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Exercise 12-8 Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow. Matthias Medical Comparative Balance Sheet As of December 31 2013 2012 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $398,000 1,046,000 730,000 381,300 $417,450 776,450 681,050 247,100 Total current assets Property, plant, & equipment, net 2,555,300 8,711,250 2,122,050 8,439,765 $11,266,550 $10,561,815 $3,206,000 3,702,650 $2,846,050 3,892,600 6,908,650 6,738,650 59,000 104,650 4,194,250 59,000 103,800 3,660,365 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,357,900 3,823,165 $11,266,550 $10,561,815 Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2013 2012 Sales revenue (all on account) $10,177,200 $9,613,900 Cost of goods sold 5,612,550 5,298,700 Gross profit Operating expenses 4,564,650 2,840,300 4,315,200 2,634,100 Net operating income Interest expense 1,724,350 300,300 1,681,100 308,650 Net income before taxes Income taxes (30%) 1,424,050 427,215 1,372,450 411,735 $996,835 $960,715 Dividends paid Preferred dividends Common dividends 29,550 433,400 29,550 413,100 Total dividends paid 462,950 442,650 533,885 3,660,365 518,065 3,142,300 $4,194,250 $3,660,365 Net income Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following liquidity ratios for 2013. (If working capital is negative then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) $ a. Working capital b. Current ratio c. Acid-test ratio d. Accounts receivable turnover times LINK TO TEXT Calculate the following liquidity ratios for 2013. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period days b. Inventory turnover times LINK TO TEXT Calculate average days to sell inventory for 2013. (Round answer to 0 decimal places, e.g. 25. Use 365 days for calculation.) Average days to sell inventory days Exercise 12-11 Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow. Matthias Medical Comparative Balance Sheet As of December 31 2013 2012 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $368,000 1,068,000 731,000 370,000 $417,500 776,450 681,000 247,050 2,537,000 10,128,005 2,122,000 8,360,780 $12,665,005 $10,482,780 $3,181,000 3,702,600 $2,846,100 3,892,700 6,883,600 6,738,800 52,900 139,000 5,589,505 52,900 103,850 3,587,230 5,781,405 3,743,980 $12,665,005 $10,482,780 Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2013 2012 Sales revenue (all on account) $10,890,000 $9,613,900 Cost of goods sold 4,231,000 5,298,800 Gross profit Operating expenses 6,659,000 2,840,250 4,315,100 2,634,100 Net operating income Interest expense 3,818,750 322,000 1,681,000 308,600 Net income before taxes Income taxes (30%) 3,496,750 1,049,025 1,372,400 411,720 $2,447,725 $960,680 Dividends paid Preferred dividends Common dividends 29,450 416,000 29,450 486,000 Total dividends paid 445,450 515,450 2,002,275 3,587,230 445,230 3,142,000 Net income Net income retained Retained earnings, beginning of year Retained earnings, end of year $5,589,505 $3,587,230 Calculate the earnings per share (average of 373,000 shares outstanding for the year) for 2013. (Round answer to 2 decimal places, e.g. 2.55.) $ Earning per share per share LINK TO TEXT Calculate the price/earnings ratio (market price of $45 at year-end) for 2013. (Round answer to 2 decimal places, e.g. 2.55.) Price/earnings ratio LINK TO TEXT Calculate the dividend payout ratio (dividends of $1.04 per common share for the year) for 2013. (Round answer to 2 decimal places, e.g. 2.55%.) Dividend payout ratio % Problem 12-14 Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in $ millions) show, Dollar General's sales revenue was more than double that of Dollar Tree. Dollar Tree Sales Dollar General $6,630.5 $14,807.2 Cost of goods sold 4,252.2 10,109.3 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses 1,596.2 3,207.1 782.1 1,490.8 2.6 265.5 Income before taxes 779.5 1,225.3 Income tax expense 291.2 458.6 $488.3 $766.7 Net operating income Other expense Net income Prepare a common-size income statement for each company. (Round answers to 2 decimal places, e.g. 50.12%.) Dollar Tree Dollar General Sales % % % % % % % % % % % % % % Cost of goods sold Gross profit Selling, general & administrative expenses Net operating income Other expense Income before taxes Income tax expense % % % % Net income Problem 13-23 Kate Petusky prepared Addison Controls' balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison's president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheets and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 2013 Sales revenue $ 128,900 Cost of goods sold 70,110 Gross margin Selling expense Administrative expense Salaries expense Depreciation expense Interest expense Income before gain and taxes Gain on sale of Land Income tax expense Net income 58,790 $13,040 8,350 20,380 1,950 4,360 48,080 10,710 945 825 $ 10,830 Addison Controls Comparative Balance Sheets As of December 31 2013 2012 Cash $ 5,150 $ 4,210 Accounts receivable, net 6,340 5,510 Inventory 31,710 34,310 Total current assets 43,200 44,030 Property, plant, & equipment, net 211,890 215,450 Total Assets $255,090 $259,480 Accounts payable $ 3,480 $ 6,140 Accrued expenses 2,510 2,390 Taxes payable 2,260 2,880 Bonds payable 60,240 50,010 Total liabilities 68,490 61,420 Common stock 125,220 125,220 Retained earnings 61,380 72,840 Total stockholders' equity 186,600 198,060 Total liabilities & stockholders' equity $255,090 $259,480 Equipment with an original cost of $35,110 was sold for $20,165. The book value of the equipment was $19,220. On June 1, 2013, the company purchased new equipment for cash at a cost of $17,610. At the end of the year the company issued bonds payable for $10,230 cash. The bonds will mature on December 31, 2017. The company paid $22,290 in cash dividends for the year. Using the indirect method, prepare Addison Controls' statement of cash flows for 2013. (If an amount decreases cash flow then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000).) Addison Control Statement of Cash Flows For the Year Ended December 31, 2013 $ $ Net cash by activities Net cash by activities Net cash by activities $ Essay: You have been assigned to a team responsible for evaluating the company results based on the statement of cash flows. One of your responsibilities is to determine how much cash should be kept on hand. On the statement of cash flows your team has identified the following issues: Operating activities did not generate a positive cash flow Cash was generated primarily from the sale of plant assets Additional shares of stock were sold during the year No loans were taken out during the year, and a substantial portion of debt was retired Required: Answer the following questions relating to interpreting the statement of cash flows. a. Why is it important for a company to generate cash from operating activities on a consistent basis? b. What might a trend toward providing cash through investing activities suggest about a business? c. What factors might influence how much cash should be kept on hand