FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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please answer parts 10, 11, and 12

Marshall Inc. Measures of liquidity, Salvency, and Prafitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock wii $ 61 on December 31, 20Y2. Comparative Balance Sheet Marshall in. December 31, 20Y2 and 20Y1 Comparative Retained Earnings Statement 20Υ2 20Υ1 For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets outained arnings, Janry 1 $3,089,050 $2,603,550 Current assets Net income 729,600 533,200 Cash $912,500 $815,990 Total $3,818,650 $3,136,750 Marketable securities 1,381,080 1,352,220 Dividends: On preferred stock S11,200 $11,200 Accounts receivable (net) 781,100 737,300 On common stock 36,500 36,500 Inventories 584,000 452,600 Total dividends $47,700 $47,700 Prepaid expenses 172,627 163,200 Rutained earngs, Decembir 31 $3,770,950 $3,080,050 Total current assets $3,831,307 $3,521,310 Long-term investments 1,386,498 972,249 Marshall inc. Comparative Income Statement Property, plant, and equipment (net) 4,550,000 4,095,000 For the Years Ended December 31, 20Y2 and 20Y1 Total assets $9,767,805 $8,588,559 20Y2 20Y1 Liabilities Sales $4,327,440 $3,987,130 Cost of goods sold 1,503,070 1,382,820 Current liabilities $1,126,855 $2,199,509 Gross profe $2,824,370 $2,604,310 Long-term liabilities: Seling expenses s056.190 $1,190,400 Mortgage note payable, 8% $1,570,000 s0 Administrative expenses 814,540 699.130 Total operating expenses $1,770.730 Bonds payable, 8% 1,930,000 1,930,000 $1.889.530 Income from operations $1,053,640 $714,780 Total long-term liabilities $3,500,000 $1,930,000 Cther revanu 55,460 45,620 Total liabilities $4,626,855 $4,129,509 $1,109,100 $760,400 Cter expense (interest) 280,000 154,400 Stockholders' Equity Income before income tax $829,100 $606,000 Preferred $0.70 stock, $40 par $640,000 $640,000 Income tan xpense 99,500 72,800 Common stock, $10 par 730,000 730,000 Net income $729,600 $533,200 Retained earnings 3,770,950 3,089,050 Total stockholders' equity $5,140,950 $4,459,050 Total liabilities and stockholders' equity $9,767,805 $8,588,559
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Transcribed Image Text:Marshall Inc. Measures of liquidity, Salvency, and Prafitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock wii $ 61 on December 31, 20Y2. Comparative Balance Sheet Marshall in. December 31, 20Y2 and 20Y1 Comparative Retained Earnings Statement 20Υ2 20Υ1 For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Assets outained arnings, Janry 1 $3,089,050 $2,603,550 Current assets Net income 729,600 533,200 Cash $912,500 $815,990 Total $3,818,650 $3,136,750 Marketable securities 1,381,080 1,352,220 Dividends: On preferred stock S11,200 $11,200 Accounts receivable (net) 781,100 737,300 On common stock 36,500 36,500 Inventories 584,000 452,600 Total dividends $47,700 $47,700 Prepaid expenses 172,627 163,200 Rutained earngs, Decembir 31 $3,770,950 $3,080,050 Total current assets $3,831,307 $3,521,310 Long-term investments 1,386,498 972,249 Marshall inc. Comparative Income Statement Property, plant, and equipment (net) 4,550,000 4,095,000 For the Years Ended December 31, 20Y2 and 20Y1 Total assets $9,767,805 $8,588,559 20Y2 20Y1 Liabilities Sales $4,327,440 $3,987,130 Cost of goods sold 1,503,070 1,382,820 Current liabilities $1,126,855 $2,199,509 Gross profe $2,824,370 $2,604,310 Long-term liabilities: Seling expenses s056.190 $1,190,400 Mortgage note payable, 8% $1,570,000 s0 Administrative expenses 814,540 699.130 Total operating expenses $1,770.730 Bonds payable, 8% 1,930,000 1,930,000 $1.889.530 Income from operations $1,053,640 $714,780 Total long-term liabilities $3,500,000 $1,930,000 Cther revanu 55,460 45,620 Total liabilities $4,626,855 $4,129,509 $1,109,100 $760,400 Cter expense (interest) 280,000 154,400 Stockholders' Equity Income before income tax $829,100 $606,000 Preferred $0.70 stock, $40 par $640,000 $640,000 Income tan xpense 99,500 72,800 Common stock, $10 par 730,000 730,000 Net income $729,600 $533,200 Retained earnings 3,770,950 3,089,050 Total stockholders' equity $5,140,950 $4,459,050 Total liabilities and stockholders' equity $9,767,805 $8,588,559
Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables days 6. Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders' equity % 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield
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Transcribed Image Text:Required: Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. 1. Working capital 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables days 6. Inventory turnover 7. Number of days' sales in inventory days 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders' equity % 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield
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