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Project Description:

dungy tool company
income statement
for the year ended december 31
2012 2011
net sales $1,828,500 $1,750,500
cost of goods sold 1,010,500 996,000
gross profit 818,000 754,500
selling and administrative expense 516,000 479,000
income from operations 302,000 275,500
other expenses and losses interest expense 18,000 14,000
income before income taxes 284,000 261,500
income tax expense 85,000 77,000
net income $ 199,000 $ 184,500












dungy tool company
balance sheets
december 31
assets 2012 2011
current assets
cash $ 60,100 $ 64,200
short-term investments 69,000 50,000
accounts receivable (net) 122,800 102,800
inventory 113,000 115,500
total current assets 364,900 332,500
plant assets (net) 605,300 520,300
total assets $970,200 $852,800
liabilities and stockholders' equity
current liabilities
accounts payable $160,000 $145,400
income taxes payable 43,500 42,000
total current liabilities 203,500 187,400
bonds payable 210,000 200,000
total liabilities 413,500 387,400
stockholders' equity
common stock ($5 par) 280,000 300,000
retained earnings 276,700 165,400
total stockholders' equity 556,700 465,400
total liabilities and stockholders' equity $970,200 $852,800









all sales were on account. the allowance for doubtful accounts was $3,200 on december 31, 2012, and $3,000 on december 31, 2011.

compute ratios from balance sheet and income statement.

instructions
compute the following ratios for 2012. (weighted-average common shares in 2012 were 57,000.)

(a) earnings per share.


(b) return on common stockholders' equity.


(c) return on assets.


(d) current.


(e) acid-test.


(f) receivables turnover.


(g) inventory turnover.


(h) times interest earned.


(i) asset turnover.


(j) debt to total assets.
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