Marshall Inc. Comparative Retalned Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1.. $3,704,000 $3,264,000 Net income 600,000 $4,304,000 550,000 $3,814,000 Total Dividends: $ 10,000 On preferred stock On common stock... 10,000 100,000 $ 110000 $4,194,000 100,000 $ 110000 $3704,000 Total dividends Retained earnings, December 31 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales... $10,850,000 $10,000,000 Cost of goods sold. Gross profit .. 5,450,000 $ 4,550,000 $ 2,000,000 1500,000 $ 3,500,000 $ 1,050,000 6,000,000 $ 4,850,000 $ 2,170,000 1,627,500 $3,797,500 $1,052,500 Selling expenses. Administrative expenses. Total operating expenses Income from operations.. Other revenue 20,000 $ 1,070,000 120,000 $ 950,000 99,500 $ 1,152,000 132,000 $ 1,020,000 Other expense (interest) Income before income tax Income tax expense.. 420,000 400,000 $ 550,000 Net income 600,000 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Assets Current assets: $ 950,000 420,000 500,000 380,000 20,000 $2,270,000 Cash $1,050,000 301ρ0 585,000 420,000 108,000 $2,464,000 800,000 5,760,000 $9,024,000 Marketable securities. Accounts receivable (net). Inventories Prepaid expenses Total current assets. Long-term investments.. Property, plant, and equipment (net) Total assets. 800,000 5,184,000 $8254,000 Linbilities $ 880,000 $ 800,000 Current liabilities Long-term liabilities: Mortgage note payable, 6% Bonds payable, 49% Total long-term liabilities $ 200,000 3,000,000 $3.200,000 $4,080,000 3,000,000 $3,000,000 $3,800,000 Total liabilities Stockholders' Equity Preferred 49% stock, $5 par Common stock, $5 par. Retained earnings.. Total stockholders' equity Total liabilities and stockholders'equity.... $ 250,000 500,000 4,194,000 $4,944,000 $9,024,000 $ 250,000 500,000 3,704,000 $4454,000 $8254,000

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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The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2.

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Instructions

Determine the following measures for 20Y2, rounding to one decimal place, including percentages, except for per-share amounts:
1. Working capital
2. Current ratio
3. Quick ratio
4. Accounts receivable turnover
5. Number of days’ sales in receivables
6. Inventory turnover
7. Number of days’ sales in inventory
8. Ratio of fixed assets to long-term liabilities
9. Ratio of liabilities to stockholders’ equity
10. Times interest earned
11. Asset turnover
12. Return on total assets
13. Return on stockholders’ equity
14. Return on common stockholders’ equity
15. Earnings per share on common stock
16. Price-earnings ratio
17. Dividends per share of common stock
18. Dividend yield

Marshall Inc.
Comparative Retalned Earnings Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Υ2
20Υ1
Retained earnings, January 1..
$3,704,000
$3,264,000
Net income
600,000
$4,304,000
550,000
$3,814,000
Total
Dividends:
$ 10,000
On preferred stock
On common stock...
10,000
100,000
$ 110000
$4,194,000
100,000
$ 110000
$3704,000
Total dividends
Retained earnings, December 31
Marshall Inc.
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Υ1
Sales...
$10,850,000
$10,000,000
Cost of goods sold.
Gross profit ..
5,450,000
$ 4,550,000
$ 2,000,000
1500,000
$ 3,500,000
$ 1,050,000
6,000,000
$ 4,850,000
$ 2,170,000
1,627,500
$3,797,500
$1,052,500
Selling expenses.
Administrative expenses.
Total operating expenses
Income from operations..
Other revenue
20,000
$ 1,070,000
120,000
$ 950,000
99,500
$ 1,152,000
132,000
$ 1,020,000
Other expense (interest)
Income before income tax
Income tax expense..
420,000
400,000
$ 550,000
Net income
600,000
Marshall Inc.
Comparative Balance Sheet
December 31, 20Y2 and 20Y1
20Υ2
20Υ1
Assets
Current assets:
$ 950,000
420,000
500,000
380,000
20,000
$2,270,000
Cash
$1,050,000
301ρ0
585,000
420,000
108,000
$2,464,000
800,000
5,760,000
$9,024,000
Marketable securities.
Accounts receivable (net).
Inventories
Prepaid expenses
Total current assets.
Long-term investments..
Property, plant, and equipment (net)
Total assets.
800,000
5,184,000
$8254,000
Linbilities
$ 880,000
$ 800,000
Current liabilities
Long-term liabilities:
Mortgage note payable, 6%
Bonds payable, 49%
Total long-term liabilities
$ 200,000
3,000,000
$3.200,000
$4,080,000
3,000,000
$3,000,000
$3,800,000
Total liabilities
Stockholders' Equity
Preferred 49% stock, $5 par
Common stock, $5 par.
Retained earnings..
Total stockholders' equity
Total liabilities and stockholders'equity....
$ 250,000
500,000
4,194,000
$4,944,000
$9,024,000
$ 250,000
500,000
3,704,000
$4454,000
$8254,000

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