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Category > Accounting Posted 25 Sep 2017 My Price 10.00

Fortune Stationers

(Calculation of Ratios) Fortune Stationers is open 250 days each year and last year achieved sales of $9 million with a gross profit of 60% of sales. At the end of the year, Fortune"s statement of financial position showed

Accounts receivable	$1,200,000
Inventory	450,000
Accounts payable	1,400,000

Calculate (a) the days" sales outstanding, (b) inventory turnover, (c) days" inventory held, and (d) days" purchases outstanding.

Rockford Inc.
Statement of Comprehensive Income (in $millions)

	2012		2011
Turnover	$1,021.5		$847.4
Cost of sales	-855.3		-710.4
Gross profit	166.2		137.0
Administrative expenses	-47.9		-29.1
Operating profit	118.3		107.9
Net interest payable	-0.9		-0.3
Profit on ordinary activities before taxes	117.4		107.6
Taxes	-30.7		-33.5
Profit on ordinary activities after taxes	86.7		74.1
Dividends	-33.3		-29.3
Profit retained for the period	$53.4		$44.8
Earnings per share	21.34	18.44
440 million shares were issued at 104 each:
Market value of shares	$1.50	$1.40

Rockford Inc. Statement of Financial Position (in $millions)
	2012	2011
Non-current assets
Goodwill	$37.3	$32.3
Property, plant, & equipment	167.6	132.3
Investments	22.5	25.7
	227.4	190.3
Current assets
Inventory	135.0	105.3
Accounts receivable	22.5	20.8
Cash at bank	16.2	17.8
	173.7	143.9
Total assets	401.1	334.2
Non-current liabilities
Long-term loans	14.8	13.4
Provision for deferred taxes	9.5	7.6
	24.3	21.0
Current liabilities
Accounts payable	159.8	149.6
Total liabilities	184.1	170.6
Net assets	$217.0	$163.6
Equity
Share capital	44.0	44.0
Retained earnings	173.0	119.6
Shareholders" equity	$217.0	$163.6

Calculate sufficient ratios for both 2012 and 2011 to demonstrate the changes in profitability, liquidity, efficiency, leveraging, and shareholder return of Rockford, and comment on the most important changes between 2012 and 2011.

Answers

Maurice Tutor

(5)

Status NEW Posted 25 Sep 2017 06:09 PM My Price 10.00

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