Joshua & White Technology: December 31 Balance Sheets (Thousands of Dollars) Assets Cash Short-term investments Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities & Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities & equity 2021 $ 23,100 3,467 53,500 81,000 $161,067 216,324 $377,391 $ 32,550 11,550 18,174 $ 62,274 69,582 $131,856 168,000 77,535 $245,535 $377,391 2020 $ 22,000 3,060 48,500 55,500 $129,060 195,000 $324,060 $ 31,000 11,000 5,760 $ 47,760 60,720 $108,480 168,000 47,580 $215,580 $324,060 Joshua & White Technology: Income Statements for Year Ending on December 31 (Thousands of Dollars) Sales COGS excluding depreciation and amortization Depreciation and amortization Other operating expenses EBIT Interest expense EBT Taxes (25%) Net income Common dividends Additions to retained earnings Other Data Year-end stock price Number of shares (Thousands) Lease payment (Thousands of Dollars) Sinking fund payment (Thousands of Dollars) 2021 $401,100 287,500 19,010 26,210 $ 68,380 5,740 $ 62,640 15,660 $ 46,980 $ 17,025 $ 29,955 2021 $ 82.00 4,050 $ 21,000 $ 4,000 2020 $382,000 286,500 17,550 21,010 $ 56,940 4,480 $ 52,460 13,115 $ 39,345 $ 15,738 $ 23,607 2020 $89.00 4,000 $ 21,000 $ 4,000 d. Perform an extended DuPont analysis for J&W for 2020 and 2021. Profit margin 2021 2020 % % What do these results tell you? The ROE has asset turnover ratio has X X TA turnover X X because the profit margin has Equity multiplier = = ROE and the equity multiplier has 7 % % , despite the fact that the total e. Perform a common size analysis. Joshua & White Technology: December 31 Common Size Balance Sheets 2021 Assets Cash Short-term investments Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities & Equity Accounts payable Accruals Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities & equity % % % % % % % do do do do d d d d 88 % % % % % % % % % % 2020 % % % % % % % do do do d do d do do S % % % % % % % % % %