Selected year-end financial statements of Overland Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $16,400; total assets, $95,900; common stock, $41,500; and retained earnings, $19,800.)
OVERLAND CORPORATION Income Statement For Year Ended December 31, 2011 | |
Sales… | $215,500 |
Cost of goods sold… | 136,100 |
Gross profit… | 79,400 |
Operating expenses… | 50,200 |
Interest expense… | 1,200 |
Income before taxes… | 28,000 |
Income taxes… | 2,200 |
Net income… | $ 25,800 |
OVERLAND CORPORATION Balance Sheet December 31, 2011 | |||
Assets | Liabilities and Equity | ||
Cash… | $ 5,100 | Accounts payable… | $10,500 |
Short-term investments… | 5,900 | Accrued wages payable… | 2,300 |
Accounts receivable, net … | 11,100 | Income taxes payable… | 1,600 |
Notes receivable (trade)* … | 2,000 | Long-term note payable, secured by mortgage on plant assets … | 25,000 |
MprrhanHisp inventory… | 12,500 | ||
Prepaid expenses… | 1,000 | Common stock, $5 par value … | 41,000 |
Plant assets net… | 72,900 | Retained earnings… | 30,100 |
Total assets... | $110,500 | Total liabilities and equity… | $110,500 |
* These are short-term notes receivable arising from customer (trade) sales.
Required
Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory turnover, (5) days’ sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders’ equity.
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