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Problem 14-15 (Algo) Comprehensive Ratio Analysis (L014-2, L014-3, L014-4, LO14-5, LO14-6) (The following information applies to the questions displayed below.) You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's financial statements, including comparing Lydex's performance to its major competitors. The company's financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 108 Total liabilities Stockholders' equity: Common stock, $75 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 980,000 0 2,780,000 3,620,000 260,000 7,640,000 9,560,000 $ 17,200,000 $1,220,000 300,000 1,880,000 2,200,000 200,000 5,800,000 9.070,000 $ 14,870,000 $ 4,030,000 3,680,000 7,710,000 $ 3,020,000 3,080,000 6,100,000 7,500,000 7,500,000 1,990,000 1,270,000 9,490,000 B, 770,000 $ 17,200,000 $ 14,870,000 Lydex Company Comparative Income Statement and Reconciliation This Year Last Year Sales (all on account) $ 15,880,000 $ 13,780,000 Cost of goods sold 12,704,000 10,335,000 Gross margin 3,176,000 3,445,000 Selling and administrative expenses 1,200,000 1,612,000 Net operating income 1,968,000 1,833,000 Interest expense 368,000 308,000 Net income before taxes 1,600,000 1,525,000 Income taxes (30) 480,000 457,500 Net income 1,120.000 1,067,500 Common dividends 400,000 533, 750 Net income retained 720,000 533, 750 Beginning retained earnings 1,270,000 736,250 Ending retained earnings $ 1,990,000 $ 1,270,000 To begin your assignment you gather the following financial data and ratios that are typical of companies in Lydex Company's industry: Current ratio 2.4 Acid-test ratio 1.1 Average collection period 32 days Average sale period 60 days Return on assets 9.50 Debt-to-equity ratio 0.7 Times interest earned ratio 5.8 Price-earnings ratio 10 Problem 14-15 Part 1 (Algo) Required: 1. You decide first to assess the company's performance in terms of debt management and profitability, Compute the following for both this year and last year: (Round your "Percentage" answers to 1 decimal place and other answers to 2 decimal places.) a. The times interest earned ratio. b. The debt-to-equity ratio. The gross margin percentage d. The return on total assets. (Total assets at the beginning of last year were $13,090,000.) e. The return on equity. (Stockholders' equity at the beginning of last year totaled $8,236,250. There has been no change in common stock over the last two years.) Ils the company's financial leverage positive or negative? This Year 5.35 0.81 20.01% % 123% Positive Last Year 5.05 0.70 25.0 % A. The times interest eamod Patio b. The debt-to-equity ratio c. The gross margin percentage d. The return on total assets 0. The return on equity I. Is the company's financial leverage positive or negative? 12.6% Positive Problem 14-15 Part 2 (Algo) 2. You decide next to assess the company's stock market performance. Assume that Lydex's stock price at the end of this year is $98 per share and that at the end of last year it was $66. For both this year and last year, compute: (Round your "Percentage" answers to 1 decimal place and other intermediate and final answers to 2 decimal places.) a. The earnings per share b. The dividend yield ratio. c. The dividend payout ratio. d. The price-earnings ratio. e. The book value per share of common stock. Last Year $ a. The earnings per share b. The dividend yield ratio c. The dividend payout ratio d. The price-earings ratio e. The book value per share of common stock This Year 11.20 4.11% 35.7% 8.75 8.11% 50.0 % Problem 14-15 Part 3 (Algo) 3. You decide, finally, to assess the company's liquidity and asset management. For both this year and last year, compute: a. Working capital b. The current ratio (Round your final answers to 2 decimal places.) c. The acid-test ratio. (Round your final answers to 2 decimal places.) d. The average collection period. (The accounts receivable at the beginning of last year totaled $1,690,000.) (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal place.) e. The average sale period. (The Inventory at the beginning of last year totaled $2,050,000.) (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal place.) 1. The operating cycle. (Round your intermediate calculations and final answers to 2 decimal place.) 9. The total asset turnover. (The total assets at the beginning of last year totaled $13,090,000.) (Round your final answers to 2 decimal places.) This Year Last Year a. Working capital b. The current ratio c. The acid-test ratio d. The average collection period e. The average sale period f. The operating cycle 9 The total asset turnover days days days days days days