Condensed balance sheet and income statement data for Lily Corporation are presented here. 202220212020Cash$29,10017400$17,800Accounts receivable (net)50,0004470047,500Other current assets90,1009570063,500Investments54,5007060044,000Property, plant, and equipment (net)500,500370700358,200 724,200$599,100531,000Current liabilities85,00080,50069,100Long-term debt144,90084,20049,500Common stock, $10 par342,000311,000299,000Retained earnings152,300123,400113,400 724,200599100531,000 20222021 Sales$737,000605400 less: sales return and allowances39,90031000 net sales697,100574400 cost of goods sold424,400370500 gross profit272,700203900 operating expenses (including income taxes)182,077$146,460 net income90,62357,440 Additional information: 1. The market price of Jergan's common stock was $7, $7.5, $8.5 for 2020, 2021, and 2022. 2. You must compute dividends decleared. All declared dividends were paid in cash in the year of declaration.(a) Compute the following ratios for 2021 and 2022.(1) Profit margin (2) Gross profit rate (3) Asset turnover (4) Earnings per share (5) Price-earnings ratio (6) Payout ratio (7) Debt to assets ratio.I have already submitted this twice and half of the answers were incorrect. Additional information:1.2.(a)Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payoutratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.)(1)(2)(3)(4)(5)(6)The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively.You must compute dividends declared. All declared dividends were paid in cash in the year of declaration.(7)Profit marginGross profit rateAsset turnoverEarnings per share $Price-earnings ratioPayout ratioDebt to assets ratio2022%de%timestimes%%+A$2021%%timestimes%% CashAccounts receivable (net)Other current assetsDecember 31InvestmentsProperty, plant, and equipment (net)Current liabilitiesLong-term debtCommon stock, $10 parRetained earnings2022$ 29,10050,00090,10054,500500,500$724,200$85,000144,900342,000152,300$724,2002021$ 17,400SalesLess: Sales returns and allowancesNet salesCost of goods soldGross profitOperating expenses (including income taxes)Net incomeLily CorporationIncome StatementsFor the Years Ended December 312022$737,000$599,10039,900697,100424,40044,70095,700272,700182,07770,600370,700$599,100$80,50084,200311,000$ 90,623123,400$ 17,80047,50020212020358,200$531,00063,50044,000$69,100$605,40031,000299,000574,400370,500113,400$531,000203,900146,460$ 57,44049,500

When comparing one firm to another within the same industry or sector, ratio analysis may show how a…

Condensed balance sheet and income statement data for Lily Corporation are presented here. 2022 2021 2020 Cash $29,100 17400 $17,800 Accounts receivable (net) 50,000 44700 47,500 Other current assets 90,100 95700 63,500 Investments 54,500 70600 44,000 Property, plant, and equipment (net) 500,500 370700 358,200 724,200 $599,100 531,000 Current liabilities 85,000 80,500 69,100 Long-term debt 144,900 84,200 49,500 Common stock, $10 par 342,000 311,000 299,000 Retained earnings 152,300 123,400 113,400 724,200 599100 531,000 2022 2021 Sales $737,000 605400 less: sales return and allowances 39,900 31000 net sales 697,100 574400 cost of goods sold 424,400 370500 gross profit 272,700 203900 operating expenses (including income taxes) 182,077 $146,460 net income 90,623 57,440 Additional information: 1. The market price of Jergan's common stock was $7, $7.5, $8.5 for 2020, 2021, and 2022. 2. You must compute dividends decleared. All declared dividends were paid in cash in the year of declaration. (a) Compute the following ratios for 2021 and 2022. (1) Profit margin (2) Gross profit rate (3) Asset turnover (4) Earnings per share (5) Price-earnings ratio (6) Payout ratio (7) Debt to assets ratio.

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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Condensed balance sheet and income statement data for Lily Corporation are presented here.

	2022	2021	2020
Cash	$29,100	17400	$17,800
Accounts receivable (net)	50,000	44700	47,500
Other current assets	90,100	95700	63,500
Investments	54,500	70600	44,000
Property, plant, and equipment (net)	500,500	370700	358,200
	724,200	$599,100	531,000
Current liabilities	85,000	80,500	69,100
Long-term debt	144,900	84,200	49,500
Common stock, $10 par	342,000	311,000	299,000
Retained earnings	152,300	123,400	113,400
	724,200	599100	531,000


	2022	2021
Sales	$737,000	605400
less: sales return and allowances	39,900	31000
net sales	697,100	574400
cost of goods sold	424,400	370500
gross profit	272,700	203900
operating expenses (including income taxes)	182,077	$146,460
net income	90,623	57,440

Additional information: 1. The market price of Jergan's common stock was $7, $7.5, $8.5 for 2020, 2021, and 2022. 2. You must compute dividends decleared. All declared dividends were paid in cash in the year of declaration.

(a) Compute the following ratios for 2021 and 2022.

(1) Profit margin (2) Gross profit rate (3) Asset turnover (4) Earnings per share (5) Price-earnings ratio (6) Payout ratio (7) Debt to assets ratio.

I have already submitted this twice and half of the answers were incorrect.

Additional information:
1.
2.
(a)
Compute the following ratios for 2021 and 2022. (Round Asset turnover and Earnings per share to 2 decimal places, e.g. 1.65. Round payout
ratio and debt to assets ratio to O decimal places, e.g. 18%. Round all other answers to 1 decimal place, e.g. 6.8 or 6.8%.)
(1)
(2)
(3)
(4)
(5)
(6)
The market price of Jergan's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively.
You must compute dividends declared. All declared dividends were paid in cash in the year of declaration.
(7)
Profit margin
Gross profit rate
Asset turnover
Earnings per share $
Price-earnings ratio
Payout ratio
Debt to assets ratio
2022
%
de
%
times
times
%
%
+A
$
2021
%
%
times
times
%
%

Cash
Accounts receivable (net)
Other current assets
December 31
Investments
Property, plant, and equipment (net)
Current liabilities
Long-term debt
Common stock, $10 par
Retained earnings
2022
$ 29,100
50,000
90,100
54,500
500,500
$724,200
$85,000
144,900
342,000
152,300
$724,200
2021
$ 17,400
Sales
Less: Sales returns and allowances
Net sales
Cost of goods sold
Gross profit
Operating expenses (including income taxes)
Net income
Lily Corporation
Income Statements
For the Years Ended December 31
2022
$737,000
$599,100
39,900
697,100
424,400
44,700
95,700
272,700
182,077
70,600
370,700
$599,100
$80,500
84,200
311,000
$ 90,623
123,400
$ 17,800
47,500
2021
2020
358,200
$531,000
63,500
44,000
$69,100
$605,400
31,000
299,000
574,400
370,500
113,400
$531,000
203,900
146,460
$ 57,440
49,500

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