Sheridan Consumer Products CompanyIncome Statement for the Fiscal YearEnded September 30, 2017Net salesCost of products soldGross profitMarketing, research, administrative expenseDepreciationOperating income (loss)Interest expenseEarnings (loss) before income taxesIncome taxesNet earnings (loss)Assets:Cash and marketable securitiesInvestment securitiesAccounts receivableInventoryDeferred income taxesPrepaid expenses and other receivablesTotal current assetsProperty, plant, and equipment, at costLess: Accumulated depreciationNet property, plant, and equipmentNet goodwill and other intangible assetsOther noncurrent assetsTotal assets$59,90018,800$41,10018,900930$21,270520$20,7506,381Sheridan Consumer Products CompanyBalance Sheet as of September 30, 2017$14,369$5,6604504,2504,4401,0302,060$17,89026,9248,957$17,96727,7001,940$65,497Liabilities and Equity:Accounts payableAccrued and other liabilitiesTaxes payableDebt due within one yearTotal current liabilitiesLong-term debtDeferred income taxesOther noncurrent liabilitiesTotal liabilitiesConvertible Class A preferred stockCommon stockRetained earningsTotal stockholders' equityTotal liabilities and equity$4,3105,9002,1107,215$19,53512,5152,3902,600$37,0401,7442.05024,663$28,457$65,497Calculate all the ratios, for which industry figures are available below, for Sheridan and compare the firm's ratios with the industryratios. (Round current ratio, quick ratio, debt ratio, long term debt ratio answers to 2 decimal places, e.g. 12.25 and other answers to 1 decimalplace, e.g.12.5 or 12.5%.) Calculate all the ratios, for which industry figures are available below, for Sheridan and compare the firm's ratios with the industryratios. (Round current ratio, quick ratio, debt ratio, long term debt ratio answers to 2 decimal places, e.g. 12.25 and other answers to 1 decimalplace, e.g.12.5 or 12.5%.)RatioCurrent ratioQuick ratioGross marginNet profit marginDebt ratioLong-term debt to equityInterest coverageROAROEIndustry Average2.050.7823.9 %12.3 %0.230.985.625.3 %18.8 %Sheridan ratiostimestimes%%timestimestimes%%

Solution: Ratio Industry Average Sheridan ratios Current ratio 2.05 0.92 times Quick ratio…

Income ne Fiscal Year come taxes Ended September 30, 2017 et sales ost of products sold oss profit arketing, research, administrative expense epreciation Derating income (loss) terest expense rnings (loss) before income taxes $59,900 18,800 $41,100 18,900 930 $21,270 520 $20,750 6,381

Income ne Fiscal Year come taxes Ended September 30, 2017 et sales ost of products sold oss profit arketing, research, administrative expense epreciation Derating income (loss) terest expense rnings (loss) before income taxes $59,900 18,800 $41,100 18,900 930 $21,270 520 $20,750 6,381

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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