | $ | 4.723 | |||
Market value (price) per share (MVPS) | $ | 14.750 | $ | 12.550 | |||
Calculate the following ratios for Lake of Egypt Marina, Inc. as of
year-end 2021. (Use sales when computing the inventory
turnover and use total stockholders' equity when computing the
equity multiplier. Round your answers to 2 decimal places. Use 365
days a year.)
Inventory turnover) (answer is not 2.64)
Days sales in inventory) (answer is not 138.21)
Average collection period) (answer is not 80.00)
Average payment period) (answer is not 129.00)
No | Ratio | Formula | Value | Round off | |
1 | Inventoy turnover- using sales | Net Cost of goods sold/ average inventory | =230/((200+190)/2) | 1.179487179 | 1.18 |
2 | Days sales in inventory | No of days in a year/ inventory turnover ratio | =365/1.18 | 309.4565217 | 309.46 |
3 | Average collection period | 365/accounts receivable turnover ratio | =365/4.58 | 79.69432314 | 79.69 |
Accounts receivable turnover ratio | (net credit sales/ average accounts receivable) | =515/((115+110)/2) | 4.577777778 | 4.58 | |
4 | Average payment period | Number of days/ payable turnover ratio | =365/2.705882353 | 134.8913043 | 134.89 |
Payable turnover ratio: | Net credit purchases/ Average accounts payable | =230/((90+80)/2) | 2.705882353 | 2.71 |
Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC....
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