D104 G H 2 1 2012 B E F 1 2 3 Module 8 Student Ch08 P 8 15 Build a Model 4 5 Joshua White Technologies December 31 Balance Sheets 6 (Thousands of Dollars) 7 8 Assets 2012 2011 9 Cash and cash equivalents $21,000 $20,000 10 Short term investments 3,759 3,240 11 Accounts Receivable 52,500 48,000 12 Inventories 84 000 56,000 13 Total current assets $161,259 $127,240 14 Net fixed assets 218,400 200 000 15 Total assets $379,659 $327 240 16 17 Liabilities and equity 18 Accounts payable $33,600 $32,000 19 Accruals 12,600 12,000 20 Notes payable 19 929 6,480 21 Total current liabilities $66 129 $50,480 22 Long term debt 67,662 58,320 23 Total liabilities $133,791 $108,800 24 Common stock 183,793 178,440 25 Retained Earnings 62075 40 000 26 Total common equity $245,868 $218 440 27 Total liabilities and equity $379,659 $327 240 28 29 Joshua White Technologies December 31 Income Statements 30 (Thousands of Dollars) 31 2012 2011 32 Sales $420,000 $400,000 33 Expenses excluding depr and amort 327 600 320,000 34 EBITDA $92,400 $80,000 35 Denreciation and Amortization 19 660 18 000 Build a Model Sheet2 Sheet D104 G H B D E 28 29 Joshua White Technologies December 31 Income Statements 30 (Thousands of Dollars) 31 2012 2011 32 Sales $420,000 $400,000 33 Expenses excluding depr and amort 327 600 320,000 34 EBITDA $92,400 $80,000 35 Depreciation and Amortization 19,660 18,000 36 EBIT $72,740 $62,000 37 Interest Expense 5,740 4 460 38 EBT $67,000 $57,540 39 Taxes (40 ) 26 800 23 016 40 Net Income $40,200 $34,524 41 42 Common dividends $18,125 $17,262 43 Addition to retained earnings $22,075 $17262 44 45 Other Data 2012 2011 46 Year end Stock Price $90 00 $96 00 47 of shares (Thousands) 4,052 4,000 48 Lease payment (Thousands of Dollars) $20,000 $20,000 49 Sinking fund payment (Thousands of Dollar $0 $0 50 51 Ratio Analysis 2012 2011 Industry Avg 52 Liquidity Ratios 53 Current Ratio 2 58 54 Quick Ratio 1 5 55 Asset Management Ratios 56 Inventory Turnover 7 69 57 Days Sales Outstanding 47 45 58 Fixed Assets Turnover 2 04 59 Total Assets Turnover 1 23 60 Debt Management Ratios 61 Debt Ratio 32 1 62 Times interest earned ratio 15 33 Build a Model Sheet2 Sheet3 H 63 B E F G 49 Sinking fund payment (Thousands of Dollar $0 $0 50 51 Ratio Analysis 2012 2011 Industry Avg 52 Liquidity Ratios 53 Current Ratio 2 58 54 Quick Ratio 1 53 55 Asset Management Ratios 56 Inventory Turnover 7 69 57 Days Sales Outstanding 47 45 58 Fixed Assets Turnover 2 04 59 Total Assets Turnover 1 23 60 Debt Management Ratios 61 Debt Ratio 32 1 62 Times interest earned ratio 15 33 EBITDA coverage ratio 4 18 64 Profitability Ratios 65 Profit Margin 8 86 66 Basic Earning Power 19 48 67 Return on Assets 10 93 68 Return on Equity 16 10 69 Market Value Ratios 70 Earnings per share 71 Price to earnings ratio 10 65 72 Cash flow per share NA 73 Price to cash flow ratio 7 11 74 Book Value per share NA 75 Market to book ratio 1 72 76 77 a Has Joshua White's liquidity position improved or worsened Explain 78 79 80 81 82 b Has Joshua White's ability to manage its assets improved or worsened Explain 83 Build a Model Sheet2 Sheet3 NA OF Conditional Format Formatting Table Styles G AutoSave module 8 (1) Excel e' Search File Home Insert Draw Page Layout Formulas Data Review View Help X Arial 10 A A 2 Wrap Text Percentage BI a A Merge Center $ ) 88 98 Clipboard Font Alignment Number 0104 fo A B F H 76 77 a Has Joshua White's liquidity position improved or worsened Explain 78 79 80 81 82 b Has Joshua White's ability to manage its assets improved or worsened Explain 83 84 85 86 87 c How has Joshua White's profitability changed during the last year 88 89 90 d Perform an extended Du Pont analysis for Joshua White for 2008 and 2009 91 ROE PM XTA Turnover x Equity Multiplier 92 2012 93 2011 94 95 96 97 98 99 e Perform a common size analysis What has happened to the composition 100 (that is, percentage in each category) of assets and liabilities 101 102 Common Size Balance Sheets 103 Assets 2012 2011 104 Cash and cash equivalents 105 Short term investments 106 Accounts Receivable 107 Inventories 108 Total current assets 109 Net fixed assets 110 Total assets Build a Model Sheet2 Sheet3 Search File Home Insert Draw Page Layout Formulas Data Review View Help Arial 10 A A BI y 2 Wrap Text Merge Center Percentage $ 48 58 Clipboard Font Alignment Number D104 D E F G H 2012 2011 2012 2011 B 101 102 Common Size Balance Sheets 103 Assets 104 Cash and cash equivalents 105 Short term investments 106 Accounts Receivable 107 Inventories 108 Total current assets 109 Net fixed assets 110 Total assets 111 112 Liabilities and equity 113 Accounts payable 114 Accruals 115 Notes payable 116 Total current liabilities 117 Long term debt 118 Total liabilities 119 Common stock 120 Retained Earnings 121 Total common equity 122 Total liabilities and equity 123 124 Common Size Income Statements 125 Sales 126 Expenses excluding depr and amort 127 EBITDA 128 Depreciation and Amortization 129 EBIT 130 Interest Expense 131 EBT 132 Taxes (40 ) 133 Net Income 134 2012 2011 Build a Model Sheet2 Sheet3 AutoSave OR module 8 (1) Excel Search File Home Insert Draw Page Layout Formulas Data Review View Help Arial 10 AA 3 2 Wrap Text Merge Center Percentage $ 948 23 Clipboard Conditional Format Cell Formatting Table Styles Styles Font Alignment Number 0104 B D E H 122 Total liabilities and equity 123 124 Common Size Income Statements 2012 2011 125 Sales 126 Expenses excluding depr and amort 127 EBITDA 128 Depreciation and Amortization 129 EBIT 130 Interest Expense 131 EBT 132 Taxes (40 ) 133 Net Income 134 135 136 137 138 139 t Perform a percent change analysis What does this tell you about the change in profitability 140 and asset utilization 141 142 Percent Change Balance Sheets Base 143 Assets 2012 2011 144 Cash and cash equivalents 145 Short term investments 146 Accounts Receivable 147 Inventories 148 Total current assets 149 Net foxed assets 150 Total assets 151 152 Base 153 Liabilities and equity 2012 2011 154 Accounts payable 155 Accruals 15 Nates rahlo Build a Model Sheet2 Sheet3 AutoSave OR og e' Search module 8 (1) Excel Page Layout Formulas Data File Home Insert Draw Review View Help X Arial Percentage 10 A A Wrap Text A Merge Center BIU $ 948 Conditional Format as Formatting Table Clipboard Font Alignment Number 5 0104 A B D E F G H 137 138 139 t Perform a percent change analysis What does this tell you about the change in profitability 140 and asset utilization 141 142 Percent Change Balance Sheets Base 143 Assets 2012 2011 144 Cash and cash equivalents 145 Short term investments 146 Accounts Receivable 147 Inventories 148 Total current assets 149 Net fixed assets 150 Total assets 151 152 Base 153 Liabilities and equity 2012 2011 154 Accounts payable 155 Accruals 156 Notes payable 157 Total current liabilities 158 Long term debt 159 Total liabilities 160 Common stock 161 Retained Earnings 162 Total common equity 163 Total liabilities and equity 164 165 Base 166 Percent Change Income Statements 2012 2011 167 Sales 168 Expenses excluding depr and amort 169 EBITDA 170 Depreciation and Amortization 171 EBIT Build a Model Sheet2 Sheet3 AutoSave Cat module 8 (1) Excel Search File Home Insert Draw Page Layout Formulas Data Review View Help X Arial 10 A A 2 Wrap Text Percentage Paste BIU MA Merge Center $ 99 Conditional Format as Formatting Table Styles Clipboard Font 21 Alignment Number D E F 2012 Base 2011 D104 be B 161 Retained Earnings 162 Total common equity 163 Total liabilities and equity 164 165 166 Percent Change Income Statements 167 Sales 168 Expenses excluding depr and amort 169 EBITDA 170 Depreciation and Amortization 171 EBIT 172 Interest Expense 173 EBT 174 Taxes (40 ) 175 Net Income 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 Build a Model Sheet2 Sheet3

Question

D104 G H 2 1 2012 B E F 1 2 3 Module 8  Student Ch08 P 8 15 Build a Model 4 5 Joshua   White Technologies  December 31 Balance Sheets 6 (Thousands of Dollars) 7 8 Assets 2012 2011 9 Cash and cash equivalents $21,000 $20,000 10 Short term investments 3,759 3,240 11 Accounts Receivable 52,500 48,000 12 Inventories 84 000 56,000 13 Total current assets $161,259 $127,240 14 Net fixed assets 218,400 200 000 15 Total assets $379,659 $327 240 16 17 Liabilities and equity 18 Accounts payable $33,600 $32,000 19 Accruals 12,600 12,000 20 Notes payable 19 929 6,480 21 Total current liabilities $66 129 $50,480 22 Long term debt 67,662 58,320 23 Total liabilities $133,791 $108,800 24 Common stock 183,793 178,440 25 Retained Earnings 62075 40 000 26 Total common equity $245,868 $218 440 27 Total liabilities and equity $379,659 $327 240 28 29 Joshua   White Technologies December 31 Income Statements 30 (Thousands of Dollars) 31 2012 2011 32 Sales $420,000 $400,000 33 Expenses excluding depr  and amort  327 600 320,000 34 EBITDA $92,400 $80,000 35 Denreciation and Amortization 19 660 18 000 Build a Model Sheet2 Sheet D104 G H B D E 28 29 Joshua   White Technologies December 31 Income Statements 30 (Thousands of Dollars) 31 2012 2011 32 Sales $420,000 $400,000 33 Expenses excluding depr  and amort  327 600 320,000 34 EBITDA $92,400 $80,000 35 Depreciation and Amortization 19,660 18,000 36 EBIT $72,740 $62,000 37 Interest Expense 5,740 4 460 38 EBT $67,000 $57,540 39 Taxes (40 ) 26 800 23 016 40 Net Income $40,200 $34,524 41 42 Common dividends $18,125 $17,262 43 Addition to retained earnings $22,075 $17262 44 45 Other Data 2012 2011 46 Year end Stock Price $90 00 $96 00 47   of shares (Thousands) 4,052 4,000 48 Lease payment (Thousands of Dollars) $20,000 $20,000 49 Sinking fund payment (Thousands of Dollar $0 $0 50 51 Ratio Analysis 2012 2011 Industry Avg 52 Liquidity Ratios 53 Current Ratio 2 58 54 Quick Ratio 1 5 55 Asset Management Ratios 56 Inventory Turnover 7 69 57 Days Sales Outstanding 47 45 58 Fixed Assets Turnover 2 04 59 Total Assets Turnover 1 23 60 Debt Management Ratios 61 Debt Ratio 32 1  62 Times interest earned ratio 15 33 Build a Model Sheet2 Sheet3 H 63 B E F G 49 Sinking fund payment (Thousands of Dollar $0 $0 50 51 Ratio Analysis 2012 2011 Industry Avg 52 Liquidity Ratios 53 Current Ratio 2 58 54 Quick Ratio 1 53 55 Asset Management Ratios 56 Inventory Turnover 7 69 57 Days Sales Outstanding 47 45 58 Fixed Assets Turnover 2 04 59 Total Assets Turnover 1 23 60 Debt Management Ratios 61 Debt Ratio 32 1  62 Times interest earned ratio 15 33 EBITDA coverage ratio 4 18 64 Profitability Ratios 65 Profit Margin 8 86  66 Basic Earning Power 19 48  67 Return on Assets 10 93  68 Return on Equity 16 10  69 Market Value Ratios 70 Earnings per share 71 Price to earnings ratio 10 65 72 Cash flow per share NA 73 Price to cash flow ratio 7 11 74 Book Value per share NA 75 Market to book ratio 1 72 76 77 a  Has Joshua   White's liquidity position improved or worsened  Explain  78 79 80 81 82 b  Has Joshua   White's ability to manage its assets improved or worsened  Explain  83 Build a Model Sheet2 Sheet3 NA OF Conditional Format Formatting Table Styles G AutoSave module 8 (1)   Excel e' Search File Home Insert Draw Page Layout Formulas Data Review View Help X Arial 10   A A 2 Wrap Text Percentage BI a  A Merge   Center $  ) 88 98 Clipboard Font Alignment Number 0104 fo A B F H 76 77 a  Has Joshua   White's liquidity position improved or worsened  Explain  78 79 80 81 82 b  Has Joshua   White's ability to manage its assets improved or worsened  Explain  83 84 85 86 87 c  How has Joshua   White's profitability changed during the last year  88 89 90 d  Perform an extended Du Pont analysis for Joshua   White for 2008 and 2009  91 ROE   PM XTA Turnover x Equity Multiplier 92 2012 93 2011 94 95 96 97 98 99 e  Perform a common size analysis  What has happened to the composition 100 (that is, percentage in each category) of assets and liabilities  101 102 Common Size Balance Sheets 103 Assets 2012 2011 104 Cash and cash equivalents 105 Short term investments 106 Accounts Receivable 107 Inventories 108 Total current assets 109 Net fixed assets 110 Total assets Build a Model Sheet2 Sheet3 Search File Home Insert Draw Page Layout Formulas Data Review View Help Arial 10   A A BI y 2 Wrap Text Merge   Center Percentage $     48 58 Clipboard Font Alignment Number D104 D E F G H 2012 2011 2012 2011 B 101 102 Common Size Balance Sheets 103 Assets 104 Cash and cash equivalents 105 Short term investments 106 Accounts Receivable 107 Inventories 108 Total current assets 109 Net fixed assets 110 Total assets 111 112 Liabilities and equity 113 Accounts payable 114 Accruals 115 Notes payable 116 Total current liabilities 117 Long term debt 118 Total liabilities 119 Common stock 120 Retained Earnings 121 Total common equity 122 Total liabilities and equity 123 124 Common Size Income Statements 125 Sales 126 Expenses excluding depr  and amort  127 EBITDA 128 Depreciation and Amortization 129 EBIT 130 Interest Expense 131 EBT 132 Taxes (40 ) 133 Net Income 134 2012 2011 Build a Model Sheet2 Sheet3 AutoSave OR module 8 (1)   Excel Search File Home Insert Draw Page Layout Formulas Data Review View Help Arial   10 AA 3 2 Wrap Text Merge   Center Percentage $     948 23 Clipboard Conditional Format Cell Formatting Table Styles Styles Font Alignment Number 0104   B D E H 122 Total liabilities and equity 123 124 Common Size Income Statements 2012 2011 125 Sales 126 Expenses excluding depr  and amort  127 EBITDA 128 Depreciation and Amortization 129 EBIT 130 Interest Expense 131 EBT 132 Taxes (40 ) 133 Net Income 134 135 136 137 138 139 t  Perform a percent change analysis  What does this tell you about the change in profitability 140 and asset utilization  141 142 Percent Change Balance Sheets Base 143 Assets 2012 2011 144 Cash and cash equivalents 145 Short term investments 146 Accounts Receivable 147 Inventories 148 Total current assets 149 Net foxed assets 150 Total assets 151 152 Base 153 Liabilities and equity 2012 2011 154 Accounts payable 155 Accruals 15 Nates rahlo Build a Model Sheet2 Sheet3   AutoSave OR og e' Search module 8 (1)   Excel Page Layout Formulas Data File Home Insert Draw Review View Help X Arial Percentage 10   A A Wrap Text A Merge   Center BIU $    948 Conditional Format as Formatting Table   Clipboard Font Alignment Number 5 0104 A B D E F G H 137 138 139 t  Perform a percent change analysis  What does this tell you about the change in profitability 140 and asset utilization  141 142 Percent Change Balance Sheets Base 143 Assets 2012 2011 144 Cash and cash equivalents 145 Short term investments 146 Accounts Receivable 147 Inventories 148 Total current assets 149 Net fixed assets 150 Total assets 151 152 Base 153 Liabilities and equity 2012 2011 154 Accounts payable 155 Accruals 156 Notes payable 157 Total current liabilities 158 Long term debt 159 Total liabilities 160 Common stock 161 Retained Earnings 162 Total common equity 163 Total liabilities and equity 164 165 Base 166 Percent Change Income Statements 2012 2011 167 Sales 168 Expenses excluding depr  and amort  169 EBITDA 170 Depreciation and Amortization 171 EBIT Build a Model Sheet2 Sheet3 AutoSave Cat module 8 (1)   Excel Search File Home Insert Draw Page Layout Formulas Data Review View Help X Arial  10   A A 2 Wrap Text Percentage Paste BIU MA   Merge   Center $    99 Conditional Format as Formatting Table Styles Clipboard Font 21 Alignment Number D E F   2012 Base 2011 D104 be B 161 Retained Earnings 162 Total common equity 163 Total liabilities and equity 164 165 166 Percent Change Income Statements 167 Sales 168 Expenses excluding depr  and amort  169 EBITDA 170 Depreciation and Amortization 171 EBIT 172 Interest Expense 173 EBT 174 Taxes (40 ) 175 Net Income 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 Build a Model Sheet2 Sheet3

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D104 G H 2/1/2012 B E F 1 2 3 Module 8. Student Ch08 P 8-15 Build a Model 4 5 Joshua & White Technologies:

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