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Help me, pls! P18- 2 The comparative statements of Larker Tool Company are presented below. LARKER TOOL COMPANY Income Statement For the Years Ended December

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P18- 2 The comparative statements of Larker Tool Company are presented below. LARKER TOOL COMPANY Income Statement For the Years Ended December 31 2013 2012 Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and administrative expense 516,000 179,000 Income from operations 291,000 275,500 Other expenses and losses Interest expense 18,000 14,000 Income before income taxes 273,000 261,500 Income tax expense 81,00 77,000 Net income $ 192,000 $ 184,500 LARKER TOOL COMPANY Balance Sheets December 31 Assets 2013 2012 Current assets Cash $ 60,100 $ 64,200 Short-term investments 69,000 50,000 Accounts receivable (net) 117,800 102,800 Inventory 123,000 115,500 Total current assets 369,900 332,500 Plant assets (net) 600,300 $20,300 Total assets $970,200 $852,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $160,000 $145,400 Income taxes payable 43,500 42,000 Total current liabilities 203,500 87,400 Bonds payable 200,000 200,000 Total liabilities 403,500 387,400 Stockholders' equity Common stock ($5 par) 280,000 300,000 Retained earnings 286,700 165,400 Total stockholders' equity 566,700 465,400 Total liabilities and stockholders' equity $970,200 $852,800 All sales were on account. Instructions Compute the following ratios for 2013. (Weighted-average common shares in 2013 were 57,000.) (a) Earnings per share. (b) Return on common stockholders' equity. (c) Return on assets. d) Current (e) Acid-test. (f) Receivables turnover. (g) Inventory turnover. (h) Times interest earned. (i) Asset turnover. (j) Debt to total assets

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