The average number of common stock shares outstanding during 2018 was 880 shares. Net income for the year was $14,300.
Required
Compute each of the following: (Round your answers to 2 decimal places.)
Homework Answers
Solution:-
- Current Ratio = 2.90
Working Notes
Current Ratio = Current Assets ÷ Current Liabilities
Current Assets
Cash 15200
Marketable Securities 7860
Account Receivables 13520
Inventories 10950
Total 47530
Current Liabilities
Accounts Payable 8780
Current Notes payable 3240
Mortgage payable 4350
Total 16370
Current Ratio: - 47530 ÷ 16370 = 2.90
- Earnings Per Share (EPS) = $16.25 per share
Working Notes
Earnings per Share = Net income ÷ average outstanding common shares
Net Income = 14300
Average outstanding common shares = 880 Shares
EPS: - 14300 ÷ 880 = 16.25
- Quick (acid-test) ratio = 2.23
Working Notes
Quick (acid-test) ratio = Quick Assets ÷ Current Liability
Quick Assets = Current Assets- Inventory
47530-10950 = 36580
Current Liability = 16370
Quick (acid-test) ratio: - 36580 ÷ 16370 = 2.23
- Return on Investment = 7.65%
Working Notes
Return on Investment = (Net Income ÷ Capital Employed) x 100
Net Income = 14300
Capital Employed = Total Assets – Current Liability
203330 – 16370 = 186960
Return on Investment: - (14300 ÷ 186960) x 100 = 7.65%
- Return on Equity = 8.64%
Working Notes
Return on Equity = Net Income ÷ Net worth
Net worth = Common Stock + Retained Earnings
114000 + 51420 = 165420
Return on Equity: - 14300 ÷ 165420 = 8.64%
- Debt to Equity ratio= 1.23
Working Notes
Debt to Equity ratio = Total Liabilities ÷ Shareholders equity
Shareholders equity = Common Stock + Retained Earnings
114000 + 51420 = 165420
Debt to Equity ratio: - 203330 ÷ 165420 = 1.23
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