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Paul Sabin organized Sabin Electronics 10 years ago to produce and sell several electronic devices on which he had secured patents. Although the company has been fairly profitable, it is now experiencing a severe cash shortage. For this reason, it is requesting a $640,000 long-term loan from Gulfport State Bank, $170,000 of which will be used to bolster the Cash account and $470,000 of which will be used to modernize equipment. The company's financial statements for the two most recent years follow: This Year Last Year Sabin Electronics Comparative Balance Sheet Assets Current assotsi Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assete Plant and equipment, net Total sota Liabilities and stockholders Iquity Liabilities: Current liabilities Bonds payable 12 Total abilities Stockholders' equity Common stock, 515 par Retained earnings Total stockholders' equity Total liabilities and stockholdere equity 3 126,000 0 659,000 1.020,000 34,000 1, 339,000 2,084,600 $ 3,923,600 $ 290,000 11.000 440,000 735,000 36.000 1.512,000 1.470.000 52.962.000 870.000 000.000 1570,000 5 440.000 300,000 1.240,000 30,000 1,423,600 2253.600 $ 3,923,600 330,000 912,000 1.742.000 $ 2,982,000 Babin Electronic Comparative Income Statement and Reconciliation This Year Last Year Sales 5.5,700,000 34.770.000 Cost of goods sold 4,015.000 3.590.000 Gross margin 1,685.000 1,100,000 Selling and administrative expenses 601.000 576,000 Net operating income 1,004,000 604,000 Interest expense 96,000 96,000 Net Income before taxes 900.000 508,000 Income taxes (301) 292,400 152,400 Het income 635,600 355,600 Connon dividenda 124.000 103.000 Set income retained 511.600 252,600 Deginning retained earnings 912,000 659,400 Ending retained earnings $1,423,600 $ 12,000 During the past year, the company introduced several new product lines and raised the selling prices on a number of old product lines in order to improve its profit margin. The company also hired a new sales manager who has expanded sales into several new territories Sales terms are 3/10, 1/30. All sales are an account Required: 1. To assist in appronching the bank nbout the loan, Poul hos osked you to compute the following ratios for both this year and lost your a. The amount of working capital b. The current ratio C. The acid-test ratio d. The average collection period (The accounts receivable at the beginning of last year totaled $390,000) e. The average sole period. The inventory at the beginning of last year totaled $640,000) The operating cycle 9. The total asset turnover (The total ossets at the beginning of test year were $2,942,000) h. The debt-to-equity ratio. The times interest oamed ratio J. The equity multiplier (The total stockholders equity at the beginning of last year totaled $1.732,000) Req 1 Reg 2A Reg 28 To assist in approaching the bank about the loan, Paul has asked you to compute the following ratios for both this year and last year: a. The amount of working capital b. The current ratio. (Round your answers to 2 decimal places.) c. The acid-test ratio. (Round your answers to 2 decimal places) d. The average collection period. (The accounts receivable at the beginning of last year totaled $390,000.) (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 $640,000.) (Use 365 days in a year. Round your Intermediate calculations and final answers to 2 decimal place.) 1. The operating cycle. (Use 365 days in a year. 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 were $2,942,000.) (Round your answers to 2 decimal places.) h. The debt-to-equity ratio. (Round your answers to 2 decimal places.) 1. The times interest earned ratio. (Round your answers to 2 decimal places.) 1. The equity multiplier . (The total stockholders' equity at the beginning of last year totaled $1,732,000.) (Round your answers to 2 decimal places.) Show less This Year Last Year a. Working capital b. Current ratio c Acid-test ratio d. Average collection period c. Average sale period L Operating cycle 9 Total asset turnover h. Debt-to-equity ratio LTimes Interest eamed ratio Equity multiplier days days days days days days Reg 1 Reg 2A Reg 28 Present the balance sheet in common-size format. (Round your answers to 1 decimal place.) Sabin Electronics Common-Size Balance Sheets This Your Last Year Assets Current assets: Cash % % Marketable securities Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, not Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity Common stock 515 par Retained earnings Total stockholders oquity Total liabilities and equity Req 1 Req 2A Reg 28 Present the income statement in common-size format down through net Income. (Round your answers to 1 decimal place.) Last Year % Sabin Electronics Common-Size Income Statements This Year Sales Cost of goods sold Gross margin Seling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net Income