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Question - Presented below are the consolidated balance sheets and income statements for Cape Town Enterprises Company, Inc.: (In thousands)
Year 2
Year 1
Cash
$10,300
$12,800
Accounts receivable
14,700
13,750
Inventory
14,200
16,700
Marketable securities
8,700
12,950
Equipment, net
90,780
84,564
Total assets
$138,680
$140,764
Accounts payable
$14,000
$11,000
Income taxes payable
9,650
5,000
Current portion of long-term debt
12,250
6,500
Long-term obligations
54,780
49,764
Common stock
16,000
27,500
Retained earnings
32,000
41,000
Total liabilities & shareholders' equity
Sales
$137,400
$147,000
Cost of goods sold
48,000
42,000
Depreciation expense
12,800
Other operating expenses
24,500
24,000
Interest expense
2,695
3,190
Income before taxes
49,405
63,110
Income taxes expense
17,400
22,200
Net income
$32,005
$40,910
Required -
A. Evaluate the company's solvency by computing long-term debt to total assets, long-term debt to shareholders' equity, and interest coverage ratio for both years.
B. What other debt may appear in the footnotes to the financial statements that may affect a firm's credit risk?
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