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Financial Statement Analysis
The following information relates to Harris Corporation.
Account
Current year
Prior year
Net sales (all credit)
$520,125
$499,500
Cost of goods sold
$375,960
$353,600
Gross profit
$144,165
$145,900
Income from operations
$ 95,500
$ 79,900
Interest expense
$ 23,500
$ 19,500
Net income
$ 57,600
$ 51,600
Cash
$ 30,600
$ 15,900
Accounts receivable, net
$ 33,800
$ 23,200
Inventory
$ 42,000
$ 30,300
Prepaid expenses
$ 2,000
$ 1,500
Total current assets
$ 108,400
$ 70,900
Total long-term assets
$ 62,000
$ 38,000
Total current liabilities
$ 46,000
$ 41,600
Total long-term liabilities
$ 20,000
$ 22,700
Common stock, no par, 3,000 shares, value $50/share
$ 30,000
Required:
a. What is the acid-test ratio for the current year?
b. What is the inventory turnover for the current year?
c. What is days' sales in receivables for the current year?
d. What is the book value per share of common stock for the current year?
e. What is the price-earnings ratio for the current year?
f. What is the rate of return on total assets for the current year?
g. What is the times-interest-earned ratio for the current year?
h. What is the current ratio for the current year?
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