Bradburn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who
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BRADBURN CORPORATION BALANCE SHEET MARCH 31 | ||
Assets | 2015 | 2014 |
Cash | $18,480 | $12,710 |
Notes receivable | 148,480 | 132,190 |
Accounts receivable (net) | 133,020 | 125,820 |
Inventories (at cost) | 106,880 | 51,800 |
Plant & equipment (net of depreciation) | 1,469,600 | 1,430,000 |
Total assets | $1,876,460 | $1,752,520 |
Liabilities and Owners Equity | ||
Accounts payable | $80,590 | $91,570 |
Notes payable | 77,120 | 61,850 |
Accrued liabilities | 32,112 | 16,170 |
Common stock (130,000 shares, $10 par) | 1,300,000 | 1,300,000 |
Retained earningsa | 386,638 | 282,930 |
Total liabilities and stockholders equity | $1,876,460 | $1,752,520 |
aCash dividends were paid at the rate of $1 per share in fiscal year 2014 and $2 per share in fiscal year 2015. |
BRADBURN CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31 | ||
2015 | 2014 | |
Sales revenue | $3,001,200 | $2,709,300 |
Cost of goods solda | 1,532,800 | 1,428,600 |
Gross margin | 1,468,400 | 1,280,700 |
Operating expenses | 862,220 | 785,400 |
Income before income taxes | 606,180 | 495,300 |
Income taxes (40%) | 242,472 | 198,120 |
Net income | $363,708 | $297,180 |
aDepreciation charges on the plant and equipment of $107,900 and $110,600 for fiscal years ended March 31, 2014 and 2015, respectively, are included in cost of goods sold. |
(1) | Current ratio for fiscal years 2014 and 2015. |
(2) | Acid-test (quick) ratio for fiscal years 2014 and 2015. |
(3) | Inventory turnover for fiscal year 2015. |
(4) | Return on assets for fiscal years 2014 and 2015. (Assume total assets were $1,697,500 at 3/31/13.) |
(5) | Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2014 to 2015. |
2014 | 2015 | ||||
(1) | Current ratio | :1 | :1 | ||
(2) | Acid-test (quick) ratio | :1 | :1 | ||
(3) | Inventory turnover | times | |||
(4) | Return on assets | % | % |
(5) | Percent Changes | Percent Increase |
Sales revenue | % | |
Cost of goods sold | % | |
Gross margin | % | |
Net income after taxes | % |
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