Maurice Tutor

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Category > Accounting Posted 17 Aug 2017 My Price 15.00

Prince Company

The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data:

    2015   2014  
  Income statement:            
  Sales revenue $ 190,700 * $ 167,200  
  Cost of goods sold   112,900     100,700  
              
  Gross profit   77,800     66,500  
  Operating expenses and interest expense   57,700     54,700  
              
  Pretax income   20,100     11,800  
  Income tax   7,600     3,800  
              
  Net income $ 12,500   $ 8,000  
              
  Balance sheet:            
  Cash $ 4,300   $ 5,000  
  Accounts receivable (net)   15,800     17,400  
  Inventory   42,000     32,300  
  Operational assets (net)   45,500     36,300  
              
   $ 107,600   $ 91,000  
              
  Current liabilities (no interest) $ 15,900   $ 16,900  
  Long-term liabilities (10% interest)   43,900     43,900  
  Common stock (par $5)   28,100     28,100  
  Retained earnings   19,700     2,100  
              
  $ 107,600   $ 91,000  

1.

Present component percentages for 2015 only. (Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).)

PRINCE COMPANY
Income Statement
At December 31, 2015
  Component Percentages 2015
Sales revenue (the base amount)   %
Cost of goods sold   %
Gross profit on sales   %
Operating expenses   %
Pretax income   %
Income taxes   %
Net income   %
PRINCE COMPANY
Balance Sheet
At December 31, 2015
  Component Percentages 2015
Cash   %
Accounts receivable (net)   %
Inventory   %
Operational assets (net)   %
Total assets (the base amount)   %
Current liabilities   %
Long-term liabilities (10% interest)   %
Common stock ($5 par)   %
Retained earnings   %
Total liabilities and owners' equity (the base amount)   %
2. Respond to the following for 2015: (Round your answers to 1 decimal place.)

 

a. What was the gross profit percentage?

 

 

 

b. What was the income tax rate?

 

 

 

c. Compute the profit margin?

 

 

 

d. What percentage of total resources was invested in operational assets?

 

 

 

e. Compute the debt-to-equity ratio?

 

 

 

f. What was the return on equity?

 

 

 

g. What was the return on assets?

 

 

 

h. Compute the financial leverage percentage?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 06:08 PM My Price 15.00

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