Question :
82. Dervish Industries, Inc.The comparative financial statements for Dervish Industries, Inc. : 1224837
82. Dervish Industries, Inc.The comparative financial statements for Dervish Industries, Inc. are provided below. All amounts are in thousands except for per share amounts.
Statements of Income and Retained Earnings for the Fiscal Years Ended:
June 30, 2012
June 30, 2011
June 30, 2010
Net sales
$2,004,719
$1,937,021
$1,835,987
Other income
18,636
17,153
14,614
Total revenues
2,023,355
1,954,174
1,850,601
Cost of goods sold
848,363
847,366
814,483
Selling, general, & administrative expenses
733,498
711,610
666,909
Interest expense
615
958
1,097
Total costs and expenses
1,582,476
1,559,934
1,482,489
Income before taxes
440,879
394,240
368,112
Income taxes
136,378
122,614
128,840
Net income
304,501
271,626
239,272
Retained earnings at beginning of year
1,032,139
898,512
497,481
Dividends declared
(152,023)
(137,999)
(87,301)
Retained earnings at end of year
$1,184,617
$1,032,139
$ 649,452
Per average share amounts:
Net income per share of common stock
$2.63
$2.34
$1.99
Dividends per share of common stock
$1.30
$1.17
$1.02
Balance Sheets
June 30, 2012
June 30, 2011
Cash
$ 214,572
$ 206,627
Short-term investments
137,112
120,728
Accounts receivable
194,877
175,967
Inventory
256,108
247,392
Other current assets
40,403
46,959
Total Current Assets
843,072
797,673
Long-term investments
39,888
26,375
Other non-current assets
92,183
59,566
Note receivable
25,522
29,038
Land
36,013
26,298
Buildings and building equipment
310,212
277,808
Machinery and equipment
642,656
566,766
Less: Accumulated depreciation
(468,691)
(440,398)
Total Assets
$1,520,855
$1,343,126
Accounts payable
$ 76,691
$ 71,001
Accrued expenses
67,848
78,378
Dividend payable
23,222
22,034
Income and other taxes payable
50,865
54,403
Total Current Liabilities
218,626
225,816
Bonds payable
68,244
61,938
Other non-current liabilities
40,312
30,874
Total Liabilities
327,182
318,628
Preferred stock, no par
3,157
3,157
Common stock, $1 par
12,339
2,339
Additional paid-in-capital
272
226
Retained earnings
1,184,617
1,032,139
Treasury stock (common shares at cost)
(6,712)
(13,363)
Total Stockholders’ Equity
1,193,673
1,024,498
Total Liabilities and Stockholders’ Equity
$1,520,855
$1,343,126
Refer to the information for Dervish Industries. Calculate the current ratio and quick ratio for Dervish Industries for 2012. If you were a banker, would you lend money to Dervish under a short-term note payable?
83. Dervish Industries, Inc.The comparative financial statements for Dervish Industries, Inc. are provided below. All amounts are in thousands except for per share amounts.
Statements of Income and Retained Earnings for the Fiscal Years Ended:
June 30, 2012
June 30, 2011
June 30, 2010
Net sales
$2,004,719
$1,937,021
$1,835,987
Other income
18,636
17,153
14,614
Total revenues
2,023,355
1,954,174
1,850,601
Cost of goods sold
848,363
847,366
814,483
Selling, general, & administrative expenses
733,498
711,610
666,909
Interest expense
615
958
1,097
Total costs and expenses
1,582,476
1,559,934
1,482,489
Income before taxes
440,879
394,240
368,112
Income taxes
136,378
122,614
128,840
Net income
304,501
271,626
239,272
Retained earnings at beginning of year
1,032,139
898,512
497,481
Dividends declared
(152,023)
(137,999)
(87,301)
Retained earnings at end of year
$1,184,617
$1,032,139
$ 649,452
Per average share amounts:
Net income per share of common stock
$2.63
$2.34
$1.99
Dividends per share of common stock
$1.30
$1.17
$1.02
Balance Sheets
June 30, 2012
June 30, 2011
Cash
$ 214,572
$ 206,627
Short-term investments
137,112
120,728
Accounts receivable
194,877
175,967
Inventory
256,108
247,392
Other current assets
40,403
46,959
Total Current Assets
843,072
797,673
Long-term investments
39,888
26,375
Other non-current assets
92,183
59,566
Note receivable
25,522
29,038
Land
36,013
26,298
Buildings and building equipment
310,212
277,808
Machinery and equipment
642,656
566,766
Less: Accumulated depreciation
(468,691)
(440,398)
Total Assets
$1,520,855
$1,343,126
Accounts payable
$ 76,691
$ 71,001
Accrued expenses
67,848
78,378
Dividend payable
23,222
22,034
Income and other taxes payable
50,865
54,403
Total Current Liabilities
218,626
225,816
Bonds payable
68,244
61,938
Other non-current liabilities
40,312
30,874
Total Liabilities
327,182
318,628
Preferred stock, no par
3,157
3,157
Common stock, $1 par
12,339
2,339
Additional paid-in-capital
272
226
Retained earnings
1,184,617
1,032,139
Treasury stock (common shares at cost)
(6,712)
(13,363)
Total Stockholders’ Equity
1,193,673
1,024,498
Total Liabilities and Stockholders’ Equity
$1,520,855
$1,343,126
Refer to the information for Dervish Industries. Evaluate Dervish’s asset efficiency ratios, including receivable turnover and inventory turnover.
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