Question
Condensed balance sheet and income statement data for Bonita Corporation are presented here. Bonita Corporation Balance Sheets December 31 2022 2021 2020 Cash $ 30,500
Condensed balance sheet and income statement data for Bonita Corporation are presented here.
Bonita Corporation Balance Sheets December 31 | |||||||||
---|---|---|---|---|---|---|---|---|---|
2022 | 2021 | 2020 | |||||||
Cash | $ 30,500 | $ 17,800 | $ 17,700 | ||||||
Accounts receivable (net) | 50,400 | 45,200 | 48,800 | ||||||
Other current assets | 89,300 | 96,000 | 65,000 | ||||||
Investments | 55,400 | 70,000 | 45,800 | ||||||
Property, plant, and equipment (net) | 499,100 | 369,200 | 358,400 | ||||||
$724,700 | $598,200 | $535,700 | |||||||
Current liabilities | $85,200 | $79,300 | $70,600 | ||||||
Long-term debt | 145,300 | 84,500 | 50,700 | ||||||
Common stock, $10 par | 330,000 | 316,000 | 310,000 | ||||||
Retained earnings | 164,200 | 118,400 | 104,400 | ||||||
$724,700 | $598,200 | $535,700 |
Bonita Corporation Income Statements For the Years Ended December 31 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | |||||
Sales | $736,500 | $606,500 | ||||
Less: Sales returns and allowances | 39,400 | 29,300 | ||||
Net sales | 697,100 | 577,200 | ||||
Cost of goods sold | 427,200 | 373,000 | ||||
Gross profit | 269,900 | 204,200 | ||||
Operating expenses (including income taxes) | 179,277 | 152,252 | ||||
Net income | $ 90,623 | $ 51,948 |
Additional information:
1. | The market price of Jergans common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. | |
2. | You must compute dividends declared. All declared dividends were paid in cash in the year of declaration. |
(a) Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout ratio and debt to assets ratio to 0 decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.)
2022 | 2021 | |||||||
---|---|---|---|---|---|---|---|---|
(1) | Profit margin | enter percentages rounded to 1 decimal place | % | enter percentages rounded to 1 decimal place | % | |||
(2) | Gross profit rate | enter percentages rounded to 1 decimal place | % | enter percentages rounded to 1 decimal place | % | |||
(3) | Asset turnover | enter a number of times rounded to 2 decimal places | times | enter a number of times rounded to 2 decimal places | times | |||
(4) | Earnings per share | $enter a dollar amount rounded to 2 decimal places | $enter a dollar amount rounded to 2 decimal places | |||||
(5) | Price-earnings ratio | enter a number of times rounded to 1 decimal place | times | enter a number of times rounded to 1 decimal place | times | |||
(6) | Payout ratio | enter percentages rounded to 0 decimal places | % | enter percentages rounded to 0 decimal places | % | |||
(7) | Debt to assets ratio | enter percentages rounded to 0 decimal places | % | enter percentages rounded to 0 decimal places | % |
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