Measures of liquidity, Solvency, and Profitability
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Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 63 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 20Y1 Retained earnings, January 1 $778,500 $658,300 Net income 177,600 134,800 Total $956,100 $793,100 Dividends: On preferred stock $5,600 $5,600 On common stock 9,000 9,000 Total dividends $14,600 $14,600 Retained earnings, December 31 $941,500 $778,500 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 20Y1 Sales $1,062,880 $979,250 Cost of goods sold 367,920 338,490 Gross profit $694,960 $640,760 $234,820 $289,380 Selling expenses Administrative expenses 200,030 169,960 Total operating expenses $434,850 $459,340 Income from operations $260,110 $181,420 Other revenue 13,690 11,580 $273,800 $193,000 Other expense (interest) 72,000 40,000 Income before income tax $201,800 $153,000 Income tax expense 24,200 18,200 Net income $177,600 $134,800 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 2011 Assets Current assets Cash $144,900 $197,070 Marketable securities 219,300 326,590 Accounts receivable (net) 197,100 182,500 Inventories 146,000 116,800 Prepaid expenses 27,415 39,410 Total current assets $734,715 $862,370 Long-term investments 710,135 349,962 Property, plant, and equipment (net) 990,000 891,000 Total assets $2,434,850 $2,103,332 Liabilities Current liabilities $253,350 $484,832 Long-term liabilities: Mortgage note payable, 8% $400,000 $0 Bonds payable, 8% 500,000 500,000 Total long-term liabilities $900,000 $500,000 Total liabilities $1,153,350 $984,832 Stockholders' Equity Preferred $0.70 stock, $20 par $160,000 $160,000 Common stock, $10 par 180,000 180,000 Retained earnings 941,500 778,500 Total stockholders' equity $1,281,500 $1,118,500 Total liabilities and stockholders' equity $2,434,850 $2,103,332 Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital 481,365 2. Current ratio 2.9 3. Quick ratio 2.22 4. Accounts receivable turnover 5.6 5. Number of days' sales in receivables 65.2 days 6. Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets % 13. Return on stockholders' equity % 14. Return on common stockholders' equity % 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield %
