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a. Tanfield is in a better position to pay debt in 2015 than in 2014. The current ratio, cash ratio, and times-interest-earned ratio all improved. The inventory turnover improved, but was offset by a decrease in the gross profit percentage.
b. The attractiveness of Tanfield's stock has improved in 2015. The rate of return on common stockholder's equity increased as well as the earnings per share and price/earnings ratio.
2015
2014
a.
Total current assets
$364,000
=
1.6
$370,000
1.54
Total current liabilities
$227,000
$240,000
b.
Cash + Cash
$91,000 + 0
0.4
$88,000 + 0
0.37
equivalents
c.
Net income + Income
$51,000 +
6.38
$37,000 + 21,000
4.63
tax expense + Interest
19,000 +13,000
16,000
expense
$13,000
$16,000
Interest expense
d.
Cost of Goods Sold
$239,000
1.58
$212,000
1.17
Average Merchandise
($144,000 +
($158,000 +
Inventory
158,000) / 2
204,000) / 2
e.
Gross Profit
$221,000
48.00%
$210,000
49.80%
Net Sales
$460,000
$422,000
f.
Total Liabilities
$344,000
1.45
$336,000
1.60
Total Equity
$237,000
36.70%
g.
Net income - Preferred dividends
$51,000 - (3% A
92,000)
$4.39
$37,000 - (3% x
33.10%
10,000
Average Common
Stockholder's Equity
($145,000 +
118,000)/2 / 2
($118,000 +
89,000) / 2
Net income -
$48,240
$34,240
h.
Preferred dividends
$3.42
Weighted average number of common shares outstandin
(12,000 +
10,000) / 2
i.
Market Price per share
$86.58
19.72
$46.54
13.6
of common stock
Earnings Per Share
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