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Problem 1
The balance sheet for the Bryan Corporation is shown below. Sales for the year were $3,680,000, with 75 percent of sales sold on credit.
BRYAN CORPORATION Balance Sheet 201X
Assets
Liabilities and Stockholders' Equity
Cash
$
21,000
Accounts payable
222,000
Accounts receivable
324,000
Accrued taxes
93,000
Inventory
244,000
Bonds payable (long-term)
194,000
Plant and equipment
461,000
Common stock
100,000
Paid-in capital
150,000
Retained earnings
291,000
Total assets
1,050,000
Total liabilities and stockholders' equity
Compute the following ratios
(a) Current ratio (b) Quick ratio (c) Debt-to-total-assets ratio
(d) Asset turnover (e) Average collection period days
Problem 2
Using the income statement for J. Lo Wedding Gowns, compute the following ratios:
J. LO WEDDING GOWNS Income Statement
Sales
281,000
Less: Cost of goods sold
169,000
Gross profit
112,000
Less: Selling and administrative expense
44,800
Less: Lease expense
17,500
Operating profit*
49,700
Less: Interest expense
8,100
Earnings before taxes
41,600
Less: Taxes (30%)
16,640
Earnings after taxes
24,960
*Equals income before interest and taxes.
(a) Compute the interest coverage ratio.
(b) Compute the fixed charge coverage ratio.
(c) The total assets for this company equal $211,000. Compute the return on assets (investment).
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