111. A company’s balance sheet and income statement accounts follow:
At December 31
|
2014
|
2013
|
2012
|
Assets
|
|
|
|
Cash
|
$30,872
|
$36,086
|
$37,974
|
Accounts receivable, net
|
89,476
|
63,151
|
50,632
|
Merchandise inventory
|
112,499
|
83,450
|
54,467
|
Prepaid expenses
|
9,942
|
9,473
|
4,219
|
Plant assets, net
|
291,143
|
268,126
|
244,108
|
Total assets
|
$533,932
|
$460,286
|
$391,400
|
Liabilities and Equity
|
|
|
|
Accounts payable
|
$130,290
|
$76,233
|
$50,632
|
Long-term notes payable secured by mortgages on plant assets
|
98,372
|
103,748
|
107,769
|
Common stock, $10 par value
|
142,500
|
132,500
|
102,500
|
Retained earnings
|
182,770
|
147,805
|
130,499
|
Total liabilities and equity
|
$533,932
|
$460,286
|
$391,400
|
|
|
|
|
|
For Year Ended December 31
|
2014
|
2013
|
Sales
|
|
$694,112
|
|
$547,740
|
Cost of goods sold
|
$423,408
|
|
$356,031
|
|
Other operating expenses
|
215,175
|
|
138,578
|
|
Interest expense
|
11,800
|
|
12,598
|
|
Income taxes
|
9,023
|
|
8,216
|
|
Total costs and expenses
|
|
659,406
|
|
515,423
|
Net income
|
|
$34,706
|
|
$32,317
|
Earnings per share
|
|
$2.14
|
|
$1.99
|
|
|
|
|
|
|
What is the company’s times interest earned ratio for 2013?
A. 3.57%
B. 4.22%
C. 3.69%
D. 2.75%
E. 2.57%
112. A company’s balance sheet and income statement accounts follow:
At December 31
|
2014
|
2013
|
2012
|
Assets
|
|
|
|
Cash
|
$30,872
|
$36,086
|
$37,974
|
Accounts receivable, net
|
89,476
|
63,151
|
50,632
|
Merchandise inventory
|
112,499
|
83,450
|
54,467
|
Prepaid expenses
|
9,942
|
9,473
|
4,219
|
Plant assets, net
|
291,143
|
268,126
|
244,108
|
Total assets
|
$533,932
|
$460,286
|
$391,400
|
Liabilities and Equity
|
|
|
|
Accounts payable
|
$130,290
|
$76,233
|
$50,632
|
Long-term notes payable secured by mortgages on plant assets
|
98,372
|
103,748
|
107,769
|
Common stock, $10 par value
|
142,500
|
132,500
|
102,500
|
Retained earnings
|
182,770
|
147,805
|
130,499
|
Total liabilities and equity
|
$533,932
|
$460,286
|
$391,400
|
|
|
|
|
|
For Year Ended December 31
|
2014
|
2013
|
Sales
|
|
$694,112
|
|
$547,740
|
Cost of goods sold
|
$423,408
|
|
$356,031
|
|
Other operating expenses
|
215,175
|
|
138,578
|
|
Interest expense
|
11,800
|
|
12,598
|
|
Income taxes
|
9,023
|
|
8,216
|
|
Total costs and expenses
|
|
659,406
|
|
515,423
|
Net income
|
|
$34,706
|
|
$32,317
|
Earnings per share
|
|
$2.14
|
|
$1.99
|
|
|
|
|
|
|
What is the company’s profit margin ratio for 2014?
A. 65%
B. 12%
C. 3.7%
D. 5.9%
E. 5.0%
113. A company’s balance sheet and income statement accounts follow:
At December 31
|
2014
|
2013
|
2012
|
Assets
|
|
|
|
Cash
|
$30,872
|
$36,086
|
$37,974
|
Accounts receivable, net
|
89,476
|
63,151
|
50,632
|
Merchandise inventory
|
112,499
|
83,450
|
54,467
|
Prepaid expenses
|
9,942
|
9,473
|
4,219
|
Plant assets, net
|
291,143
|
268,126
|
244,108
|
Total assets
|
$533,932
|
$460,286
|
$391,400
|
Liabilities and Equity
|
|
|
|
Accounts payable
|
$130,290
|
$76,233
|
$50,632
|
Long-term notes payable secured by mortgages on plant assets
|
98,372
|
103,748
|
107,769
|
Common stock, $10 par value
|
142,500
|
132,500
|
102,500
|
Retained earnings
|
182,770
|
147,805
|
130,499
|
Total liabilities and equity
|
$533,932
|
$460,286
|
$391,400
|
|
|
|
|
|
For Year Ended December 31
|
2014
|
2013
|
Sales
|
|
$694,112
|
|
$547,740
|
Cost of goods sold
|
$423,408
|
|
$356,031
|
|
Other operating expenses
|
215,175
|
|
138,578
|
|
Interest expense
|
11,800
|
|
12,598
|
|
Income taxes
|
9,023
|
|
8,216
|
|
Total costs and expenses
|
|
659,406
|
|
515,423
|
Net income
|
|
$34,706
|
|
$32,317
|
Earnings per share
|
|
$2.14
|
|
$1.99
|
|
|
|
|
|
|
What is the company’s gross margin ratio for 2013?
A. 65%
B. 35%
C. 67%
D. 33%
E. 39%
114. A company has sales of $2,458,422, a gross profit ratio of 23%, a days’ sales in inventory ratio of 12.4, and total current assets of $539,600. What is the ending inventory for the year?
A. $46,013
B. $58,000
C. $64,310
D. $61,715
E. $55,951
115. A company has sales of $5,417,000, a gross profit ratio of 35%, ending merchandise inventory of $201,425, and total current assets of $1,539,600. What is the days sales’ in inventory ratio for the year?
A. 6.10
B. 20.88
C. 26.15
D. 22.67
E. 15.77
116. A company has long-term notes payable of $175,625, taxes of $9,500, ending merchandise inventory of $450,290, interest expense of $14,050, net sales of $720,000 a gross profit ratio of 35%, a times interest earned ratio of 4.23, and total assets of $1,300,417. What is the company’s earnings before interest and taxes?
A. $252,000
B. $65,814
C. $269,710
D. 106,696
E. $59,432
117. A company has total assets of $5,600,482, common stock of $2,111,111, retained earnings of $1,058,473. What is the company’s debt ratio?
A. 43.41%
B. 65.00%
C. 41.57%
D. 50.00%
E. 42.81%
118. A company has total assets of $5,600,482, common stock of $2,111,111, retained earnings of $1,058,473. What is the company’s equity ratio?
A. 43.41%
B. 65.00%
C. 41.57%
D. 56.59%
E. 54.22%