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*ACC 112 Project 1B The below represents the comparative financial statements of Kamla Corporation. Kamla Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Net sales (all on account) $1,228,000 $1,026,000 Expenses: Cost of goods sold $812,000 $708,000 Selling and administrative 229,000 225,000 Interest expense 15,000 12,000 Income tax expense 32,400 22,000 Total expenses $1,088,400 $967,000 Net income $139,600 $59,000 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 2015 Current assets: Cash $41,000 $37,600 Notes receivable 36,000 27,600 Accounts receivable (net) 171,600 148,800 Inventory 181,500 140,000 Total current assets 430,100 354,000 Property, plant, and equipment (net) 848,000 784,000 Total assets $1,278,100 $1,138,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $248,000 $235,000 Notes payable 47,200 39,200 Total current liabilities $295,200 $274,200 Long-term liabilities: Bonds payable 240,000 162,400 Total liabilities $535,200 $436,600 Stockholders' equity: Common stock ($5 par) $300,000 $300,000 Retained earnings 442,900 401,400 Total stockholders' equity 742,900 $701,400 Total liabilities and stockholders' equity $1,278,100 $1,138,000 Additional data: 1) The common stock recently sold at $30 per share. 2) The weighted-average common shares outstanding for the two years, 2015 and 2016, was 70,000 shares. Your answer is partially correct. Try again. Compute the receivables turnover ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Accounts Receivable Turnover = Net Credit Sales 1228000 Accounts Payable Net Credit Sales Cash Sales times Average Net Accounts Receivable Accounts Receivable What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) The Company collects its accounts receivable . an average of times a year/period.Your answer is partially correct. Try again. Compute the receivables turnover ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Accounts Receivable Turnover = Net Credit Sales X 228000 60200 Accounts Payable Net Credit Sales 7.67 Cash Sales times Average Net Accounts Receivable Accounts Receivable What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) The Company collects its accounts receivable . an average of 7.67 times a year/period. Your answer is partially Retained Earnings Compute the earnings per : Average Common Stockholders' Equity comma-formatted number Net Income al places. Do not use dollar signs ($) when entering amounts. To see ter your answers with commas.) *Weighted-Average Common Shares Outstanding Earnings per share (EPS) = Weighted-Average Common Shares Outstanding 139600 / 70000 1.99 What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) The Company earns 1.99 of net income on each share of common stock Your answer is partially correct. Try again. Compute the price-earnings ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Price-earnings ratio = Market Price per Share of Stock / EPS 30.00 1.99 15.075 J times What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) x sold x The Company stock 15.075 times the amount that the company Learned on each share. Your answer is partially correct. Try again. Compute the payout ratio for 2016. (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) Payout ratio = Cash Dividends 98100 139600 Net Income Market Price per Share of Stock EPS 70.27 Cash Dividends What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) The Company distributes v J%% of its earnings in form of cas cash dividendsYour answer is partially correct. Try again. Compute the debt to total assets ratio for 2016. (Round answer to 2 decimal places, Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Debt to Total Assets = |Total Debts (Liabilities) Total Assets 535200 1278100 41.87 What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) x 41.87 J% of the company's asset was provided by Before moving onto the next section, please do the follow creditors debtors een help, click on the hyperlinks below): Your answer is partia Compute the times inte Interest Expense Net Income before Income Tax Expense and Interest Expense ces. Do not use dollar signs ($) when entering amounts. To see comma-formatted Net Income before Income Tax Expense our answers with commas.) Net Income before Interest Expense Times interest earned Interest Expense 187000 15000 12.47 times What does this calculated ratio mean? (Round answer to 2 decimal places. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) The Company can cover its Interest payments approximately 12.4 times per year/period