76. Harbinger Enterprises, Inc.The balance sheet taken from the 2012 10-K of Harbinger Enterprises is provided below.
December 31
Assets:
2012
2011
Current Assets:
Cash
$ 122,200
$108,000
Accounts receivable
45,000
35,000
Inventory
17,000
14,000
Other current assets
13,000
11,000
Total current assets
197,200
168,000
Long-term Assets:
Property, plant & equipment, net
1,489,800
50,000
Intangible assets
422,500
450,000
Total Assets
$2,109,500
$668,000
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
$ 11,000
$ 9,000
Interest payable
1,000
1,000
Current portion of long-term debt
30,000
0
Income tax payable
37,000
46,000
Total current liabilities
$ 79,000
56,000
Long-term Liabilities:
Notes payable
492,500
30,000
Total liabilities
571,500
86,000
Stockholders’ Equity
Common stock
120,000
70,000
Additional paid-in capital
1,308,000
372,000
Retained earnings
185,000
140,000
Treasury stock
(75,000)
0
Total stockholders’ equity
1,538,000
582,000
Total Liabilities and Stockholders’ Equity
$2,109,500
$668,000
Refer to the balance sheet for Harbinger Enterprises. Calculate Harbinger’s debt management ratios for 2012 and 2011, including the Times Interest Earned Ratio, Debt to Equity Ratio, and Debt to Assets Ratio. Harbinger’s incomes from operations were $130,000 and $98,000 and interest expenses were $52,000 and $3,500 for 2012 and 2011, respectively. Round your answers to two decimal places, then comment on Harbinger’s debt management.
77. Harbinger Enterprises, Inc.The balance sheet taken from the 2012 10-K of Harbinger Enterprises is provided below.
December 31
Assets:
2012
2011
Current Assets:
Cash
$ 122,200
$108,000
Accounts receivable
45,000
35,000
Inventory
17,000
14,000
Other current assets
13,000
11,000
Total current assets
197,200
168,000
Long-term Assets:
Property, plant & equipment, net
1,489,800
50,000
Intangible assets
422,500
450,000
Total Assets
$2,109,500
$668,000
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
$ 11,000
$ 9,000
Interest payable
1,000
1,000
Current portion of long-term debt
30,000
0
Income tax payable
37,000
46,000
Total current liabilities
$ 79,000
56,000
Long-term Liabilities:
Notes payable
492,500
30,000
Total liabilities
571,500
86,000
Stockholders’ Equity
Common stock
120,000
70,000
Additional paid-in capital
1,308,000
372,000
Retained earnings
185,000
140,000
Treasury stock
(75,000)
0
Total stockholders’ equity
1,538,000
582,000
Total Liabilities and Stockholders’ Equity
$2,109,500
$668,000
Refer to the balance sheet for Harbinger Enterprises. Calculate Harbinger’s asset efficiency ratios for 2012 and 2011, including the Receivable Turnover Ratio, and Inventory Turnover Ratio. Also calculate Harbinger’s Operating Cycle. Round your answers to two decimal places, then comment on Harbinger’s asset efficiency ratios.
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