Question

I need help please.

Use the following financial statements for Lake of Egypt Marino, Inc. 2018 2017 $ 60 72 110 LAKE OF EGYPT MARINA, INC. Balance Sheet as of December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Assets Liabilities and Equity Current assets: Current liabilities: Cash and marketable $ 100 $ 48 Accrued wages and taxes securities Accounts receivable 110 Accounts payable Inventory 301 174 Notes payable Total $ 511 $294 Total Fixed assets: Long-term debt: Gross plant and equipment $ 520 $330 Stockholders' equity: Preferred stock (3 million Less: Depreciation shares) Common stock and paid in surplus Net plant and equipment $ 439 $270 (24 million shares) Other long-term assets 50 36 Retained earnings Total $ 489 $306 Total Total assets $1,000 $600 Total liabilities and equity $ $ 240 429 180 $237 81 $ 3 $ 3 304 $ 331 $1,000 156 $183 $600 LAKE OF EGYPT MARINA, INC. Income Statement for Years Ending December 31, 2018 and 2017 (in millions of dollars) 2018 2017 Net sales (all credit) $ 500 $ 400 Less: Cost of goods sold 180 136 Gross profits 320 $ 264 Less: Other operating expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) 294 240 Less: Depreciation Earnings before interest and taxes (EBIT) 273 $ 224

I forgot the formulas for every part of the question

Answer 1

Answer a.

Current Ratio = Current Assets / Current Liabilities
Current Ratio = $511 / $240
Current Ratio = 2.13

Answer b.

Quick Ratio = (Current Assets - Inventory) / Current Liabilities
Quick Ratio = ($511 - $301) / $240
Quick Ratio = 0.88

Answer c.

Cash Ratio = Cash and Marketable Securities / Current Liabilities
Cash Ratio = $100 / $240
Cash Ratio = 0.42

Answer d.

Inventory Turnover = Net Sales / Inventory
Inventory Turnover = $500 / $301
Inventory Turnover = 1.66

Answer e.

Days’ Sales in Inventory = 365 * Inventory / Net Sales
Days’ Sales in Inventory = 365 * $301 / $500
Days’ Sales in Inventory = 219.73

Answer f.

Average Collection Period = 365 * Accounts Receivable / Net Sales
Average Collection Period = 365 * $110 / $500
Average Collection Period = 80.30

Answer g.

Average Payment Period = 365 * Accounts Payable / Net Sales
Average Payment Period = 365 * $110 / $500
Average Payment Period = 80.30

Answer h.

Fixed Asset Turnover = Net Sales / Fixed Assets
Fixed Asset Turnover = $500 / $1,000
Fixed Asset Turnover = 0.50