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Done Hyrkas Corporation's most recent balance sheet and income statement appear Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars)
Done Hyrkas Corporation's most recent balance sheet and income statement appear Income Statement For the Year Ended December 31, Year 2 (in thousands of dollars) Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Asset: Sales (all on account) Cost of goods sold $1,460 870 Current assets: Cash $ 140 $ 150 Accounts receivable 250 260 Inventory Prepaid expenses 150 140 15 15 Gross margin Selling and administrative expenses Tolal current assels 555 565 590 253 Plant and equipment, net 956 936 $ 1,511 $1,501 Total assets Liabilities and stockholders' equity: Current liabilities: Net operating income Interest expense 337 $ 200 $ 190 90 140 Accounts payable Accrued liabilities Notes payable, short term 51 90 150 Total current liabilities 430 430 280 Bonds payable 230 Net income before taxes 286 86 Income taxes (30%) Tolal liabilities 660 710 Stockholders' equity: Common stock, $1 par value Additional paid-in capital--common stock Retained eamings 100 110 100 110 $ 200 Net income B41 545 Total stockholders' equity 851 755 $ 1,511 $1,465 Total liabilities and stockholders' equity 1. Compute the inventory turnover for Year 2. (Round your answer to 2 decimal places.) Inventory turnover . Compute the average sale period for Year 2. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to one decimal place.) Average sale period Days . Compute the times interest earned for Year 2. (Round your answer to 2 decimal places.) Times interest earned 1. Compute the debt-to-equity ratio for Year 2. (Round your answer to 2 decimal places. e.g. 0.1234 = 0.12) Debt-to-equity ratio
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