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The Southwick Company has the following balance sheet ($000):
Assets
Liabilities and Stockholders' Equity
Cash
$ 500
Accounts payable
$ 1,750
Marketable securities
750
Notes payable
1,250
Accounts receivable
2,000
Total current liabilities
$ 3,000
Inventory
2,500
Long-term debt
1,750
Total current assets
$ 5,750
Total liabilities
$ 4,750
Plant and equipment (net)
5,000
Common stock ($1 par)
1,000
Total assets
$10,750
Contributed capital in excess of par
Retained earnings
3,000
Total stockholders' equity
$ 6,000
Total liabilities and stockholders' equity
Financial Ratios
Evaluate the impact of each of the following (independent) financial decisions on Southwick's current, quick, and debt-to-equity ratios:
a. The firm reduces its inventories by $500,000 through more efficient inventory management procedures and invests the proceeds in marketable securities.
b. The firm decides to purchase 20 new delivery trucks for a total of $500,000 and pays for them by selling marketable securities.
c. The firm borrows $500,000 from its bank through a short-term loan (seasonal financing) and invests the proceeds in inventory.
d. Southwick borrows $2 million from its bank through a 5-year loan (interest due annually, principal due at maturity) and uses the proceeds to expand its plant.
e. The firm sells $2 million (net) in common stock and uses the proceeds to expand its plant.
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