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Accounting Assignment
Below are the balance sheet and income statement for Happy Hamburger Company.
Happy Hamburger Company
Balance Sheet as of December 31, 20XX
Assets
Liabilities and Shareholder Equity
Cash
78,000
Accounts payable
136,000
Accounts Receivable
336,500
Current portion of debt
82,500
Inventories
225,000
Other current liabilities
114,000
Total current assets
639,500
Total current liabilities
332,500
Net fixed assets
310,000
Long-term debt
252,000
Total assets
949,500
Total Liabilities
584,500
Common equity
365,000
Total Liabilities & Equity
Income Statement for the year ending December 31, 20XX
Sales
1,704,560
Cost of goods sold
1,489,000
Selling, general and administrative expenses
152,000
Earnings before interest and taxes (EBIT)
63,560
Interest expense
26,200
Earnings before taxes (EBT)
37,360
Federal and state income taxes (40%)
14,944
Net Income
22,416
Required:
1. Calculate the following ratios for the company.
2. Explain whether the company is doing better or worse than the industry average for each ratio.
Happy Hamburger
Industry Average
Current ratio
1.7
Days sales outstanding (based on 365 day year)
36 days
Inventory turnover
7.3
Fixed asset turnover
12.1
Total asset turnover
3.00
Return on sales
3.20%
Return on assets
3.60%
Return on equity
9.00%
Debt ratio
71%
Use an Excel spreadsheet for your answers.
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