Question
Condensed balance sheet and income statement data for Pina Corporation are presented here. PINA CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 32,000
Condensed balance sheet and income statement data for Pina Corporation are presented here.
PINA CORPORATION Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | 2020 | ||||
Cash | $ 32,000 | $ 22,000 | $ 20,000 | |||
Accounts receivable (net) | 52,000 | 47,000 | 50,000 | |||
Other current assets | 97,000 | 102,000 | 71,000 | |||
Investments | 62,000 | 77,000 | 52,000 | |||
Plant and equipment (net) | 500,000 | 370,000 | 358,000 | |||
$743,000 | $618,000 | $551,000 | ||||
Current liabilities | $ 87,000 | $ 82,000 | $ 72,000 | |||
Long-term debt | 152,000 | 92,000 | 57,000 | |||
Common stock, $10 par | 327,000 | 317,000 | 307,000 | |||
Retained earnings | 177,000 | 127,000 | 115,000 | |||
$743,000 | $618,000 | $551,000 |
PINA CORPORATION Income Statements For the Years Ended December 31 | ||||
---|---|---|---|---|
2022 | 2021 | |||
Sales revenue | $747,000 | $607,000 | ||
Less: Sales returns and allowances | 42,000 | 32,000 | ||
Net sales | 705,000 | 575,000 | ||
Cost of goods sold | 432,000 | 357,000 | ||
Gross profit | 273,000 | 218,000 | ||
Operating expenses (including income taxes) | 182,000 | 152,000 | ||
Net income | $ 91,000 | $ 66,000 |
Additional information:
1. | The market price of Pinas common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. | |
2. | You must compute dividends paid. All dividends were paid in cash. |
Compute the following ratios for 2021 and 2022. 2022 2021 Profit margin (Round answers to 1 decimal place, e.g. 1.5%.) Gross profit rate (Round answers to 1 decimal place, e.g. 1.5%.) Asset turnover times times (Round answers to 2 decimal places, e.g. 1.83.) Earnings per share (Round answers to 2 decimal places, e.g. 1.83.) Price-earnings ratio times times (Round answers to 1 decimal place, e.g. 1.5.) Payout ratio % (Round answers to O decimal places, e.g. 15%.) Debt to assets ratio (Round answers to 0 decimal places, e.g. 15%.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started