Reference no: EM132695231
Problem - Baker Corporation provided the following Statements for 2014-15 -
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Balance Sheet
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2015
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2014
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Assets
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$
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$
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Cash
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40,000
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70,000
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Accounts Receivable
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320,000
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350,000
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Inventory
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460,000
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320,000
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Total Current Asset
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820,000
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740,000
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Gross Fixed Assets
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560,000
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520,000
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Accumulated Depreciation
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180,000
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150,000
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Net Fixed Asset
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380,000
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370,000
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Total Asset
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1,200,000
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1,110,000
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Liabilities & Stockholders' Equity Current Liabilities
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|
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Accounts Payable
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390,000
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320,000
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Notes Payable
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110,000
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90,000
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Accrued Expense
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20,000
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20,000
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Total Current Liabilities
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520,000
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430,000
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Long Term Debt
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320,000
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350,000
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Total Liabilities
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840,000
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780,000
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Stockholders' Equity
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|
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Common Stock at par
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100,000
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100,000
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Share Premium Reserve
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150,000
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150,000
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Retained Earnings
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110,000
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80,000
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Total Liabilities & Stockholders' Equity
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1,200,000
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1,110,000
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Income Statement
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2015
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$
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Sales
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2,200,000
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Cogs
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1,420,000
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Gross Profit
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780,000
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Operating Expenses
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600,000
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Operating Income (EBIT)
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180,000
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Interest
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29,000
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Earnings before Tax (EBT)
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151,000
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Tax (30%)
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45,000
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Earnings after Tax (Net Income)
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106,000
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Additional Information:
1. Purchased equipments paying $40,000 cash.
2. Annual depreciation expense was $30,000.
3. Paid cash dividend of $76,000.
4. No sale of fixed asset.
Required -
A) Prepare a Cash Flow Statement for the year 2015.
B) Calculate the following Ratios for the year 2015 and also indicate the significance of each ratio - Current Ratio, Quick Ratio, Accounts Receivable Turnover, Profit Margin, Asset Turnover, ROA, Return on Common Stockholders' Equity, Debt to Asset, Times Interest Earned ratio.
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