Question
The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at February 28 2013 2012 ASSETS
The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut Balance Sheet As at February 28 | ||
2013 | 2012 | |
ASSETS | ||
Current Assets | ||
Cash | $171,640 | $53,300 |
Accounts receivable | $20,500 | $11,800 |
Inventory | $21,300 | $26,800 |
Total Current Assets | $213,440 | $91,900 |
Property, plant & equipment | $136,000 | $183,000 |
Less: Accumulated depreciation | $-26,700 | $-20,500 |
TOTAL ASSETS | $322,740 | $254,400 |
LIABILITIES AND EQUITY | ||
Liabilities | ||
Current Liabilities | ||
Accounts payable | $32,700 | $42,400 |
Current portion of bank loan | $9,200 | $9,200 |
Total Current Liabilities | $41,900 | $51,600 |
Long-term portion of bank loan | $81,000 | $46,000 |
TOTAL LIABILITIES | $122,900 | $97,600 |
Stockholders' Equity | ||
Common stock | $81,000 | $57,200 |
Retained earnings | $118,840 | $99,600 |
TOTAL STOCKHOLDERS' EQUITY | $199,840 | $156,800 |
TOTAL LIABILITIES AND EQUITY | $322,740 | $254,400 |
Joe's Fish Hut Income Statement For the Year Ended February 28, 2013 | |
Sales | $137,000 |
COGS | $87,200 |
Gross Profit | $49,800 |
Operating Expenses | |
Insurance Expense | $1,500 |
Rent Expense | $4,310 |
Salaries Expense | $5,850 |
Telephone Expense | $790 |
Interest Expense | $1,550 |
Depreciation Expense | $6,200 |
Total Operating Expenses | $20,200 |
Operating Profit Before Tax | $29,600 |
Income Tax Expense | $10,360 |
Net Profit (Loss) | $19,240 |
Complete the following ratio analysis.
Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the gross profit margin for the 2013. Gross Profit Margin: Answer % b) Calculate EBIT as a percentage of sales for 2013. EBIT Percentage of Sales: Answer % c) Calculate the interest coverage ratio for 2013. Interest Coverage Ratio: Answer times d) Calculate the net profit margin for 2013. Net Profit Margin: Answer % e) Calculate the return on equity for 2013. Return on Equity: Answer % f) Calculate the return on assets for 2013. Return on Assets: Answer % g) Calculate the asset turnover ratio for 2013. Asset turnover: Answer times h) Calculate the current ratio for 2013. Current Ratio: Answer i) Calculate the quick ratio for 2013. Quick Ratio: Answer j) Calculate the debt to equity ratio for 2013. Debt to Equity Ratio: Answer k) Calculate the days sales outstanding ratio for 2013. Assume all sales are credit sales. Days sales outstanding: Answer days l) Calculate the accounts receivable turnover for 2013. Assume all sales are credit sales Accounts Receivable turnover: Answer times m) Calculate the inventory days on hand ratio for 2013. Inventory Days on Hand: Answer days n) Calculate the inventory turnover for 2013. Inventory turnover: Answer times
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