Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

se the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2021 and 2020

se the following financial statements for Lake of Egypt Marina, Inc.

LAKE OF EGYPT MARINA, INC.
Balance Sheet as of December 31, 2021 and 2020
(in millions of dollars)
2021 2020 2021 2020
Assets Liabilities and Equity
Current assets: Current liabilities:
Cash and marketable securities $ 122 $ 48 Accrued wages and taxes $ 60 $ 48
Accounts receivable 110 72 Accounts payable 110 72
Inventory 301 174 Notes payable 70 60
Total $ 533 $ 294 Total $ 240 $ 180
Fixed assets: Long-term debt: $ 429 $ 237
Gross plant and equipment $ 520 $ 330 Stockholders equity:
Less: Depreciation 81 60 Preferred stock (3 million shares) $ 3 $ 3
Net plant and equipment $ 439 $ 270 Common stock and paid-in surplus 24 24
(24 million shares)
Other long-term assets 50 36 Retained earnings 326 156
Total $ 489 $ 306 Total $ 353 $ 183
Total assets $ 1,022 $ 600 Total liabilities and equity $ 1,022 $ 600

LAKE OF EGYPT MARINA, INC.
Income Statement for Years Ending December 31, 2021 and 2020
(in millions of dollars)
2021 2020
Net sales (all credit) $ 500 $ 400
Less: Cost of goods sold 180 136
Gross profits $ 320 $ 264
Less: Other operating expenses 26 24
Earnings before interest, taxes, depreciation, and amortization (EBITDA) 294 240
Less: Depreciation 21 16
Earnings before interest and taxes (EBIT) $ 273 $ 224
Less: Interest 23 24
Earnings before taxes (EBT) $ 250 $ 200
Less: Taxes 53 60
Net income $ 197 $ 140
Less: Preferred stock dividends $ 3 $ 3
Net income available to common stockholders $ 194 $ 137
Less: Common stock dividends 24 24
Addition to retained earnings $ 170 $ 113
Per (common) share data:
Earnings per share (EPS) $ 8.083 $ 5.708
Dividends per share (DPS) $ 1.000 $ 1.000
Book value per share (BVPS) $ 14.583 $ 7.500
Market value (price) per share (MVPS) $ 14.950 $ 12.750

Calculate the following ratios for Lake of Egypt Marina, Inc., as of year-end 2021. (Use sales when computing the inventory turnover and use total equity when computing the equity multiplier. Round your answers to 2 decimal places. Use 365 days a year.)

A.Current Ratio B. Quick Ratio C. Cash Ratio D. Inventory Turnover E. Days in sales Inventory F. Average Collection Period G. Average Payment Period. H. Fixed asset turnover I. Sales to working capital J. Total Asset Turnover K.Capital Intensity L. Debt Ratio M. Debt-to-equity ratio N. Equity multiplier. O. Times Interest earned P. Cash coverage Q. Profit margin. R.Gross profit margin S. Operation Profit margin T. Basic earning power. U. ROA V.ROE W. Dividend Payout x. market-to-box ratio y. PE Ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Theory And Practice

Authors: Eugene F Brigham, Michael C Ehrhardt

11th Edition

0324259689, 9780324259681

More Books

Students also viewed these Finance questions

Question

=+a) Comparing the ratings of a new telephone set on a

Answered: 1 week ago