The condensed financial statements of Carla Vista Company for the years 2020-2021 are presented below: Carla Vista
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Question:
The condensed financial statements of Carla Vista Company for the years 2020-2021 are presented below:
Carla Vista Company Comparative Balance Sheets As of December 31, 2020 and 2021 | |||||||
2021 | 2020 | ||||||
Cash | $634,000 | $85,500 | |||||
Accounts receivable (net) | 541,000 | 434,000 | |||||
Inventories | 572,000 | 501,000 | |||||
Plant and equipment | 2,712,000 | 1,604,000 | |||||
Accumulated depreciation | (390,000 | ) | (224,000 | ) | |||
$4,069,000 | $2,400,500 | ||||||
Accounts payable | $501,000 | $233,000 | |||||
Dividends payable | -0- | 60,500 | |||||
Bonds payable | 600,000 | -0- | |||||
Common stock ($10 par) | 2,311,000 | 1,689,000 | |||||
Retained earnings | 657,000 | 418,000 | |||||
$4,069,000 | $2,400,500 |
Additional data: | ||
Market value of stock at 12/31/21 is $80 per share. | ||
Carla Vista sold 46,000 shares of common stock at par on July 1, 2021. |
Carla Vista Company Condensed Income Statement For the Year Ended December 31, 2021 | |||
Sales revenue | $3,682,000 | ||
Cost of goods sold | 2,483,000 | ||
Gross profit | 1,199,000 | ||
Administrative and selling expenses | 787,000 | ||
Net income | $412,000 |
Compute the following financial ratios by placing the proper amounts for numerators and denominators. (Round per unit answers to 2 decimal places, e.g. 52.75.)
(a) | Current ratio at 12/31/21 |
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(b) | Acid test ratio at 12/31/21 |
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(c) | Accounts receivable turnover in 2021 |
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(d) | Inventory turnover in 2021 |
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(e) | Profit margin on sales in 2021 |
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(f) | Earnings per share in 2021 |
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(g) | Return on common stockholders’ equity in 2021 |
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(h) | Price earnings ratio at 12/31/21 |
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(i) | Debt to assets at 12/31/21 |
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(j) | Book value per share at 12/31/21 |
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