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Problem 15 Avantronics is a manufacturer of electronic components and accessories that has total assets of $20,000,000. Selected financial ratios for Avantronics and the industry averages for firms of similar size are as follows: Avantronics Year 1 Average Year 2 Year 3 Industry Current ratio 2.09 2.27 2.51 2.24 Quick ratio 1.15 1.12 1.19 1.22 Inv. Turnover 2.40 2.18 2.02 3.50 Profit margin 0.14 0.15 0.17 0.11 0.37 0.44 0.35 Debt-to-equity Ratio 0.24 Avantronics is being reviewed by several entities whose interests vary, and the company's financial ratios are a part of the data being considered. Each of the following parties must recommend an action based on its evaluation of Avantronics's financial position: MidCoastal Bank. The bank is processing Avantronics's application for a new five-year term note. MidCoastal has been the banker for Avantronics for several years but must reevaluate the company's financial position for each major transaction. Ozawa Company. Ozawa is a new supplier to Avantronics and must decide on the appropriate credit terms to extend to the company. Drucker & Denon. A brokerage firm specializing in the stock of electronics firms that are sold over the counter, Drucker & Denon must decide whether it will include Avantronics in a new fund being established for sale to Drucker & Denon's clients. Working Capital Management Committee. This is a committee of Avantronics's management personnel chaired by the chief operating officer. The committee is responsible for periodically reviewing the company's working-capital position, comparing actual data against budgets, and recommending changes in strategy as needed. Required A. Describe the analytical use of each of the five ratios presented in the chart. B. For each of the four entities described, identify the financial ratios, from those ratios presented, that would be most valuable as a basis for its decision regarding Avantronics. C. Discuss what the financial ratios presented in the question reveal about Avantronics. Support your answer by citing specific ratio levels and trends, as well as the interrelationships among these ratios. Problem 16 Following are the income statements for Martha's Miscellaneous for Year 1 and Year 2: Martha's Miscellaneous Comparative Statements of Income and Retained Earnings $ Year 2 Sales revenue $700,000 Year 1 Change $650,000 Cost of goods sold 500,000 455,000 Gross profit $200,000 $195,000 $ 50,000 $ 42,250 Payroll expense Insurance expense 30,000 29,000 Rent expense 18,000 Depreciation 18,000 35,000 15,000 Total expenses $133,000 $104,250 Operating income $ 67,000 $ 90,750 % Change Interest expense (7,000) (5,000) Gain on vehicle sale 25,000 Loss on sale of Securities (25,000) Interest revenue 75,000 50,000 Net income before interest and taxes $135,000 Income taxes 40,000 Net income $ 95,000 Dividends 38,000 $135,750 40,250 $ 95,500 38,000 Total retained Earnings $ 57,000 $ 57,500 Retained earnings, 1/1 193,500 136,000 Retained earnings, 12/31 $250,500 $193,500 Required Complete the comparative income statement by computing dollar change ($ change) and percentage change (% change). Problem 18 The 2012 financial statements for the Griffin Company are as follows: Griffin Company Statement of Financial Position 12/31/12 12/31/11 $ 40,000 $ 10,000 Assets Cash Accounts receivable Inventory 30,000 110,000 Property, plant, and equipment 250,000 Total assets $430,000 55,000 70,000 257,000 $392,000 Liabilities and Stockholders' Equity Current liabilities 5% mortgage payable 162,000 $ 60,000 $ 50,000 120,000 Common stock (30,000 shares) 150,000 150,000 Retained earnings 100,000 30,000 Total liabilities and stockholders' equity $392,000 $430,000 Griffin Company Income Statement For the Year Ended December 31, 2012 Sales on account $420,000 Less expenses: Cost of goods sold Salary expense Depreciation expense $214,000 50,000 7,000 Interest expense 9,000 Total expenses $280,000 Income before taxes $140,000 Income tax expense (50%) 70,000 Net income $ 70,000 Required Compute the following ratios for the Griffin Company for the year ending December 31, 2012: A. Profit margin ratio (before interest and taxes) B. Total asset turnover C. Rate of return on total assets D. Rate of return on common stockholders' equity E. Earnings per share of stock F. Inventory turnover G. Current ratio H. Quick ratio I. Accounts receivable turnover J. Debt-to-equity ratio K. Times interest earned Problem 14 The following account balances are for the noncash current assets and current liabilities of Wynn Bicycle Company at the end of 2011 and 2012. December 31 2011 Accounts receivable $ 6,000 $ 4,000 2012 Inventory 20,000 30,000 Office supplies 8,000 5,000 Accounts payable 7,000 10,000 Salaries and wages payable 4,000 2,500 Interest payable 2,500 1,500 Income taxes payable 2,500 5,500 In addition, the income statement for 2012 is as follows: Sales revenue $110,000 Cost of goods sold 85,000 Gross profit $ 25,000 General and administrative expense $ 9,000 Depreciation expense 2,000 Income before interest and taxes $ 14,000 Interest expense 2,000 Income before tax $ 12,000 Income tax expense 4,800 Net income $ 7,200 Required A. Prepare the operating activities section of the statement of cash flows, using the indirect method. B. What does the use of the direct method reveal about a company that the indirect method does not