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1. The comparative statements of Villa Tool Company are presented below: VILLA TOOL COMPANY INCOME STATEMENT For the year end

LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities: $160,000 $145,400 $43.500 $42.000 Accounts Payable Income Taxes Pay

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Answer #1
Villa Tool Company
Income statement
For the YE on December 31
                2,018           2,017 Avg.
Net sales        18,18,500 17,50,500
Cost of goods sold        10,11,500     9,96,000
Gross profit           8,07,000     7,54,500
Selling and administrative expense           5,16,000     4,79,000
Income from operation           2,91,000     2,75,500
Other expenses and losses Interest expenses              18,000        14,000
Income before tax           2,73,000     2,61,500
Income tax              81,000        77,000
Net income           1,92,000     1,84,500
Villa Tool Company
Balance sheet
For the YE on December 31
Assets                 2,018           2,017
Current assets
Cash              60,100        64,200
Short term investment              69,000        50,000
Account receivable           1,17,800     1,02,800     2,20,600 1,10,300
Inventory           1,23,000     1,15,500     2,38,500 1,19,250
Total current assets           3,69,900     3,32,500
Plant assets (net)           6,00,300     5,20,300
Total assets           9,70,200     8,52,800 18,23,000 9,11,500
Current liabilities
Account payable           1,60,000     1,45,400
Income tax payable              43,500        42,000
Total current liabilities           2,03,500     1,87,400
Bonds payable           2,00,000     2,00,000
Total Liabilities           4,03,500     3,87,400
Stockholders equity
Common stock           2,80,000     3,00,000        56,000      60,000
Retained earning           2,86,700     1,65,400     1,21,300
Total stockholders equity           5,66,700     4,65,400
Total Liabilities stockholders equity           9,70,200     8,52,800
Check                        -                    -  
Compute the following ratio for 2018. (Weighted avg. common shares in 2018 were 57000)
(a) Earning per share:
= Income after tax /Weighted avg. number of common share
= 192,000/57,000                   3.37
(B) Return on common stockholders equity
= Income available to stockholders/ Total stockholders equity
=192000/566700                   0.34
(C) Return on assets
= Net income/ Total assets
=192000/970200                   0.20
(D) Current ratio
#NAME?
=369900/203500                   1.82
(E) Acid test ratio
#NAME?
= 369,900-123,000/203500                   1.21
(F) Receivable turnover
=Sales/ Avg. Receivable
=1,818,500/ 110300                 16.49
(G) Inventory Turnover
= COGS/Avg. inventory                   8.48
=1,818,500/ 119250
(H) Time interest earned
= Earning before interest and tax/Interest Expenses
= (273000+18000)/18000                 16.17
(i) Asset turnover
= Sales / Avg. total assets
=1818500/911500                   2.00
(J) Debt to asset ratio
Total liabilities / Total assets
= 403500/970200                   0.42
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