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Question 2. (10 points total) Use this data table of Campbell Industries liabilities and owners' equity to complete parts a and b.

• (5 points) What percentage of the firm's assets does the firm finance using debt (liabilities)? (Round to one decimal place.)

• (5 points) If Campbell were to purchase a new warehouse for $1.3 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? (Round to one decimal place.)

Question 3. (10 points total) (Liquidity analysis) Airspot Motors, Inc. has $2,433,200 in current assets and $869,000 in current liabilities. The company's managers want to increase the firm's inventory, which will be financed using short-term debt. How much can the firm increase its inventory without its current ratio falling below 2.1 (assuming all other assets and current liabilities remain constant)? (Round to one decimal place.)

Question 4. (10 points total) (Efficiency analysis) Baryla Inc. manufactures high quality decorator lamps in a plant located in eastern Tennessee. Last year the firm had sales of $93 million and a gross profit margin of 45 percent.

• (5 points) How much inventory can Baryla hold and still maintain an inventory turnover ratio of at least 6.3 times? (Round to one decimal place.)

• (5 points) Currently, some of Baryla's inventory includes $2.3 million of outdated and damaged goods that simply remain in inventory and are not salable. What inventory ratio must the good inventory maintain in order to achieve an overall turnover ratio of at least 6.3 (including the unsalable items)? (Round to one decimal place.)

Question 5. (15 points total) (Profitability and capital structure analysis) In the year that just ended, Callaway Lighting had sales of $5,470,000 and incurred cost of goods sold equal to $4,460,000. The firm's operating expenses were $128,000 and its increase in retained earnings was $42,000 for the year. There are currently 99,000 common stock shares outstanding and the firm pays a $4.770 dividend per share. The firm has $1,180,000 in interest-bearing debt on which it pays 7.7 percent interest.

• (5 points) Assuming the firm's earnings are taxed at 35%, construct the firm's income statement.

Income Statement
Revenues	$
Cost of Goods Sold
Gross Profit	$
Operating Expenses
Net Operating Income	$
Interest Expense
Earnings before Taxes	$
Income Taxes
Net Income	$

• (5 points) Calculate the firm's operating profit margin and net profit margin. (Round to one decimal place.)

The operating profit margin is		%
The net income margin is	%

• (5 points) Compute the times interest earned ratio.

The times interest earned ratio is

%

What does this tell you about Callaway's ability to pay its interest expense? (Fill in the blank with the times interest earned ratio from above and select the best choice.)

Callaway's operating income can fall as much as ______ times the interest expense and the company would still be able to service its debt. Callaway's interest expense is _______ times higher than its competitors. Callaway's gross profit can fall as much as ______ times and still be able to service its debt. Callaway's operating income can fall as much as ______ times and still be able to repay its debt. The firm's return on equity is the same as the net profit margin, 9.4%. The firm's return on equity is the sum of the operating profit margin and the net profit margin, 25.5%. There is not enough information to answer this question. The firm's return on equity is the same as the operating profit margin, 16.1%.

Question 6. (5 points total) (Market value analysis) Lei Materials' balance sheet lists total assets of $1.16 billion, $132 million in current liabilities, $415 million in long-term debt, $613 million in common equity, and 58 million shares of common stock. If Lei's current stock price is $52.08, what is the firm's market-to-book ratio? (Round to one decimal place.)

Question 7. (5 points total) (DuPont analysis) Bryley, Inc. earned a net profit margin of 5.1 percent last year and had an equity multiplier of 3.49. If its total assets are $109 million and its sales are $157 million, what is the firm's return on equity? (Round to one decimal place.)

Question 8. (15 points total) (Calculating financial ratios) Use the balance sheet and income statement for the J. P. Robard Mfg. Company to calculate the following ratios:

Question 2. (10 pointstotal) Usethis data table of Campbell Industries liabilities and owners' equity tocomplete parts a and b.

a.(5 points) What percentage of the firm's assetsdoes the firm finance using debt (liabilities)? (Round to one decimal place.)

b.(5points) If Campbell were to purchase a new warehouse for $1.3 million andfinance it entirely with long-term debt, what would be the firm's new debtratio? (Round to one decimal place.)

Question 3. (10 pointstotal) (Liquidityanalysis) Airspot Motors, Inc. has$2,433,200 in current assets and $869,000 in current liabilities. The company'smanagers want to increase the firm's inventory, which will be financed usingshort-term debt. How much can the firm increase its inventory without itscurrent ratio falling below 2.1 (assuming all other assets and currentliabilities remain constant)? (Round to one decimal place.)

Question4. (10 points total) (Efficiency analysis) Baryla Inc. manufactures high qualitydecorator lamps in a plant located in eastern Tennessee. Last year the firm hadsales of $93 million and a gross profit margin of 45 percent.

a. (5points) How much inventory can Baryla hold and still maintain an inventory turnoverratio of at least 6.3 times? (Round to one decimal place.)

b. (5points) Currently, some of Baryla's inventory includes $2.3 million of outdatedand damaged goods that simply remain in inventory and are not salable. Whatinventory ratio must the good inventory maintain in order to achieve an overallturnover ratio of at least 6.3 (including the unsalable items)? (Round to one decimalplace.)

Question 5. (15 pointstotal) (Profitabilityand capital structure analysis) Inthe year that just ended, Callaway Lighting had sales of $5,470,000 andincurred cost of goods sold equal to $4,460,000. The firm's operating expenseswere $128,000 and its increase in retained earnings was $42,000 for the year.There are currently 99,000 common stock shares outstanding and the firm pays a$4.770 dividend per share. The firm has $1,180,000 in interest-bearing debt onwhich it pays 7.7 percent interest.

a.(5points) Assuming the firm's earnings are taxed at 35%, construct the firm'sincome statement.

Income Statement
Revenues	$
Cost of Goods Sold
Gross Profit	$
Operating Expenses
Net Operating Income	$
Interest Expense
Earnings before Taxes	$
Income Taxes
Net Income	$

b.(5points) Calculate the firm's operating profit margin and net profit margin. (Round to onedecimal place.)

The operating profit margin is		%
The net income margin is		%

c.(5points) Compute the times interest earned ratio.

The times interest earned ratio is

%

What does this tell you about Callaway'sability to pay its interest expense? (Fill in the blank with the times interestearned ratio from above and select the best choice.)

1)Callaway'soperating income can fall as much as ______ times the interest expense and thecompany would still be able to service its debt.

2)Callaway'sinterest expense is _______ times higher than its competitors.

3)Callaway'sgross profit can fall as much as ______ times and still be able to service itsdebt.

4)Callaway'soperating income can fall as much as ______ times and still be able to repayits debt.

What is the fin's return on equity? (Select thebest choice.)

1)Thefirm's return on equity is the same as the net profit margin, 9.4%.

2)Thefirm's return on equity is the sum of the operating profit margin and the netprofit margin, 25.5%.

3)Thereis not enough information to answer this question.

4)Thefirm's return on equity is the same as the operating profit margin, 16.1%.

Question 6. (5 pointstotal)(Market value analysis) Lei Materials' balance sheet lists total assets of$1.16 billion, $132 million in current liabilities, $415 million in long-termdebt, $613 million in common equity, and 58 million shares of common stock. IfLei's current stock price is $52.08, what is the firm's market-to-book ratio? (Round to onedecimal place.)

Question 7. (5 pointstotal) (DuPontanalysis) Bryley, Inc. earned a netprofit margin of 5.1 percent last year and had an equity multiplier of 3.49. Ifits total assets are $109 million and its sales are $157 million, what is thefirm's return on equity? (Round to one decimal place.)

Question 8. (15 pointstotal)(Calculating financial ratios) Use the balance sheet and income statement forthe J. P. Robard Mfg. Company to calculate the following ratios:

BBA 3301 Unit V Assignment Instructions: Enter all answers directly in this worksheet. When you are finished, select Save As, and save this document using your last name and student ID as the file name. Upload the data sheet to Blackboard as a .doc, .docx or .rtf file when you are finished. Question 1. (30 points total) Use this balance sheet and income statement from Carver Enterprises to complete parts a and b: a. (15 Prepare size sheet for points) a common balance Carver Enterprises. Complete the size balance (Round to decimal commonsheet: one place.) 2013 CommonSize Balance Sheet Cash and marketable securities Accounts receivable Inventories Current assets Net property plant and equipment Total assets Accounts payable Shortterm debt Current liabilities Longterm liabilities Total liabilities Total owners' equity Total liabilities and owners' equity $ 490 5,990 9,550 16,030 17,030 33,060 7,220 6,800 14,020 7,010 21,030 12,030 33,060 $ $ $ $ $ $ 1.5 % 18.1 28.9 48.5 % 51.5 1000 % 21.84 % 20.57 42.41 % 21.20 63.61 % 36.39 100.00 % b. (15 points) Prepare a common-size income statement for Carver Enterprises. Complete the common-size income statement: (Round to one decimal place.) CommonSize Income Statement Revenues Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes $ $ $ $ 2013 30,020 (19,950) 10,070 (7,960) 2,110 (940) 1,170 100 % (66.46) 33.54 % (26.51) 7.03 % (3.13) 3.90 % BBA 3301 Unit V Assignment Taxes Net income (425) $ 745 (1.42) 2.48 % Question 2. (10 points total) Use this data table of Campbell Industries liabilities and owners' equity to complete parts a and b. a. (5 points) What percentage of the firm's assets does the firm finance using debt (liabilities)? (Round to one decimal place.) b. (5 points) If Campbell were to purchase a new warehouse for $1.3 million and finance it entirely with long-term debt, what would be the firm's new debt ratio? (Round to one decimal place.) Question 3. (10 points total) (Liquidity analysis) Airspot Motors, Inc. has $2,433,200 in current assets and $869,000 in current liabilities. The company's managers want to increase the firm's inventory, which will be financed using short-term debt. How much can the firm increase its inventory without its current ratio falling below 2.1 (assuming all other assets and current liabilities remain constant)? (Round to one decimal place.) Question 4. (10 points total) (Efficiency analysis) Baryla Inc. manufactures high quality decorator lamps in a plant located in eastern Tennessee. Last year the firm had sales of $93 million and a gross profit margin of 45 percent. a. (5 points) How much inventory can Baryla hold and still maintain an inventory turnover ratio of at least 6.3 times? (Round to one decimal place.) b. (5 points) Currently, some of Baryla's inventory includes $2.3 million of outdated and damaged goods that simply remain in inventory and are not salable. What inventory ratio must the good inventory maintain in order to achieve an overall turnover ratio of at least 6.3 (including the unsalable items)? (Round to one decimal place.) BBA 3301 Unit V Assignment Question 5. (15 points total) (Profitability and capital structure analysis) In the year that just ended, Callaway Lighting had sales of $5,470,000 and incurred cost of goods sold equal to $4,460,000. The firm's operating expenses were $128,000 and its increase in retained earnings was $42,000 for the year. There are currently 99,000 common stock shares outstanding and the firm pays a $4.770 dividend per share. The firm has $1,180,000 in interest-bearing debt on which it pays 7.7 percent interest. a. (5 points) Assuming the firm's earnings are taxed at 35%, construct the firm's income statement. Income Statement Revenues $ Cost of Goods Sold Gross Profit $ Operating Expenses Net Operating Income $ Interest Expense Earnings before Taxes $ Income Taxes Net Income $ b. (5 points) Calculate the firm's operating profit margin and net profit margin. (Round to one decimal place.) The operating profit margin is The net income margin is c. % % (5 points) Compute the times interest earned ratio. The times interest earned ratio is % What does this tell you about Callaway's ability to pay its interest expense? (Fill in the blank with the times interest earned ratio from above and select the best choice.) 1) Callaway's operating income can fall as much as ______ times the interest expense and the company would still be able to service its debt. 2) Callaway's interest expense is _______ times higher than its competitors. 3) Callaway's gross profit can fall as much as ______ times and still be able to service its debt. 4) Callaway's operating income can fall as much as ______ times and still be able to repay its debt. Answer: What is the fin's return on equity? (Select the best choice.) 1) The firm's return on equity is the same as the net profit margin, 9.4%. 2) The firm's return on equity is the sum of the operating profit margin and the net profit margin, 25.5%. 3) There is not enough information to answer this question. 4) The firm's return on equity is the same as the operating profit margin, 16.1%. Answer: BBA 3301 Unit V Assignment Question 6. (5 points total) (Market value analysis) Lei Materials' balance sheet lists total assets of $1.16 billion, $132 million in current liabilities, $415 million in long-term debt, $613 million in common equity, and 58 million shares of common stock. If Lei's current stock price is $52.08, what is the firm's market-to-book ratio? (Round to one decimal place.) Question 7. (5 points total) (DuPont analysis) Bryley, Inc. earned a net profit margin of 5.1 percent last year and had an equity multiplier of 3.49. If its total assets are $109 million and its sales are $157 million, what is the firm's return on equity? (Round to one decimal place.) Question 8. (15 points total) (Calculating financial ratios) Use the balance sheet and income statement for the J. P. Robard Mfg. Company to calculate the following ratios: Current ratio (Round to two decimal places.) Times interest earned (Round to two decimal places.) Inventory turnover (Round to two decimal places.) Total asset turnover (Round to two decimal places.) Operating profit margin (Round to one decimal places.) Operating return on assets (Round to one decimal places.) Debt ratio (Round to one decimal places.) Average collection period (Round to one decimal places.) Fixed asset turnover (Round to two decimal places.) Return on equity (Round to one decimal places.) times times % % % days % BBA 3301 Unit V Assignment