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FIN 341 Principles of Finance Online Winter 2014

Assignment: Ch. 3 Working with Financial Statements

SDJ, Inc., has net working capital of $3,640, current liabilities of $5,430, and inventory of $4,290.

What is the current ratio? (Round your answer to 2 decimal places. (e.g., 32.16))

Current ratio times

What is the quick ratio? (Round your answer to 2 decimal places. (e.g., 32.16))

Quick ratio times

2.Diamond Eyes, Inc., has sales of $20 million, total assets of $18.2 million, and total debt of $9.1 million. Assume the profit margin is 9 percent.

What is net income? (Enter your answer in dollars not in millions, i.e. 1,234,567.)

Net income $

What is ROA? (Round your answer to 2 decimal places. (e.g., 32.16))

ROA %

What is ROE? (Round your answer to 2 decimal places. (e.g., 32.16))

ROE %

3. Boom Lay Corp. has a current accounts receivable balance of $347,850. Credit sales for the year just ended were $4,313,340.

What is the receivables turnover? (Round your answer to 2 decimal places. (e.g., 32.16))

Receivables turnover times

What is the days’ sales in receivables? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Sales in receivables days

How long did it take on average for credit customers to pay off their accounts during the past year? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Average collection period days

4. The Cape Corporation has ending inventory of $482,850, and cost of goods sold for the year just ended was $4,548,447.

What is the inventory turnover? (Round your answer to 2 decimal places. (e.g., 32.16))

Inventory turnover times

What is the days’ sales in inventory? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Days’ sales in inventory days

How long on average did a unit of inventory sit on the shelf before it was sold? (Use 365 days a year. Round your answer to 2 decimal places. (e.g., 32.16))

Inventory days on shelf days

5. Perry, Inc., has a total debt ratio of 0.36. What is its debt–equity ratio? (Round your answer to 2 decimal places. (e.g., 32.16))

Debt–equity ratio

What is its equity multiplier? (Round your answer to 2 decimal places. (e.g., 32.16))

Equity multiplier

6. That Wich Corp. had additions to retained earnings for the year just ended of $141,000. The firm paid out $189,000 in cash dividends, and it has ending total equity of $4.94 million. The company currently has 120,000 shares of common stock outstanding.

What are earnings per share? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Earnings $ per share

What are dividends per share? (Round your answer to 2 decimal places. (e.g., 32.16))

Dividends $ per share

What is the book value per share? (Round your answer to 2 decimal places. (e.g., 32.16))

Book value $ per share

If the stock currently sells for $84 per share, what is the market-to-book ratio? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Market-to-book ratio times

What is the price–earnings ratio? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Price–earnings ratio times

If the company had sales of $4.44 million, what is the price–sales ratio? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Price–sales ratio times

7. If Roten Rooters, Inc., has an equity multiplier of 1.60, total asset turnover of 2.20, and a profit margin of 4 percent, what is its ROE? (Round your answer to 2 decimal places. (e.g., 32.16))

ROE %

8. You are given the following information for Shinoda Corp.:

Decrease in inventory $ 500

Decrease in accounts payable 200

Increase in notes payable 185

Increase in accounts receivable 215

________________________________________

Did cash go up or down? By how much?

Cash increased by $

Classify each event as a source or use of cash.

Decrease in inventory is a

Decrease in accounts payable is a

Increase in notes payable is a

Increase in accounts receivable is a

________________________________________

9. Tortoise, Inc., had a cost of goods sold of $45,021. At the end of the year, the accounts payable balance was $8,583. How long on average did it take the company to pay off its suppliers during the year? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Average suppliers pay off days

10.

Just Dew It Corporation reports the following balance sheet information for 2011 and 2012.

JUST DEW IT CORPORATION

2011 and 2012 Balance Sheets

Assets Liabilities and Owners’ Equity

2011 2012 2011 2012

Current assets Current liabilities

Cash $ 10,200 $ 13,200 Accounts payable $ 46,000 $ 62,160

Accounts receivable 30,200 38,640 Notes payable 27,800 33,120

Inventory 74,600 87,120

________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________

Total $ 115,000 $ 138,960 Total $ 73,800 $ 95,280

________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________

Long-term debt $ 40,000 $ 36,000

Owners’ equity

Common stock and paid-in surplus $ 60,000 $ 60,000

Retained earnings 226,200 288,720

________________________________________ ________________________________________ ________________________________________ ________________________________________

Net plant and equipment $ 285,000 $ 341,040 Total $ 286,200 $ 348,720

________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________

Total assets $ 400,000 $ 480,000 Total liabilities and owners’ equity $ 400,000 $ 480,000

________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________

________________________________________

Based on the balance sheets given for Just Dew It:

a. Calculate the current ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

Current ratio times

times

________________________________________

b. Calculate the quick ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

Quick ratio times

times

________________________________________

c. Calculate the cash ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

Cash ratio times

times

________________________________________

d. Calculate the NWC to total assets ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

NWC ratio %

%

________________________________________

e. Calculate the debt–equity ratio and equity multiplier for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

Debt-equity ratio times

times

Equity multiplier

________________________________________

f. Calculate the total debt ratio and long-term debt ratio for each year. (Round your answers to 2 decimal places. (e.g., 32.16))

2011 2012

Total debt ratio times

times

Long-term debt ratio times

times

________________________________________

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