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The comparative statements of Larker Tool Company are presented below.
Larker Tool Company Income Statement For the Years Ended December 31
2014
2013
Net sales
$1,818,500
$1,750,500
Cost of goods sold
1,011,500
996,000
Gross profit
807,000
754,500
Selling and administrative expense
516,000
479,000
Income from operations Other expenses and losses
291,000
275,500
Interest expense
15,000
14,000
Income before income taxes
276,000
261,500
Income tax expense
84,000
77,000
Net income
$ 192,000
$ 184,500
Larker Tool Company Balance Sheets December 31
Assets
Current assets Cash
$ 60,100
$ 64,200
Short-term investments
69,000
50,000
Accounts receivable (net)
105,750
102,800
Inventory
110,950
115,500
Total current assets
345,800
332,500
Plant assets (net)
600,300
520,300
Total assets
$946,100
$852,800
Liabilities and Stockholders' Equity
Current liabilities Accounts payable
$160,000
$145,400
Income taxes payable
43,500
42,000
Total current liabilities
203,500
187,400
Bonds payable
200,000
Total liabilities
403,500
387,400
Stockholders' equity Common stock ($5 par)
300,000
Retained earnings
242,600
165,400
Total stockholders' equity
542,600
465,400
Total liabilities and stockholders' equity
All sales were on account.
Instructions
Compute the following ratios for 2014. (Weighted-average common shares in 2014 were 60,000.)
(a) Earnings per share.
(b) Return on common stockholders' equity.
(c) Return on assets.
(d) Current.
(e) Acid-test.
(f) Receivables turnover.
(g) Inventory turnover.
(h) Times interest earned.
(i) Asset turnover.
(j) Debt to total assets.
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