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Problem 14-15 (Algo) Comprehensive Ratio Analysis [LO14-2. LO14-3. LO14 4. LO14-5. LO14-6] [The following information applies to the questions displayed below.] You have just been hired as a financial analyst for Lydex Company. a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's financial statements, including comparing Lydex's performance to its major competitors. The company's financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets current assets: Cash $ 1,030,080 $ 1, 278,Bee Marketable securities 380,808 Accounts receivable, net 080 ' 086'7 2,088,808 Inventory 3,670,080 2, 208,808 Prepaid expenses 278, 808 210,808 Total current assets 7,950,Bee Bae ' 090'9 Plant and equipment, net 9,660, Bee 9, 128,Bee Total assets $ 17,610,090 $ 15, 180,080 Liabilities and Stockholders' Equity Liabilities: Current liabilities $4,080, 080 $ 3,120,808 Note payable, 10x 3,720,080 3, 120,080 Total liabilities 7,800, eee 6,240,808 Stockholders equity: Common stock. $70 par value 7,00e, Bee 7,080, Bee Retained earnings 2,810,080 1,940, Bee Total stockholders equity 9, 810,080 8,948,080 Total liabilities and stockholders equity $ 17,610,080 $ 15, 180,080 Lydex Company Comparative Income Statement and Reconciliation This Year Last Year sales (all on account) $ 15,930, BOB 14, 280,080 Cost of goods sold 12, 744, Bee 10, 710,060 Gross margin 3, 186, 808 3,570,000 Selling and administrative expenses 1. 114, 808 ,632,080 Net operating income 080' 816' Interest expense 372 , 808 312,080 Net income before taxes 1,780 , 808 1, 626,080 Income taxes (30x) 518, 808 487 , 808 Net income 1, 196, bee 1, 138,280 Common dividends 328 , 808 569, 180 Net income retained 878, 808 569, 180 Beginning retained earnings 1,948, 808 1, 370,980 Ending retained earnings $ 2,810,808 $ 1,940,900 To begin your assignment you gather the following financial date and ratios that are typical of companies in Lydex Company's industry: Current ratio Acid test ratio 1.1 Average collection period 12 days Average sale period 60 days Return on assets Debt to cquity ratio Times interest carned ratio Price earnings ratio Problem 14-15 Part 1 (Algo) Required: 1. You decide first to assess the company's performance in terms of debt management and profitability, Compute the following for both this year and last year: (Round your "Percentage" answers to 1 decimal place and other answers to 2 decimal places.) a. The times interest earned ratio. b. The debt-to-equity ratio. c. The gross margin percentage 3. The return on total assets. (Total assets at the beginning of last year were $13,140,000.) e. The return on equity. (Stockholders equity at the beginning of last year totaled $8,370,900, There has been no change in common