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The following information relates to Harris Corporation.
Account
Current year
Prior year
Net sales (all credit)
$520,125
$499,500
Cost of goods sold
$375,960
$353,600
Gross profit
$144,165
$145,900
Income from operations
$ 95,500
$ 79,900
Interest expense
$ 23,500
$ 19,500
Net income
$ 57,600
$ 51,600
Cash
$ 30,600
$ 15,900
Accounts receivable, net
$ 33,800
$ 23,200
Inventory
$ 42,000
$ 30,300
Prepaid expenses
$ 2,000
$ 1,500
Total current assets
$ 108,400
$ 70,900
Total long-term assets
$ 62,000
$ 38,000
Total current liabilities
$ 46,000
$ 41,600
Total long-term liabilities
$ 20,000
$ 22,700
Common stock, no par,
3,000 shares, value $50/share
$ 30,000
Required:
a. What is the acid-test ratio for the current year?
b. What is the inventory turnover for the current year?
c. What is days' sales in receivables for the current year?
d. What is the book value per share of common stock for the current year?
e. What is the price-earnings ratio for the current year?
f. What is the rate of return on total assets for the current year?
g. What is the times-interest-earned ratio for the current year?
h. What is the current ratio for the current year?
Discuss potential liquidity issues based on your calculations of the current and quick ratios. Are there any factors that could be erroneously influencing the results of the ratios Discuss liquidity issues of competitive companies within the same ..
Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:
Accounts officers at Xerox corporation discovered that significant errors have been made in the valuation of inventory and are worried that it might have significant impact onthe Net Income and Earnings per share.
Frank Clarke, an employee of Smithson Company, was covered under a noncontributory pension plan. Frank died on April 15 2010 at age 64 and pursuant to the plan, his widow received monthly pension payments of 500 beginning May 1 2010.
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
Three years ago, Ralph purhcased stock in White Corporation for $40,000. The current stock has a current value of $5,000. Ralph needs to decide which of the following alternatives to pursue. Determine the tax effect of each.
Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.
Prepare the estimated bad debts assuming that doubtful accounts are estimated to be (1) 7% of gross accounts receivable and (2) 1% of net sales
Identify three out of four types of classifications for non-influential investments in securities.
On August 1, Stuart Co. issued $1,300,000 of 20-year, 9% bonds, dated August 1, for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions for the current year:
Which of the following ratios gives a perspective on risk in the capital structure?
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