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a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.)

a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, 2018, were $41,000). (Round your answers to 2 decimal places.) e. Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) f. Inventory turnover (beginning inventory at January 1, 2018, was $147,000). (Round your answers to 2 decimal places.) g. Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) h. Debt to assets ratio. (Round your answers to the nearest whole percent.) i. Debt to equity ratio. (Round your answers to 2 decimal places.) j. Number of times interest was earned. (Round your answers to 2 decimal places.) k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) I. Net margin. (Round your answers to 2 decimal places.) m. Turnover of assets. (Round your answers to 2 decimal places.) n. Return on investment. (Round your answers to 2 decimal places.) o. Return on equity. (Round your answers to 2 decimal places.) p. Earnings per share. (Round your answers to 2 decimal places.) q. Book value per share of common stock. (Round your answers to 2 decimal places.) r. Price-earnings ratio (market price per share: 2018, $12.10; 2019, $13.20). (Round your intermediate calculations and final answer to 2 decimal places.) s. Dividend yield on common stock. (Round your answers to 2 decimal places.) 2019 2018 a. Working capital $ 61,200 61,000 b. Current ratio 1.33 1.40 c. Quick ratio d. Receivables turnover times times e. Average days to collect accounts receivable days days f. Inventory turnover g. Average days to sell inventory times times days days h. Debt to assets ratio % I. Debt to equity ratio i. Number of times interest earned 9.64 times 11.33 times k. Plant assets to long-term debt I. Net margin 9.77 % 13.96 % m. Asset turnover 0.53 n. Return on investment % % o. Return on equity % 16.09 % p. Earnings per share 2.58 per share 3.56 per share q. Book value per share 19.52 per share 17.30 per share r. Price-earnings ratio 5.12 3.40 s. Dividend yield 2.73 % 2.98 %
Transcribed Image Text:a. Working capital. b. Current ratio. (Round your answers to 2 decimal places.) c. Quick ratio. (Round your answers to 2 decimal places.) d. Receivables turnover (beginning receivables at January 1, 2018, were $41,000). (Round your answers to 2 decimal places.) e. Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) f. Inventory turnover (beginning inventory at January 1, 2018, was $147,000). (Round your answers to 2 decimal places.) g. Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) h. Debt to assets ratio. (Round your answers to the nearest whole percent.) i. Debt to equity ratio. (Round your answers to 2 decimal places.) j. Number of times interest was earned. (Round your answers to 2 decimal places.) k. Plant assets to long-term debt. (Round your answers to 2 decimal places.) I. Net margin. (Round your answers to 2 decimal places.) m. Turnover of assets. (Round your answers to 2 decimal places.) n. Return on investment. (Round your answers to 2 decimal places.) o. Return on equity. (Round your answers to 2 decimal places.) p. Earnings per share. (Round your answers to 2 decimal places.) q. Book value per share of common stock. (Round your answers to 2 decimal places.) r. Price-earnings ratio (market price per share: 2018, $12.10; 2019, $13.20). (Round your intermediate calculations and final answer to 2 decimal places.) s. Dividend yield on common stock. (Round your answers to 2 decimal places.) 2019 2018 a. Working capital $ 61,200 61,000 b. Current ratio 1.33 1.40 c. Quick ratio d. Receivables turnover times times e. Average days to collect accounts receivable days days f. Inventory turnover g. Average days to sell inventory times times days days h. Debt to assets ratio % I. Debt to equity ratio i. Number of times interest earned 9.64 times 11.33 times k. Plant assets to long-term debt I. Net margin 9.77 % 13.96 % m. Asset turnover 0.53 n. Return on investment % % o. Return on equity % 16.09 % p. Earnings per share 2.58 per share 3.56 per share q. Book value per share 19.52 per share 17.30 per share r. Price-earnings ratio 5.12 3.40 s. Dividend yield 2.73 % 2.98 %
FRANKLIN CUMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets $ 19,500 20,700 48,000 133,000 27,000 248, 200 22,000 290,000 33,000 $593, 200 $ 15,500 6,700 40,000 141,000 12,000 215,200 15,000 275,000 28,000 $533,200 Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable $ 31,200 133,800 22,000 $ 18, 200 120,000 16,000 Total current liabilities 187,000 154,200 Noncurrent liabilit Bonds payable Other 110,000 31,000 141,000 110,000 26,000 136,000 Total noncurrent liabilities Total liabilities 328,000 290, 200 Stockholders' equity Preferred stock, (par value $10, 5% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity 70,000 70,000 125, 200 265, 200 70,000 70,000 103,000 243,000 Total liabilities and stockholders' equity $593, 200 $533,200 FRANKLIN COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2019 2018 Revenues Sales (net) $300,000 9,400 309,400 $280,000 6,400 286,400 Other revenues Total revenues Expenses Cost of goods sold Selling, general, and administrative Interest expense 124,000 57,000 9,300 57,000 247, 300 39,100 71,000 3,500 3,600 $103,000 150,000 62,000 10,100 58,000 Income tax expense Total expenses 280, 100 29,300 103,000 3,500 3,600 $125, 200 Net earnings (net income) Retained earnings, January 1 Less: Preferred stock dividends Common stock dividends Retained earnings, December 31
Transcribed Image Text:FRANKLIN CUMPANY Balance Sheets As of December 31 2019 2018 Assets Current assets Cash Marketable securities Accounts receivable (net) Inventories Prepaid items Total current assets $ 19,500 20,700 48,000 133,000 27,000 248, 200 22,000 290,000 33,000 $593, 200 $ 15,500 6,700 40,000 141,000 12,000 215,200 15,000 275,000 28,000 $533,200 Investments Plant (net) Land Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Notes payable Accounts payable Salaries payable $ 31,200 133,800 22,000 $ 18, 200 120,000 16,000 Total current liabilities 187,000 154,200 Noncurrent liabilit Bonds payable Other 110,000 31,000 141,000 110,000 26,000 136,000 Total noncurrent liabilities Total liabilities 328,000 290, 200 Stockholders' equity Preferred stock, (par value $10, 5% cumulative, non-participating; 7,000 shares authorized and issued) Common stock (no par; 50,000 shares authorized; 10,000 shares issued) Retained earnings Total stockholders' equity 70,000 70,000 125, 200 265, 200 70,000 70,000 103,000 243,000 Total liabilities and stockholders' equity $593, 200 $533,200 FRANKLIN COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 2019 2018 Revenues Sales (net) $300,000 9,400 309,400 $280,000 6,400 286,400 Other revenues Total revenues Expenses Cost of goods sold Selling, general, and administrative Interest expense 124,000 57,000 9,300 57,000 247, 300 39,100 71,000 3,500 3,600 $103,000 150,000 62,000 10,100 58,000 Income tax expense Total expenses 280, 100 29,300 103,000 3,500 3,600 $125, 200 Net earnings (net income) Retained earnings, January 1 Less: Preferred stock dividends Common stock dividends Retained earnings, December 31
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