Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash $ 29,400 Accounts payable $ 103,000 Accounts receivable 88,300 Bonds payable (long term) 80,100 Inventory 54,500 Long Term Assets Stockholders' Equity Gross fixed assets $ 508,000 Common stock $ 150,000 Less Accumulated depreciation 156,800 Paid in capital 70,000 Net fixed assets 351,200 Retained earnings 120,300 Total assets $ 523,400 Total liabilities and equity $ 523,400 Sales (on credit) $ 1,845,000 Cost of goods sold 757,000 Gross profit $ 1,088,000 Selling and administrative expense 325,000 Depreciation expense 59,400 Operating profit $ 703,600 Interest expense 16,300 Earnings before taxes $ 687,300 Tax expense 95,600 Net income $ 591,700 Use net fixed assets in computing fixed asset turnover Includes $15,500 in lease payments SMITH CORPORATION Current Assets Liabilities Cash $ 40,700 Accounts payable $ 84,400 Marketable securities 15,800 Bonds payable (long term) 283,000 Accounts receivable 75,900 Inventory 75,400 Long Term Assets Stockholders' Equity Gross fixed assets $ 592,000 Common stock $ 75,000 Less Accumulated depreciation 251,100 Paid in capital 30,000 Net fixed assets 340,900 Retained earnings 76,300 Total assets $ 548,700 Total liabilities and equity $ 548,700 Use net fixed assets in computing fixed asset turnover SMITH CORPORATION Sales (on credit) $ 1,150,000 Cost of goods sold 659,000 Gross profit $ 491,000 Selling and administrative expense 285,000 Depreciation expense 57,300 Operating profit $ 148,700 Interest expense 23,800 Earnings before taxes $ 124,900 Tax expense 53,600 Net income $ 71,300 Includes $15,500 in lease payments a Compute the following ratios for each corporation Receivable turnover, Average collection period, Inventory turnover, Fixed asset turnover, Total asset turnover, Current ratio, Quick ratio, Times interest earned, Fized charge coverage (Use a 360 day year Do not round intermediate calculations Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places Round all other answers to 2 decimal places )

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Posted on Sep 10, 2024

Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash $ 29,400 Accounts payable $ 103,000 Accounts receivable 88,300

Given the financial statements for Jones Corporation and Smith Corporation:

JONES CORPORATION
Current Assets					Liabilities
Cash			$	29,400	Accounts payable	$	103,000
Accounts receivable				88,300	Bonds payable (long term)		80,100
Inventory				54,500
Long-Term Assets					Stockholders' Equity
Gross fixed assets	$	508,000			Common stock	$	150,000
Less: Accumulated depreciation		156,800			Paid-in capital		70,000
Net fixed assets*				351,200	Retained earnings		120,300
Total assets			$	523,400	Total liabilities and equity	$	523,400


Sales (on credit)	$	1,845,000
Cost of goods sold		757,000
Gross profit	$	1,088,000
Selling and administrative expense		325,000
Depreciation expense		59,400
Operating profit	$	703,600
Interest expense		16,300
Earnings before taxes	$	687,300
Tax expense		95,600
Net income	$	591,700

*Use net fixed assets in computing fixed asset turnover. Includes $15,500 in lease payments.

SMITH CORPORATION
Current Assets					Liabilities
Cash			$	40,700	Accounts payable	$	84,400
Marketable securities				15,800	Bonds payable (long term)		283,000
Accounts receivable				75,900
Inventory				75,400
Long-Term Assets					Stockholders' Equity
Gross fixed assets	$	592,000			Common stock	$	75,000
Less: Accumulated depreciation		251,100			Paid-in capital		30,000
Net fixed assets*				340,900	Retained earnings		76,300
Total assets			$	548,700	Total liabilities and equity	$	548,700

*Use net fixed assets in computing fixed asset turnover.

SMITH CORPORATION
Sales (on credit)	$	1,150,000
Cost of goods sold		659,000
Gross profit	$	491,000
Selling and administrative expense		285,000
Depreciation expense		57,300
Operating profit	$	148,700
Interest expense		23,800
Earnings before taxes	$	124,900
Tax expense		53,600
Net income	$	71,300

Includes $15,500 in lease payments. a. Compute the following ratios for each corporation: Receivable turnover, Average collection period, Inventory turnover, Fixed asset turnover, Total asset turnover, Current ratio, Quick ratio, Times interest earned, Fized charge coverage (Use a 360-day year. Do not round intermediate calculations. Input your profit margin, return on assets, return on equity, and debt to total assets answers as a percent rounded to 2 decimal places. Round all other answers to 2 decimal places.)