Question
The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on
The comparative statements of Corbin Company are presented below.
CORBIN COMPANY Income Statement For the Years Ended December 31 | ||||||
2017 | 2016 | |||||
Net sales (all on account) | $600,500 | $520,200 | ||||
Expenses | ||||||
Cost of goods sold | 415,500 | 353,600 | ||||
Selling and administrative | 119,000 | 114,500 | ||||
Interest expense | 7,900 | 6,500 | ||||
Income tax expense | 19,000 | 14,700 | ||||
Total expenses | 561,400 | 489,300 | ||||
Net income | $ 39,100 | $ 30,900 |
CORBIN COMPANY Balance Sheets December 31 | ||||||
Assets | 2017 | 2016 | ||||
Current assets | ||||||
Cash | $ 21,300 | $ 17,400 | ||||
Short-term investments | 18,700 | 15,400 | ||||
Accounts receivable (net) | 85,200 | 75,000 | ||||
Inventory | 90,000 | 71,000 | ||||
Total current assets | 215,200 | 178,800 | ||||
Plant assets (net) | 422,900 | 383,500 | ||||
Total assets | $638,100 | $562,300 | ||||
Liabilities and Stockholders Equity | ||||||
Current liabilities | ||||||
Accounts payable | $122,000 | $109,400 | ||||
Income taxes payable | 23,300 | 20,700 | ||||
Total current liabilities | 145,300 | 130,100 | ||||
Long-term liabilities | ||||||
Bonds payable | 119,200 | 80,700 | ||||
Total liabilities | 264,500 | 210,800 | ||||
Stockholders equity | ||||||
Common stock ($5 par) | 149,400 | 149,400 | ||||
Retained earnings | 224,200 | 202,100 | ||||
Total stockholders equity | 373,600 | 351,500 | ||||
Total liabilities and stockholders equity | $638,100 | $562,300 |
Additional data: The common stock recently sold at $18.71 per share.
Compute the following ratios for 2017. (Round Acid-test ratio and Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) current ratio, acid test ratio, accounts recievable, inventory turnover, profit margin, asset turnover, return on assets, earnings per share, price earning ratio, payout ratio, debt to asset ratio, times interset earning
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