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12/13 2020 CangageNOWca | Online teaching and looming resource from Cengage Leaming Twenty metrics of liquidity, Solvency, and Profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $67 on December 31, 20v8. AUTOMOTIVE SOLUTIONS INC. Comparative Income Statement For the Years Ended December 31, 2018 and 20Y7 20YB Gales $6, 241,500 $5,750,610 Cost of goods sold [1,982,680) (1,824,070) Gross profit $4, 258,820 $3,926,540 Selling expenses $(1,574,480) $(1,891,170) Administrative expenses (1,341,230) (1,104,810) Total operating expenses (2,915,710) 2,985,980 Operating income $1,343,110 $940.560 Other revenue and expense: Other income 70,690 40,040 Other expense (interest) (432,000) (237,600) Income before income tax $981, 800 $743,000 Income tax expense 117,800 (92,000) Net income $864,000 $671,000 AUTOMOTIVE SOLUTIONS INC. Comparative Statement of Stockholders Equity For the Years Ended December 31, 20YB and 20Y7 20Y8 20Y7 Preferred Common Retained Preferred Common Retained Stock Stock Earnings Stock Stock Earnings Balances, Jan. 1 $800,000 $910,000 $3,887,750 $800,000 $910,000 $3,276,250 Net income 864,000 471,000 Dividends: Preferred stock (14,000) (14,000) Common stock (45,500) (45,500) Balances, Dec. 31 $910,000 $4,692,250 $910,DOD $3,887,75017/132020 CangagaNOW:2 | Online teaching and leaming resource from Cangage Leaming Comparative Balance Sheet December 31, 20Y8 and 20Y7 Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Current assets: Cash $1,250,530 $454,390 Temporary investments 1,892,700 1,415,850 Accounts receivable (net) 1,073, 100 1,007 400 Inventories 803,000 413,200 Prepaid expenses 234,590 170,880 Total current assets $5,255,920 $4,061,720 Long-term investments 1,708,805 12,906 Property, plant, and equipment (net) 6,480,000 5,832,000 Total assets $13,444,725 $9,904 626 Liabilities Current liabilities $1,642,475 $1,338,676 Long-term liabilities: Mortgage note payable, 8%, due in 15 years $2,430,000 $0 Bonds payable, 8%, due in 20 years 2,970,000 2,970,000 Total long-term liabilities $5,400,000 $2,970,000 Total liabilities $7,042,475 $4,309,876 Stockholders Equity Preferred $0.70 stock, $40 par $800,000 $800,000 Common stock, $10 par 910,000 910,000 Retained earnings 4,692,250 3,987,750 Total stockholders' equity $6,402,250 $5,597,750 Total liabilities and stockholders' equity $13,444,725 $9,904,626 Instructions: Determine the following measures for 20Y8. Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume there are 365 days in the year. 1. Working capital $ 2. Current ratio X 3. Quick ratio 4. Accounts receivable turnover 5. Days' sales in receivables days G. Inventory turnover12/132020 CangageNOW 2 | Online teaching and leaming resource from Congage Leaming 7. Days' sales in inventory days B. Debt ratio 9. Ratio of liabilities to stockholders equity 10. Ratio of fixed assets to long-term liabilities 11. Times interest earned times 12. Times preferred dividends earned times 13. Asset turnover 14. Return on total assets 15. Return on stockholders' equity 16. Return on common stockholders equity 17. Earnings per share on common stock S 18. Price-earnings ratio 19. Dividends per share of common stock 20. Dividend yield
