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Category > Accounting Posted 05 Aug 2017 My Price 13.00

CCB Enterprises

The accounting staff of CCB Enterprises has completed the financial statements for the 2014 calendar year. The statement of income for the current year and the comparative statements of financial position for 2014 and 2013 follow.

CCB Enterprises
Statement of Income
For the Year Ended December 31, 2014
(thousands omitted)
Revenue:  
Net sales $797,420
Other 61,040
Total revenue $858,460
Expenses:  
Cost of goods sold $538,320
Research and development 24,620
Selling and administrative 156,940
Interest 20,180
Total expenses $740,060
Income before income taxes $118,400
Income taxes 47,360
Net income $71,040

 

CCB Enterprises
Comparative Statements of Financial Position
December 31, 2014 and 2013
(thousands omitted)
  2014 2013
Assets    
Current assets:    
Cash and short-term investments $25,910 $20,980
Receivables, less allowance for doubtful accounts    
($1,150 in 2014 and $1,390 in 2013) 47,760 49,800
Inventories, at lower of FIFO cost or market 64,730 61,700
Prepaid items and other current assets 5,010 3,220
Total current assets $143,410 $135,700
Other assets:    
Investments, at cost $106,070 $106,070
Deposits 9,910 7,920
Total other assets $115,980 $113,990
Property, plant, and equipment:    
Land $12,200 $12,200
Buildings and equipment, less accumulated depreciation    
($126,790 in 2014 and $121,960 in 2013) 268,190 247,780
Total property, plant, and equipment $280,390 $259,980
Total assets $539,780 $509,670
Liabilities and Owners’ Equity    
Current liabilities:    
Short-term loans $22,000 $23,950
Accounts payable 71,750 70,810
Salaries, wages, and other 25,920 26,960
Total current liabilities $119,670 $121,720
Long-term debt $160,490 $170,460
Total liabilities $280,160 $292,180
Owners’ equity:    
Common stock, at par $44,280 $42,270
Paid-in capital in excess of par 63,880 60,760
Total paid-in capital $108,160 $103,030
Retained earnings 151,460 114,460
Total owners’ equity $259,620 $217,490
Total liabilities and owners’ equity $539,780 $509,670

Required:

1. Calculate the following financial ratios for 2014 for CCB Enterprises:

Round items h, j, and k to the nearest whole number. Round all other answers to two decimal places. Assume a 360-day year.

a. Times interest earned to 1
b. Return on total assets %
c. Return on common stockholders' equity %
d. Debt-to-equity ratio (at December 31, 2014) to 1
e. Current ratio (at December 31, 2014) to 1
f. Quick (acid-test) ratio (at December 31, 2014) to 1
g. Accounts receivable turnover ratio (Assume that all sales are on credit.) times
h. Number of days' sales in receivables days
i. Inventory turnover ratio (Assume that all purchases are on credit.) times
j. Number of days' sales in inventory days
k. Number of days in cash operating cycle

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 13.00

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