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Problem - The comparative statements of Osborne Company are presented here.
OSBORNE COMPANY Income Statements For the Years Ended December 31
2014
2013
Net sales
$1,899,482
$1,759,442
Cost of goods sold
1,067,482
1,014,942
Gross profit
832,000
744,500
Selling and administrative expenses
508,942
487,942
Income from operations
323,058
256,558
Other expenses and losses
Interest expense
23,720
21,720
Income before income taxes
299,338
234,838
Income tax expense
93,720
74,720
Net income
$ 205,618
$ 160,118
OSBORNE COMPANY Balance Sheets December 31
Assets
Current assets
Cash
$ 60,100
$ 64,200
Debt investments (short-term)
74,000
50,000
Accounts receivable
126,742
111,742
Inventory
127,720
117,220
Total current assets
388,562
343,162
Plant assets (net)
662,072
533,372
Total assets
$1,050,634
$876,534
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$ 168,942
$154,342
Income taxes payable
45,220
43,720
Total current liabilities
214,162
198,062
Bonds payable
233,072
213,072
Total liabilities
447,234
411,134
Stockholders' equity
Common stock ($5 par)
290,000
300,000
Retained earnings
313,400
165,400
Total stockholders' equity
603,400
465,400
Total liabilities and stockholders' equity
All sales were on account. Net cash provided by operating activities for 2014 was $245,880. Capital expenditures were $136,060, and cash dividends were $57,618.
Required - Compute the following ratios for 2014.
(a) Earnings per share.
(b) Return on common stockholders' equity.
(c) Return on assets.
(d) Current ratio.
(e) Accounts receivable turnover.
(f) Average collection period.
(g) Inventory turnover.
(h) Days in inventory.
(i) Times interest earned.
(j) Asset turnover.
(k) Debt to assets.
(l) Current cash debt coverage.
(m) Cash debt coverage.
(n) Free cash flow.
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