ACC 205 Week 5 Exercise 6 Ratio computation
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Write My Essay For MeRatio computation. The financial statements of the Lone Pine Company follow.
| LONE PINE COMPANY
Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) |
||
| 20X2 | 20X1 | |
| Assets | ||
| Current Assets | ||
| Cash and Short-Term Investments | $ 400 | $ 600 |
| Accounts Receivable (net) | 3,000 | 2,400 |
| Inventories | 2,000 | 2,200 |
| Total Current Assets | $5,400 | $5,200 |
| Property, Plant, and Equipment | ||
| Land | $1,700 | $ 600 |
| Buildings and Equipment (net) | 1,500 | 1,000 |
| Total Property, Plant, and Equipment | $3,200 | $1,600 |
| Total Assets | $8,600 | $6,800 |
| Liabilities and Stockholders’ Equity | ||
| Current Liabilities | ||
| Accounts Payable | $1,800 | $1,700 |
| Notes Payable | 1,100 | 1,900 |
| Total Current Liabilities | $2,900 | $3,600 |
| Long-Term Liabilities | ||
| Bonds Payable | 4,100 | 2,100 |
| Total Liabilities | $7,000 | $5,700 |
| Stockholders’ Equity | ||
| Common Stock | $ 200 | $ 200 |
| Retained Earnings | 1,400 | 900 |
| Total Stockholders’ Equity | $1,600 | $1,100 |
| Total Liabilities and Stockholders’ Equity | $8,600 | $6,800 |
| LONE PINE COMPANY
Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) |
||
| Net Sales* | $36,000 | |
| Less: Cost of Goods Sold | $20,000 | |
| Selling Expense | 6,000 | |
| Administrative Expense | 4,000 | |
| Interest Expense | 400 | |
| Income Tax Expense | 2,000 | 32,400 |
| Net Income | $ 3,600 | |
| Retained Earnings, Jan. 1 | 900 | |
| $ 4,500 | ||
| Cash Dividends Declared and Paid | 3,100 | |
| Retained Earnings, Dec. 31 | $ 1,400 | |
| *All sales are on account. |
Instructions
Compute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary:
- Quick ratio
- Current ratio
- Inventory-turnover ratio
- Accounts-receivable-turnover ratio
- Return-on-assets ratio
- Net-profit-margin ratio
- Return-on-common-stockholders’ equity
- Debt-to-total assets
- Number of times that interest is earned
- Dividend payout rate
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