Testbank Exercise 90

The condensed financial statements of Carla Vista Company for the years 2020-2021 are presented below:

Carla Vista Company Comparative Balance Sheets As of December 31, 2020 and 2021
		2021			2020
Cash		$634,000			$85,500
Accounts receivable (net)		541,000			434,000
Inventories		572,000			501,000
Plant and equipment		2,712,000			1,604,000
Accumulated depreciation		(390,000	)		(224,000	)
		$4,069,000			$2,400,500
Accounts payable		$501,000			$233,000
Dividends payable		-0-			60,500
Bonds payable		600,000			-0-
Common stock ($10 par)		2,311,000			1,689,000
Retained earnings		657,000			418,000
		$4,069,000			$2,400,500

Additional data:
	Market value of stock at 12/31/21 is $80 per share.
	Carla Vista sold 46,000 shares of common stock at par on July 1, 2021.

Carla Vista Company Condensed Income Statement For the Year Ended December 31, 2021
Sales revenue		$3,682,000
Cost of goods sold		2,483,000
Gross profit		1,199,000
Administrative and selling expenses		787,000
Net income		$412,000

Compute the following financial ratios by placing the proper amounts for numerators and denominators. (Round per unit answers to 2 decimal places, e.g. 52.75.)

(a)		Current ratio at 12/31/21		$ $
(b)		Acid test ratio at 12/31/21		$ $
(c)		Accounts receivable turnover in 2021		$ $
(d)		Inventory turnover in 2021		$ $
(e)		Profit margin on sales in 2021		$ $
(f)		Earnings per share in 2021		$
(g)		Return on common stockholders equity in 2021		$ $
(h)		Price earnings ratio at 12/31/21		$ $
(i)		Debt to assets at 12/31/21		$ $
(j)		Book value per share at 12/31/21		$