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Exercise 16-4 (Algo) Financial Ratios for Debt Management (L016-4) Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The Interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company's common 'stock at the end of this year was $21. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousanda) This Year Lant Year $ 1,210 9,800 13,900 780 25,690 $ 1,280 7.900 11,900 660 21,740 10,200 48,903 59,103 $84,793 10,200 43,529 53, 729 $75,469 Assets Current assets! Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total asets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Norued liabilities Notes payable, short term Total current abikties Long-term abilities: Bonds payable Rotal liabition Stockholdera equity! Common stock Additional paid in capital Total paid-in capital $19,100 1,060 $19,300 730 290 20,320 0 20,160 9,600 29.760 9.600 29.920 2.000 4.000 6.000 49,033 2.000 4.000 6.000 Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 2,000 4,000 6,000 49,033 55,033 $84, 793 2,000 4,000 6,000 39,549 45,549 $75,469 Woller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $73,000 $66,000 Coat of goods sold 38,000 33,000 Gross margin 35,000 33,000 Selling and administrative expenses: Selling expenses 10,600 10,200 Administrative expenses 7,300 6,700 Total selling and administrative expenses 17,900 16,900 Net operating income 17,100 16,100 Interest expense 960 960 Nec income before taxes 16,140 15,140 Income taxes 6,456 6,056 9,684 Not income 9,084 200 375 Dividends to common stockholders 9,484 8,709 Net Income added to retained earnings 39,549 30,840 Beginning retained carnings $49,033 $39,549 Ending retained earnings Required: Compute the following financial ratios for this year 1. Times interest earned ratio. 2 Debt-to-eculty ratio. 3. Equity multipliers to 2 decimal places.) $730DO 38,000 35,000 $66,000 33,000 33,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Neti operating income Interest expense Net income before taxes Income taxes Netancome Dividends to common stockholders Net Income added to retained earnings Beginning retained earnings Ending retained earnings 10,600 7,300 17,900 17,100 960 16,140 6,456 9,684 200 9,484 39,549 $49,033 10,200 6,700 16,900 16,100 960 15, 140 6,056 9,084 375 8,709 30,840 $39,549 Required: Compute the following financial ratios for this year: 1. Times interest earned ratio. 2. Debt-to-equity ratio. 3. Equity multiplier. (For all requirements, round your answers to 2 decimal places.) 1 Times interest earned ratio 2 Debt-to-equity ratio Equity multiplier 3