Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance Sheets As of December 31 2015 2014 Assets Current assets Cash $ 22,000 $ 18,000 Marketable securities 21,200 7,200 Accounts receivable (net) 53,000 45,000

Balance Sheets As of December 31
2015 2014
Assets
Current assets
Cash $ 22,000 $ 18,000
Marketable securities 21,200 7,200
Accounts receivable (net) 53,000 45,000
Inventories 138,000 146,000
Prepaid items 27,000 12,000
Total current assets 261,200 228,200
Investments 27,000 20,000
Plant (net) 270,000 255,000
Land 30,000 25,000
Total assets $ 588,200 $ 528,200
Liabilities and Stockholders Equity
Liabilities
Current liabilities
Notes payable $ 31,800 $ 13,500
Accounts payable 133,800 120,000
Salaries payable 21,000 15,000
Total current liabilities 186,600 148,500
Noncurrent liabilities
Bonds payable 100,000 100,000
Other 27,000 22,000
Total noncurrent liabilities 127,000 122,000
Total liabilities 313,600 270,500
Stockholders equity
Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) 70,000 70,000
Common stock (No par; 50,000 shares authorized; 10,000 shares issued) 70,000 70,000
Retained earnings 134,600 117,700
Total stockholders equity 274,600 257,700
Total liabilities and stockholders equity $ 588,200 $ 528,200
REVNIK COMPANY Statements of Income and Retained Earnings For the Years Ended December 31
2015 2014
Revenues
Sales (net) $ 350,000 $ 330,000
Other revenues 10,400 7,400
Total revenues 360,400 337,400
Expenses
Cost of goods sold 175,000 139,000
Selling, general, and administrative 67,000 62,000
Interest expense 11,600 10,800
Income tax expense 83,000 82,000
Total expenses 336,600 293,800
Net earnings (net income) 23,800 43,600
Retained earnings, January 1 117,700 81,000
Less: Preferred stock dividends 2,800 2,800
Common stock dividends 4,100 4,100
Retained earnings, December 31 $ 134,600 $ 117,700

I need to find the

f.

Inventory turnover (beginning inventory at January 1, 2014, was $152,000) for 2015

Number of times interest was earned.

Plant assets to long-term debt.

Net margin

Turnover of assets. (Use the total assets of 2014 as the average total assets to compute the 2014

Return on investment. (Use the total assets of 2014 as the average total assets to compute the 2014

Return on equity. (Use the total stockholders' equity of 2014 as the average total stockholders' equity to compute the 2014 figure.

Earnings per share

Book value per share of common stock

Price-earnings ratio (market price per share: 2014, $12.35; 2015, $13.70)

Dividend yield on common stock.

Number of times interest was earned.

Plant assets to long-term debt.

Net margin

Turnover of assets. (Use the total assets of 2014 as the average total assets to compute the 2014

Return on investment. (Use the total assets of 2014 as the average total assets to compute the 2014

Return on equity. (Use the total stockholders' equity of 2014 as the average total stockholders' equity to compute the 2014 figure.

Earnings per share

Book value per share of common stock

Price-earnings ratio (market price per share: 2014, $12.35; 2015, $13.70)

Dividend yield on common stock.

Need these answers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction To Concepts Methods And Uses

Authors: Clyde P. Stickney, Roman L. Weil

12th Edition

0324381980, 978-0324381986

More Books

Students also viewed these Accounting questions