Question
Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s 20X4 20X3 Cash $ 5,100 $ 4,800 Accounts Receivable $ 9,010 $
Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s
20X4 | 20X3 | |
Cash | $ 5,100 | $ 4,800 |
Accounts Receivable | $ 9,010 | $ 6,100 |
Inventory | $ 10,400 | $ 14,000 |
Prepaid Expenses | $ 1,950 | $ 1,020 |
Equipment | $ 58,500 | $ 59,900 |
Accumulated Depreciation - equipment | $ (33,100) | $ (32,000) |
Total Assets | $ 51,860 | $ 53,820 |
Account Payable | $ 7,000 | $ 11,400 |
Interest Payable | $ 350 | $ 110 |
Income taxes payable | $ 650 | $ 500 |
Dividends Payable | $ 2,400 | $ 3,200 |
Long-term Notes Payable | $ 17,500 | $ 17,000 |
Common shares | $ 22,000 | $ 20,000 |
Retained Earnings | $ 1,960 | $ 1,610 |
Total Liabilities & Shareholders' Equity | $ 51,860 | $ 53,820 |
Great Lakes Manufacturing Inc. Income Statement Year Ended December 31, 20X4 in (000)'s
Sale | $ 130,000 | |
Cost of goods sold | $ 97,000 | |
Gross Profit | $ 33,000 | |
Operating Expenses | $ 30,000 | |
Gain on Sale of equipment | $ (1,000) | $ 29,000 |
Profit from Operations | $ 4,000 | |
Other expenses | ||
Interest Expense | $ 200 | |
Profit before Income Tax | $ 3,800 | |
Income Tax Expense | $ 1,550 | |
Profit | $ 2,250 |
Additional Information: Operating expenses include depreciation expense of $3,500,000 Accounts Payable related to the purchase of inventory Equipment that cost $3,900,000 was sold at a gain of $1,000,000 New equipment was purchased during the year for $2,500,000 Dividends declared and paid in 20X4 totaled $1,900,000 Common shares were sold for $2,000,000 cash Interest payable in 20X4 was $240,000 greater than interest payable in 20X3
The working capital turnover at December 20X3 was:
Between 3.09 and 6.17
Not enough data provided to calculate it
Between 6.18 and 12.35
Equal or below 3.08
Equal of above 12.36
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