Homework Answers
Answer
| Fanning Company | |||
| a. | Current Ratio | 3.91 | |
| b. | Earnings per share | $16.44 | per share |
| c. | Quick(acid-test) Ratio | 3.03 | |
| d. | Return on Investment | 7.02% | |
| e. | Return on Equity | 8.66% | |
| f. | Debt to Equity Ratio | 23.29% |
Calculations
a.Current Ratio = Current Assets/Current Liabilities
|
Cash Marketable securities Accounts receivables Inventory |
$15,450 $7,740 $13,220 $10,550 |
| Current Assets | $46,960 |
|
Accounts Payable Current Notes Payable |
$8,120 $3,880 |
| Current Liabilities | $12,000 |
So, Current Ratio = Current Assets/Current Liabilities
= $46,960/$12,000
= 3.91:1
= 3.91
b.Earnings Per share = Net Income/Average Number of common stock shares outstanding
= $14,300/870
= $16.43678
= $16.44 (rounded to two decimal places)
c.Quick (Acid-Test) Ratio = Quick Assets/Current Liabilities
= $36,410/$12,000
= 3.03:1
= 3.03
Note
- Quick Assets = Current Assets-Inventory = $46,960-$10,550 = $36,410
d. Return on Investment = Net Income/Total Assets
= $14,300/$203,560
= 7.02%
e.Return on Equity =Net Income/ShareHolder's Equity
= $14,300/$165,110
= 8.66%
Note
- ShareHolder's Equity = Common Stock + Retained Earnings
= $113,200+$51,910 = $165,110
f.Debt to Equity Ratio = Total Laibilities/Shareholder's Equity
= $38,450/$165,110
= 23.2875%
= 23.29%
Note
Total Liabilities = Current Liabilities+Long-Term Liabilities
= $12,000+[Mortgage Payable+Bonds Payable]
= $12,000+$4,550+$21,900
= $38,450
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