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Problem 1) (10 marks) From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: (a) Current ratio, (b) Acid Test Ratio, (c) Stock-Turnover Ratio, (d) Debtors Turnover Ratio, (e) Creditors' Turnover Ratio, (f) Average Debt Collection period. (g) Cost of goods sold margin. 1-1-2002 31-12-2002 Rs. Rs. Bills Receivable 30,000 60,000 Bills Payable 60,000 Debtors 1,20,000 1,50,000 Creditors 75,000 1,35,000 Stock-in-trade 96,000 1,44,000 Additional information: (a) On 31-12-2002, there were assets: Building Rs. 3,00,000, Cash Rs. 1,20,000 and Cash at Bank Rs. 80,000. (b) Cash purchases Rs. 1,38,000 and Purchases Returns were Rs. 18,000. (c) Cash sales Rs. 1,50,000 and Sales returns were Rs. 6,000. (d) Rate of gross profit 20% on sales and actual gross profit was Rs. 1,50,000 Problem 2 (8 marks) Convert the dollar amount of given Balance sheet into percentage compare both companies with industry average. comment on the trend. Particular Company A Company B Industry Avg. Cash 100,000 80,000 90,000 Accounts receivable 350,000 525,000 437,500 Inventory 150,000 275,000 212.500 Total current assets 600,000 880,000 740,000 Fixed assets 400,000 800,000 600,000 Total assets 1,000,000 1,680,000 2,080,000 Accounts payable Accrued liabilities Total current liabilities Notes payable Total liabilities Capital stock Retained earnings Total equity 180,000 70,000 250,000 300,000 550,000 200,000 250,000 450,000 300,000 120,000 420,000 525,000 945,000 200,000 535,000 735,000 240,000 95,000 335,000 412,500 747,500 200,000 392,500 2,422,500 KASBIT Problem 3) (10 marks) The following items are taken from the financial statements of Imam Company Ltd. For the year ended December 31,1999: Cash Rs.108,000 Accounts receivable (net) 300,500 Merchandise inventory 226,000 Accrued interest on notes receivable 4,500 Accounts payable 108,000 10% notes receivable (current) 16,500 Advances from customers 1,500 Ordinary shares capital 400,000 Retained earnings 280,000 Sales (including cash sales of Rs.220,500) 1,320,500 Gross profit 520,500 Net income 250,000 Cash dividend declared 120,000 Operating expenses 400,000 Other information is as under: i) Shareholders' equity (opening) wasRs.760,000. ii) Market price per share isRs.40. Merchandise inventory (opening) wasRs.80,000. iv) Accounts receivable (opening) wasRs. 102,500. REQUIRED: Compute the following ratios and comment: 1. Operating expenses rate 3. Quick ratio 5. Earnings per share 7. Rate of return on ordinary shares 9. Inventory turnover ratio 2. Current ratio 4. Dividend yield 6. Price earnings ratio 8. Accounts receivable turnover ratio 10. Gross profit ratio Problem 4) (7 marks) ? ? Sales Less: Cost of goods sold Gross profit 30% of sales Less: Operating expenses (including Depreciation) Earnings before Interest & Tax (EBIT) Less: Interest Cost (8% of EBIT) Earnings before Tax (EBT) Less: Tax liability (35%) 2,400,000 ? ? 72,000 ? 289,800 ? Earnings after Tax (EAT/ PAT) Less: Preference share dividend Distributional Profit ? - 490,000 . LETEC Problem 5) (5 marks) Identify the following statements are true or false. i. The purpose of financial statement analysis is to help users make better business decisions; therefore the only parties interested in financial statement analysis are external to the company. (True / False) ii. The excess of current assets over current liabilities is known as working capital. (True / False) iii. When a company records a credit sale, the acid-test ratio will increase. (True False) iv. Return on investment (ROI) is a measure of overall asset productivity. (True / False) V. The profit margin indicates the amount of net income each dollar of sales generates (True / False)