Joshua & White Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets 2022 2021 Cash and cash equivalents $21,000 $20,000 Short-term investments 3,759 3,240 Accounts Receivable 52,500 48,000 Inventories 84,000 56,000 Total current assets $161,259 $127,240 Net fixed assets 223,097 200,000 Total assets $384,356 $327,240 Liabilities and equity Accounts payable $33,600 $32,000 Accruals 12,600 12,000 Notes payable 19,929 6,480 Total current liabilities $66,129 $50,480 Long-term debt 67,662 58,320 Total liabilities $133,791 $108,800 Common stock 178,440 178,440 Retained Earnings 72,125 40,000 Total common equity $250,565 $218,440 Total liabilities and equity $384,356 $327,240 $0 Joshua & White Technologies December 31 Income Statements (Thousands of Dollars) 2022 2021 Sales $420,000 $400,000 COGS except excluding depr. and amort. 300,000 298,000 Depreciation and Amortization 19,660 18,000 Other operating expenses 27,600 22,000 EBIT $72,740 $62,000 Interest Expense 5,740 4,460 EBT $67,000 $57,540 Taxes (25%) 16,750 14,385 Net Income $50,250 $34,524 Common dividends $18,125 $17,262 Addition to retained earnings $32,125 $17,262 Other Data 2022 2021 Year-end Stock Price $90.00 $96.00 # of shares (Thousands) 4,052 4,000 Lease payment (Thousands of Dollars) $20,000 $20,000 Sinking fund payment (Thousands of Dollars) $5,000 $5,000 Ratio Analysis 2022 2021 Industry Avg Liquidity Ratios Current Ratio 2.44 2.58 Quick Ratio 1.17 1.53 Asset Management Ratios Inventory Turnover (Total COGS/Inventories) 3.57 7.69 Days Sales Outstanding 456.00 47.45 Fixed Assets Turnover 1.88 2.04 Total Assets Turnover 1.23 Debt Management Ratios Debt Ratio (Total debt-to-assets) 20.0% Liabilities-to-assets ratio 32.1% Times-interest-earned ratio 15.33 EBITDA coverage ratio 4.18 Profitability Ratios Profit Margin 8.86% Basic Earning Power 19.48% Return on Assets 10.93% Return on Equity 16.10% Market Value Ratios Earnings per share NA Price-to-earnings ratio 10.65 Book Value per share NA Market-to-book ratio 1.72