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A B C D E Joshua \& White Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets Cash and cash equivalents Short-term investments Accounts Receivable Inventories Total current assets Net fixed assets Total assets \begin{tabular}{|r|r|} \hline 2023 & 2022 \\ \hline$21,000 & $20,000 \\ 3,759 & 3,240 \\ 52,500 & 48,000 \\ 84,000 & 56,000 \\ \hline$161,259 & $127,240 \\ 223,097 & 200,000 \\ \hline$384,356 & $327,240 \\ \hline \end{tabular} Liabilities and equity Accounts payable $33,600 $32,000 Accruals Notes payable Total current liabilities Long-term debt Total liabilities 12,600 12,000 19,929 6,480 $66,129 $50,480 67,662 58,320 Common stock $133,791 $108,800 Retained Earnings 178,440 178,440 Total common equity 72,125 40,000 Total liabilities and equity 28 $0 327.240 A B C E 29 Joshua \& White Technologies December 31 Income Statements (Thousands of Dollars) \begin{tabular}{|l|r|r|r|} \hline 31 & & 2023 & 2022 \\ \cline { 2 - 4 } 32 & Sales & $420,000 & $400,000 \\ \hline 3 & COGS except excluding depr. and amo & 300,000 & 298,000 \\ \hline 34 & Depreciation and Amortization & 19,660 & 18,000 \\ \hline 35 & Other operating expenses & 27,600 & 22,000 \\ \hline 36 & EBIT & $72,740 & $62,000 \\ \hline 37 & Interest Expense & 5,740 & 4,460 \\ \hline 38 & EBT & $67,000 & $57,540 \\ \hline 39 & Taxes (25\%) & 16,750 & 14,385 \\ \hline 40 & Net Income & $50,250 & $34,524 \\ \hline 41 & & & \\ \hline 42 & Common dividends & $18,125 & $17,262 \\ \hline 43 & Addition to retained earnings & $32,125 & $17,262 \\ \hline 44 & & & \\ \hline 45 & Other Data & 2023 & 2022 \\ \hline 46 & Year-end Stock Price & $90.00 & $96.00 \\ \hline 47 & \# of shares (Thousands) & 4,052 & 4,000 \\ \hline 48 & Lease payment (Thousands of Dollars) & $20,000 & $20,000 \\ \hline 49 & Sinking fund payment (Thousands of D & $5,000 & $5,000 \\ \cline { 1 - 3 } & & & \end{tabular} A C D E G a. Has Joshua \& White's liquidity position improved or worsened? Explain. The current ratio and quick ratio were a little below the industry average initially. However, the quick ratio fell by a lot while the current ratio fell by just a little. This indicates a build-up in inventory relative to other current assets. b. Has Joshua \& White's ability to manage its assets improved or worsened? Explain. c. How has Joshua \& White's profitability changed during the last year? d. Perform an extended Du Pont analysis for Joshua \& White for each year. 94 ROE=PMTATurnoverxEquityMultiplier 2023 2022 A C F A B D E F G 142 f. Perform a percent change analysis. What does this tell you about the change in profitability and asset utilization? 144 145 Percent Change Balance Sheets 146 Assets 147 Cash and cash equivalents 148 Short-term investments 149 Accounts Receivable 150 Inventories 151 Total current assets 152 Net fixed assets 153 Total assets 154 155 156 Liabilities and equity 157 Accounts payable 158 Accruals 159 Notes payable 160 Total current liabilities 161 Long-term debt 162 Total liabilities 163 Common stock 164 Retained Earnings 165 Total common equity 166 Total liabilities and equity