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Financial statements for Rardin Company appear below:
Rardin Company
Statement of Financial Position
December 31, Year 2 and Year 1
(dollars in thousands)
Year 2
Year 1
Current assets:
Cash and marketable securities
$ 160
Accounts receivable, net
180
160
Inventory
Prepaid expenses
80
70
Total current assets
580
570
Noncurrent assets:
Plant & equipment, net
1,180
1,110
Total assets
$1,760
$1,680
Current liabilities:
Accounts payable
$ 130
$ 140
Accrued liabilities
40
60
Notes payable, short term
290
280
Total current liabilities
460
480
Noncurrent liabilities:
Bonds payable
260
300
Total liabilities
720
780
Stockholders' equity:
Preferred stock, $5 par, 10%
100
Common stock, $5 par
Additional paid-in capital--common stock
150
Retained earnings
630
490
Total stockholders' equity
1,040
900
Total liabilities & stockholders' equity
Income Statement
For the Year Ended December 31, Year 2
Sales (all on account)
$1,900
Cost of goods sold
1,330
Gross margin
Operating expenses
220
Net operating income
350
Interest expense
30
Net income before taxes
320
Income taxes (30%)
96
Net income
$ 224
Required:
Compute the following for Year 2:
a. Current ratio.
b. Acid-test (quick) ratio.
c. Average collection period (age of receivables).
d. Inventory turnover.
e. Times interest earned.
f. Debt-to-equity ratio.
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