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The comparative statements of Lucille Company are presented here.
LUCILLE COMPANYIncome StatementsFor the Years Ended December 31
2012
2011
Net sales
$1,890,540
$1,750,500
Cost of goods sold
1,058,540
1,006,000
Gross profit
832,000
744,500
Selling and administrative expenses
500,000
479,000
Income from operations
332,000
265,500
Other expenses and losses Interest expense
22,000
20,000
Income before income taxes
310,000
245,500
Income tax expense
92,000
73,000
Net income
$ 218,000
$ 172,500
Compute ratios from balance sheets and income statements. (SO 6), AP
LUCILLE COMPANYBalance Sheets31-Dec
Assets
Current assets
Cash
$60,100
$64,200
Short-term investments
74,000
50,000
Accounts receivable
117,800
102,800
Inventory
126,000
115,500
Total current assets
377,900
332,500
Plant assets (net)
649,000
520,300
Total assets
$1,026,900
$852,800
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$160,000
$145,400
Income taxes payable
43,500
42,000
Total current liabilities
203,500
187,400
Bonds payable
220,000
200,000
Total liabilities
423,500
387,400
Stockholders' equity
Common stock ($5 par)
290,000
300,000
Retained earnings
313,400
165,400
Total stockholders' equity
603,400
465,400
Total liabilities and stockholders' equity
All sales were on account. Net cash provided by operating activities for 2012 was $220,000. Capital expenditures were $136,000, and cash dividends were $70,000.
Instructions
Compute the following ratios for 2012.
1. Earnings per share.2. Return on common stockholders' equity.3. Return on assets.4. Current ratio.5. Receivables turnover.6. Average collection period.7. Inventory turnover.8. Days in inventory.9. Times interest earned.10. Asset turnover.11. Debt to total assets.12. Current cash debt coverage.13. Cash debt coverage.14. Free cash flow.
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