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The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 61 on December 31, 2 Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 2012 20Y1 Retained earnings, January 1 $2,819,350 $2,374,150 Net income 642,400 486,300 Dividends: On preferred stock (10,500) (10,500) On common stock (30,600) (30,600) Retained earnings, December 31 $3,420,650 $2,819,350 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 2011 Sales $4,161,000 $3,833,770 Cost of merchandise sold 1,423,500 1,309,620 Gross profit $2,737,500 $2,524,150 Selling expenses $972,430 $1,179,350 Administrative expenses 828,370 692,630 Total operating expenses $1,800,800 $1,871,980 Income from operations $936,700 $652,170 Other revenue and expense: Other revenue 49,300 41,630 Other expense interest) (256,000) (140,800) Income before income tax expense $730,000 $553,000 Income tax expense 87,600 66,700 Net income $642,400 $486,300 . Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 2041 2012 2011 Assets Current assets: Cash Marketable securities Accounts receivable (net) Inventories Prepaid expenses Total current assets Long-term investments Property, plant, and equipment (net) Total assets $793,770 $663,120 1,201,390 1,098,880 715,400 671,600 540,200 408,800 150,171 132,620 $3,400,931 $2,975,020 1,690,304 825,132 3,840,000 3,456,000 $8,931,235 $7,256,152 Liabilities Current liabilities $1,030,565 $1,396.802 Long-term liabilities: Mortgage note payable, 8% $1,440,000 D $0 Bonds payable, 3% 1,760,000 1,760,000 Total long-term liabilities $3,200,000 $1,760,000 Total liabilities S4,230,565 $3,156,802 Stockholders' Equity Preferred $0.70 stock, $40 par $600,000 $600,000 Common stock, $10 par 680,000 680,000 Ratained earnings 3,420,650 2,819,350 Total stockholders' equity $4,700,650 $4,099,350 Total liabilities and stockholders equity SB,931,235 $7,256,152 Required: Determine the following measures for 20YZ, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year 1. Working capital $2,370,34 2. Current ratio 3.30 3. Quick ratio 2.6 4. Accounts receivable turnover 6.00 5. Number of days' sales in receivables 60.8 days Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 1.20 9. Ratio of liabilities to stockholders 0.90 equity 10. Times interest eamed 3.97 11. Asset turnover 0.5 12. Return on total assets X 13. Return on stockholders' equity X 14. Return on common stockholders 94.5 | equity 15. Earnings per share on common stock 9.44 16. Price-earings ratio 6.46 17. Dividends per share of common stock 0.45 18. Dividend yield 0.73 %
