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Ch 17-3 Exercises and Problems Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $59 on December 31, 20Y2. 2011 Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 2041 2012 Retained earnings, January 1 $3,102,250 Net income 691,200 Total $3,793,450 Dividends: On preferred stock $9,100 On common stock 66,600 Total dividends $75,700 Retained earnings, December 31 $3,717,750 $2,637,650 540,300 $3,177,950 $9,100 66,600 $75,700 $3,102,250 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 2011 Ch 17-3 Exercises and Problems Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 2012 $4,210,640 2011 $3,879,520 Sales Cost of goods sold Gross profit 1,606,730 1,478,190 $2,401,330 Selling expenses $2,603,910 $859,510 732,180 Administrative expenses Total operating expenses $1,591,690 $1,057,790 621,240 $1,679,030 $722,300 46,100 Income from operations $1,012,220 Other revenue 53,280 $768,400 Other expense interest) $1,065,500 280,000 $785,500 154,400 Income before income tax Income tax expense 94,300 $614,000 73,700 $540,300 Net Income $691,200 Marshall Inc. Comparative Balance Sheet December 31, 2012 and 2041 2012 2011 Current assets Cash $674,670 $638,500 Marketable securities 1,021,120 1,058,090 Accounts receivable (net) 773,800 730,000 Inventories 584,000 Prepaid expenses Total current assets 452,600 127,700 $3,006,890 127,638 $3,181,228 2,323,497 4,200,000 $9,704,725 546,981 Long-term investments Property, plant, and equipment (net) Total assets 3,780,000 $7,333,871 Liabilities Current liabilities $1,096,975 $911,621 Long-term liabilities: Mortgage note payable, 8% $1,570,000 ONDA Ch 17-3 Exercises and Problems Current liabilities $1,096,975 $911,621 Long-term liabilities: Mortgage note payable, 8% Bonds payable, 8% $1,570,000 1,930,000 1,930,000 $1,930,000 $3,500,000 Total long-term liabilities Total liabilities $4,596,975 $2,841,621 Stockholders' Equity Preferred $0.70 stock, $50 par Common stock, $10 par $650,000 Retained earnings $650,000 740,000 3,102,250 $4,492,250 $7,333,871 740,000 3,717,750 $5,107,750 $9,704,725 Total stockholders' equity Total liabilities and stockholders' equity Required: Determine the following measures for 20Y2, 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. Current ratio 3. Quick ratio Ch 17-3 Exercises and Problems 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable tumover 5. Number of days' sales in receivables days 6. Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders' equity 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earings ratio 17. Dividends per share of common stock 18. Dividend yield