Reference no: EM132695231
Problem - Baker Corporation provided the following Statements for 2014-15 -
Balance Sheet
|
2015
|
2014
|
Assets
|
$
|
$
|
Cash
|
40,000
|
70,000
|
Accounts Receivable
|
320,000
|
350,000
|
Inventory
|
460,000
|
320,000
|
Total Current Asset
|
820,000
|
740,000
|
Gross Fixed Assets
|
560,000
|
520,000
|
Accumulated Depreciation
|
180,000
|
150,000
|
Net Fixed Asset
|
380,000
|
370,000
|
Total Asset
|
1,200,000
|
1,110,000
|
Liabilities & Stockholders' Equity Current Liabilities
|
|
|
Accounts Payable
|
390,000
|
320,000
|
Notes Payable
|
110,000
|
90,000
|
Accrued Expense
|
20,000
|
20,000
|
Total Current Liabilities
|
520,000
|
430,000
|
Long Term Debt
|
320,000
|
350,000
|
Total Liabilities
|
840,000
|
780,000
|
Stockholders' Equity
|
|
|
Common Stock at par
|
100,000
|
100,000
|
Share Premium Reserve
|
150,000
|
150,000
|
Retained Earnings
|
110,000
|
80,000
|
Total Liabilities & Stockholders' Equity
|
1,200,000
|
1,110,000
|
Income Statement
|
2015
|
|
$
|
Sales
|
2,200,000
|
Cogs
|
1,420,000
|
Gross Profit
|
780,000
|
Operating Expenses
|
600,000
|
Operating Income (EBIT)
|
180,000
|
Interest
|
29,000
|
Earnings before Tax (EBT)
|
151,000
|
Tax (30%)
|
45,000
|
Earnings after Tax (Net Income)
|
106,000
|
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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