Condensed balance sheet and income statement data for Pina Corporation are presented here. PINA CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 32,000 $ 22,000 $ 20,000 Accounts receivable (net) 52,000 47,000 50,000 Other current assets 97,000 102,000 71,000 Investments 62,000 77,000 52,000 Plant and equipment (net) 500,000 370,000 358,000 $743,000 $618,000 $551,000 Current liabilities $ 87,000 $ 82,000 $ 72,000 Long-term debt 152,000 92,000 57,000 Common stock, $10 par 327,000 317,000 307,000 Retained earnings 177,000 127,000 115,000 $743,000 $618,000 $551,000 PINA CORPORATION Income Statements For the Years Ended December 31 2022 2021 Sales revenue $747,000 $607,000 Less: Sales returns and allowances 42,000 32,000 Net sales 705,000 575,000 Cost of goods sold 432,000 357,000 Gross profit 273,000 218,000 Operating expenses (including income taxes) 182,000 152,000 Net income $ 91,000 $ 66,000 Additional information: 1. The market price of Pina’s common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash. Compute the following ratios for 2021 and 2022. 2022 2021 Profit margin enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Gross profit rate enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Asset turnover enter asset turnover in times times enter asset turnover in times times (Round answers to 2 decimal places, e.g. 1.83.) Earnings per share $enter earnings per share in dollars $enter earnings per share in dollars (Round answers to 2 decimal places, e.g. 1.83.) Price-earnings ratio enter price-earnings ratio in times times enter price-earnings ratio in times times (Round answers to 1 decimal place, e.g. 1.5.) Payout ratio enter percentages % enter percentages % (Round answers to 0 decimal places, e.g. 15%.) Debt to assets ratio enter percentages % enter percentages

Condensed balance sheet and income statement data for Pina Corporation are presented here. PINA CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 32,000 $ 22,000 $ 20,000 Accounts receivable (net) 52,000 47,000 50,000 Other current assets 97,000 102,000 71,000 Investments 62,000 77,000 52,000 Plant and equipment (net) 500,000 370,000 358,000 $743,000 $618,000 $551,000 Current liabilities $ 87,000 $ 82,000 $ 72,000 Long-term debt 152,000 92,000 57,000 Common stock, $10 par 327,000 317,000 307,000 Retained earnings 177,000 127,000 115,000 $743,000 $618,000 $551,000 PINA CORPORATION Income Statements For the Years Ended December 31 2022 2021 Sales revenue $747,000 $607,000 Less: Sales returns and allowances 42,000 32,000 Net sales 705,000 575,000 Cost of goods sold 432,000 357,000 Gross profit 273,000 218,000 Operating expenses (including income taxes) 182,000 152,000 Net income $ 91,000 $ 66,000 Additional information: 1. The market price of Pina’s common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash. Compute the following ratios for 2021 and 2022. 2022 2021 Profit margin enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Gross profit rate enter percentages % enter percentages % (Round answers to 1 decimal place, e.g. 1.5%.) Asset turnover enter asset turnover in times times enter asset turnover in times times (Round answers to 2 decimal places, e.g. 1.83.) Earnings per share $enter earnings per share in dollars $enter earnings per share in dollars (Round answers to 2 decimal places, e.g. 1.83.) Price-earnings ratio enter price-earnings ratio in times times enter price-earnings ratio in times times (Round answers to 1 decimal place, e.g. 1.5.) Payout ratio enter percentages % enter percentages % (Round answers to 0 decimal places, e.g. 15%.) Debt to assets ratio enter percentages % enter percentages

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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Question

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

PINA CORPORATION Balance Sheets December 31
	2022	2021	2020
Cash	$ 32,000	$ 22,000	$ 20,000
Accounts receivable (net)	52,000	47,000	50,000
Other current assets	97,000	102,000	71,000
Investments	62,000	77,000	52,000
Plant and equipment (net)	500,000	370,000	358,000
	$743,000	$618,000	$551,000
Current liabilities	$ 87,000	$ 82,000	$ 72,000
Long-term debt	152,000	92,000	57,000
Common stock, $10 par	327,000	317,000	307,000
Retained earnings	177,000	127,000	115,000
	$743,000	$618,000	$551,000

PINA CORPORATION Income Statements For the Years Ended December 31
	2022	2021
Sales revenue	$747,000	$607,000
Less: Sales returns and allowances	42,000	32,000
Net sales	705,000	575,000
Cost of goods sold	432,000	357,000
Gross profit	273,000	218,000
Operating expenses (including income taxes)	182,000	152,000
Net income	$ 91,000	$ 66,000

Additional information:

1.		The market price of Pina’s common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively.
2.		You must compute dividends paid. All dividends were paid in cash.

Compute the following ratios for 2021 and 2022.

	2022		2021
Profit margin	enter percentages	%		enter percentages	%	(Round answers to 1 decimal place, e.g. 1.5%.)
Gross profit rate	enter percentages	%		enter percentages	%	(Round answers to 1 decimal place, e.g. 1.5%.)
Asset turnover	enter asset turnover in times	times		enter asset turnover in times	times	(Round answers to 2 decimal places, e.g. 1.83.)
Earnings per share	$enter earnings per share in dollars			$enter earnings per share in dollars		(Round answers to 2 decimal places, e.g. 1.83.)
Price-earnings ratio	enter price-earnings ratio in times	times		enter price-earnings ratio in times	times	(Round answers to 1 decimal place, e.g. 1.5.)
Payout ratio	enter percentages	%		enter percentages	%	(Round answers to 0 decimal places, e.g. 15%.)
Debt to assets ratio	enter percentages	%		enter percentages

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