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Ratio Analysis for Panera Bread Refer to the financial statement information of Panera Bread and answer the following questions. Required: 1. Compute the following ratios and other amounts for each of the two years, ending December 30, 2015, and December 31, 2014. Because only two years of data are given on the balance sheets, to be consistent, you should use year-end balances for each year in lieu of average balances. Assume 360 days to a year. Enter dollar amounts in thousands. In your computations, round the tax percentage to one decimal place. Round your final answers as indicated below. Use a minus sign for any negative amounts. 2015 2014 a. Working capital (to whole number) 1,972 X b. Current ratio (to three decimal places) to 1 c. Acid-test ratio (to three decimal places) to 1 d. Cash flow from operations to current liabilities (to three decimal places) e. Debt-to-equity ratio (to three decimal places) f. Cash flow from operations to capital expenditures (to three decimal places) g. Asset turnover (to three decimal places) times h. Return on sales (to two decimal places) i. Return on assets (to two decimal places) j. Return on common stockholders' equity (to two decimal places) 2. Which of the following statements is (are) true when describing Panera Bread's financial performance in 2015? Panera Bread appears to be liquid and has generated sufficient cash from operating activities to pay for additions to fixed assets. For the fiscal year ended (1) (in thousands, except per share and percentage information) 2015 314,879 2,267 December 29, December 30, December 31, December 25, December 27, 2014 2013 2012 2011 Revenues: Bakery-cafe sales, net $ 2,358,794 $2,230,370 $2,108,908 $ 1,879,280 $ 1,592,951 Franchise royalties and fees 138,563 123,686 112,641 102,076 92,793 Fresh dough and other product sales to franchisees 184,223 175,139 163,453 148,701 136,288 Total revenues 2,681,580 2,529,195 2,385,002 2,130,057 1 ,822,032 Costs and expenses: Bakery-cafe expenses: Cost of food and paper products $ 715,502 $ 669,860 $ 625,622 $ 552,580 S 470,398 Labor 754,646 685,576 625,457 559,446 484,014 Occupancy 169,998 159,794 148,816 130,793 115,290 115,29 Other operating expenses 334,635 314,879 295,539 256,029 216,237 Total bakery-cafe expenses 1,974,781 1,830,109 1,695,434 1,498,848 1,285,939 Fresh dough and other product cost of sales to franchisees 160,706 152,267 142,160 131,006 116,267 Depreciation and amortization 135,398 124,109 106,523 90,939 79,899 General and administrative expenses 142,904 138,060 123,335 117,932 113,083 Pre-opening expenses 9,089 8,707 7,794 8,462 6,585 Refranchising loss 17,108 - Total costs and expenses 2,439,986 2,253,252 2,075,246 1,847,187 1,601,773 Operating profit 241,594 275,943 309,756 282,870 220,259 Interest expense 3,830 1,824 1,053 1,082 822 Other (income) expense, net 1,192 (3,175) (4,017) (1,208) (466) Income before income taxes 236,572 277,294 312,720 282,996 219,903 Income taxes 87,247 98,001 116,551 109,548 83,951 Net income 149,325 179,293 196,169 173,448 135,952 Less: Net loss attributable to noncontrolling interest (17) Net income attributable to Panera Bread Company $ 149,342 $ 179,293 $ 196,169 S 173,448 S 135,952 Earnings per common share attributable to Panera Bread Company: Basic 5.81 $ 6.67 $ 6.85 $ 5.94 S 4.59 Diluted $ 5.79 ss 6.64 $ 6.81 S 5.89 g 4.55 Weighted average shares of common and common equivalent shares outstanding: Basic 25,685 26,881 28,629 29,217 29,601 Diluted 25,788 26,999 28.794 29,455 29,903 (in thousands, except share and per share information) December 29, December 30, 2015 2014 $ 241,886 38,211 77,575 22,482 59,457 34,479 28,699 502,789 776,248 196,493 36,584 70,069 22,811 51,588 28,621 406,166 787,294 121,791 63,877 10.613 196,281 1,475,318 120,778 70,940 5,508 197,226 1,390,686 $ S 19,511 333,201 Assets Current assets: Cash and cash equivalents Trade accounts receivable, net Other accounts receivable Inventories Prepaid expenses and other Deferred income taxes Assets held for sale Total current assets Property and equipment, net Other assets: Goodwill Other intangible assets, net Deposits and other Total other assets Total assets Liabilities, Redeemable Noncontrolling Interest, and Stockholders' Equity Current liabilities: Accounts payable Accrued expenses Current portion of long-term debt Liabilities associated with assets held for sale Total current liabilities Long-term debt Deferred rent Deferred income taxes Other long-term liabilities Total liabilities Commitments and contingencies (Note 14) Redeemable noncontrolling interest Stockholders' equity: Common stock, $.0001 par value per share: Class A, 112,500,000 shares authorized; 30,836,669 shares issued and 23,346,188 shares outstanding at December 29, 2015 and 30,703,472 shares issued and 25,442,728 shares outstanding at December 30, 2014 Class B, 10,000,000 shares authorized; 1,381,730 shares issued and outstanding at December 29, 2015 and 1,381,865 shares issued and outstanding at December 30, 2014 Treasury stock, carried at cost; 7,490,481 shares at December 29, 2015 and 5,260,744 shares at December 30, 2014 Preferred stock, S.0001 par value per share; 2,000,000 shares authorized and no shares issued or outstanding at December 29, 2015 and December 30, 2014 Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total stockholders' equity Total liabilities, redeemable noncontrolling interest, and stockholders' equity 19,805 $ 359,464 17,229 2,945 399,443 388,971 62,610 70,447 52,566 974,037 352,712 99,784 67,390 76,589 58,027 654,502 3,981 - (1,111,586) (706,073) 235,393 (5,029) 1,378,519 497,300 1,475,318 214,437 (1,360) 1,229,177 736,184 1,390,686 $ $