Question : 111. A company’s balance sheet and income statement accounts follow: At December : 1256442

 

 

111. A company’s balance sheet and income statement accounts follow:

At December 31

2014

2013

2012

Assets

 

 

 

Cash

$30,872

$36,086

$37,974

Accounts receivable, net

89,476

63,151

50,632

Merchandise inventory

112,499

83,450

54,467

Prepaid expenses

9,942

9,473

4,219

Plant assets, net

291,143

268,126

244,108

Total assets

$533,932

$460,286

$391,400

Liabilities and Equity

 

 

 

Accounts payable

$130,290

$76,233

$50,632

Long-term notes payable secured by   mortgages on plant assets

98,372

103,748

107,769

Common stock, $10 par value

142,500

132,500

102,500

Retained earnings

182,770

147,805

130,499

Total liabilities and equity

$533,932

$460,286

$391,400

 

 

 

For Year Ended December 31

2014

2013

Sales

 

$694,112

 

$547,740

Cost of goods sold

$423,408

 

$356,031

 

Other operating expenses

215,175

 

138,578

 

Interest expense

11,800

 

12,598

 

Income taxes

9,023

 

8,216

 

Total costs and expenses

 

659,406

 

515,423

Net income

 

$34,706

 

$32,317

Earnings per share

 

$2.14

 

$1.99

What is the company’s times interest earned ratio for 2013?

A. 3.57%B. 4.22%C. 3.69%D. 2.75%E. 2.57%

 

112. A company’s balance sheet and income statement accounts follow:

At December 31

2014

2013

2012

Assets

 

 

 

Cash

$30,872

$36,086

$37,974

Accounts receivable, net

89,476

63,151

50,632

Merchandise inventory

112,499

83,450

54,467

Prepaid expenses

9,942

9,473

4,219

Plant assets, net

291,143

268,126

244,108

Total assets

$533,932

$460,286

$391,400

Liabilities and Equity

 

 

 

Accounts payable

$130,290

$76,233

$50,632

Long-term notes payable secured by   mortgages on plant assets

98,372

103,748

107,769

Common stock, $10 par value

142,500

132,500

102,500

Retained earnings

182,770

147,805

130,499

Total liabilities and equity

$533,932

$460,286

$391,400

 

For Year Ended December 31

2014

2013

Sales

 

$694,112

 

$547,740

Cost of goods sold

$423,408

 

$356,031

 

Other operating expenses

215,175

 

138,578

 

Interest expense

11,800

 

12,598

 

Income taxes

9,023

 

8,216

 

Total costs and expenses

 

659,406

 

515,423

Net income

 

$34,706

 

$32,317

Earnings per share

 

$2.14

 

$1.99

What is the company’s profit margin ratio for 2014?

 

A. 65%B. 12%C. 3.7%D. 5.9%E. 5.0%

 

113. A company’s balance sheet and income statement accounts follow:

At December 31

2014

2013

2012

Assets

 

 

 

Cash

$30,872

$36,086

$37,974

Accounts receivable, net

89,476

63,151

50,632

Merchandise inventory

112,499

83,450

54,467

Prepaid expenses

9,942

9,473

4,219

Plant assets, net

291,143

268,126

244,108

Total assets

$533,932

$460,286

$391,400

Liabilities and Equity

 

 

 

Accounts payable

$130,290

$76,233

$50,632

Long-term notes payable secured by   mortgages on plant assets

98,372

103,748

107,769

Common stock, $10 par value

142,500

132,500

102,500

Retained earnings

182,770

147,805

130,499

Total liabilities and equity

$533,932

$460,286

$391,400

 

For Year Ended December 31

2014

2013

Sales

 

$694,112

 

$547,740

Cost of goods sold

$423,408

 

$356,031

 

Other operating expenses

215,175

 

138,578

 

Interest expense

11,800

 

12,598

 

Income taxes

9,023

 

8,216

 

Total costs and expenses

 

659,406

 

515,423

Net income

 

$34,706

 

$32,317

Earnings per share

 

$2.14

 

$1.99

What is the company’s gross margin ratio for 2013?

A. 65%B. 35%C. 67%D. 33%E. 39%

 

 

114. A company has sales of $2,458,422, a gross profit ratio of 23%, a days’ sales in inventory ratio of 12.4, and total current assets of $539,600. What is the ending inventory for the year?

 

A. $46,013B. $58,000C. $64,310D. $61,715E. $55,951

 

 

115. A company has sales of $5,417,000, a gross profit ratio of 35%, ending merchandise inventory of $201,425, and total current assets of $1,539,600. What is the days sales’ in inventory ratio for the year?

A. 6.10B. 20.88C. 26.15D. 22.67E. 15.77

 

 

 

 

 

 

 

 

 

 

116. A company has long-term notes payable of $175,625, taxes of $9,500, ending merchandise inventory of $450,290, interest expense of $14,050, net sales of $720,000 a gross profit ratio of 35%, a times interest earned ratio of 4.23, and total assets of $1,300,417. What is the company’s earnings before interest and taxes?

 

A. $252,000B. $65,814C. $269,710D. 106,696E. $59,432

 

 

117. A company has total assets of $5,600,482, common stock of $2,111,111, retained earnings of $1,058,473. What is the company’s debt ratio?

A. 43.41%B. 65.00%C. 41.57%D. 50.00%E. 42.81%

 

 

 

118. A company has total assets of $5,600,482, common stock of $2,111,111, retained earnings of $1,058,473. What is the company’s equity ratio?

A. 43.41%B. 65.00%C. 41.57%D. 56.59%E. 54.22%

 

 

 

 

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