Pioneer Inc. Summary Financial Statement information at/as 12/31/2018 BASE INFORMATION Cash $24,300 Short-term Investments $28,100 Accounts receivable, net $90,600 Inventory $116,800 PRepaid Expenses...
Pioneer Inc.
Summary Financial Statement information at/as 12/31/2018
BASE INFORMATION
Cash $24,300
Short-term Investments $28,100
Accounts receivable, net $90,600
Inventory $116,800
PRepaid Expenses $11,300
Total assets $662,700
Short-term Notes payable $50,000
Accounts payable $78,300
Accrued liabilities $32,500
Long-term Notes payable $150,000
Other long-term liabilities $41,200
Net Income $82,900
Number of Common Shares Outstanding 35,000
Evaluate each of the following as independent transactions (in other words calculate the ratios three times, once for each new bit of accounting information below. Do not accumulate the transactions (do not add transactions in 2b to what you did in 2a, Post 2b transactions to the base financials above).
2a. Purchased merchandise of $35,600 on account, debiting inventory
2b. Issued 6,000 shares of common stock, receiving cash of $75,000. Use total shares outstanding at year's end instead of average shares outstanding.
2c. Borrowed $45,000 on a long term note payable.
2d. Received cash on account of $12,000
Homework Answers
Based on the given information, the first following ratios can be calculated:
Current Ratio = Total Current Assets / Total Current Liabilities
= $426,700 / $150,600
= 2.83
Working notes:
Quick Ratio = Total Current Assets - Prepaid Expenses - Inventory / Total Current Liabilities
= $426,700 - $11,300 - $152,400 / $150,600
= $263,000 / $150,600
= 1.75
Return on Equity = Net Income - Preferred Dividends / Total Shareholders' Equity
Total Shareholders' Equity = Total Assets - Total Liabilities
Total Shareholders' Equity = $842,300 - $386,800
Total Shareholders' Equity = $455,500
Working notes:
Therefore -
Return on Equity = Net Income - Preferred Dividends / Total Shareholders' Equity
= $82,900 - $0 / $455,500
= 0.18
Return on Assets = Net Income / Total Assets
= $82,900 / $842,300
= 0.10
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