Selected financial data for Wilmington Corporation is presented below.
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WILMINGTON CORPORATION Balance Sheet As of December 31 |
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Year 7 |
Year 6 |
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Current Assets |
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|
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Cash and cash equivalents |
$ 634,527 |
$ 335,597 |
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Marketable securities |
166,106 |
187,064 |
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Accounts receivable (net) |
284,226 |
318,010 |
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Inventories |
466,942 |
430,249 |
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Prepaid expenses |
60,906 |
28,060 |
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Other current assets |
83,053 |
85,029 |
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Total Current Assets |
1,695,760 |
1,384,009 |
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|
|
|
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Property, plant and equipment |
1,384,217 |
625,421 |
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Long-term investment |
568,003 |
425,000 |
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Total Assets |
$3,647,980 |
$2,434,430 |
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|
|
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Current Liabilities |
|
|
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Short-term borrowings |
$ 306,376 |
$ 170,419 |
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Current portion of long-term debt |
155,000 |
168,000 |
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Accounts payable |
279,522 |
314,883 |
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Accrued liabilities |
301,024 |
183,681 |
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Income taxes payable |
107,509 |
196,802 |
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Total Current Liabilities |
1,149,431 |
1,033,785 |
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|
|
|
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Long-term debt |
500,000 |
300,000 |
|
|
236,519 |
288,644 |
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Total Liabilities |
$1,885,950 |
$1,622,429 |
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|
|
|
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Common stock |
$ 425,250 |
$ 125,000 |
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Additional paid-in capital |
356,450 |
344,335 |
|
|
980,330 |
342,666 |
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Total |
1,762,030 |
812,001 |
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Total Liabilities and Stockholders' Equity |
$3,647,980 |
$2,434,430 |
Continued next page
Selected financial data for Wilmington Corporation continued:
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Selected Income Statement Data for the year ending December 31, Year 7: |
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Net sales |
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$4,885,340 |
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Cost of goods sold |
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(2,906,526) |
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Selling expenses |
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(884,685) |
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Operating income |
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1,094,129 |
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Interest expense |
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(55,240) |
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Earnings before income taxes |
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1,038,889 |
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Income tax expense |
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(401,225) |
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Net income |
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$ 637,664 |
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|
|
|
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Selected Statement of Cash Flow Data for the year ending December 31, Year 7: |
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Cash flows from operations |
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$1,601,692 |
Wilmington Corporation’s quick ratio in Year 7 was:
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