1.

Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.:

WIPER, INC. Condensed Balance Sheets December 31, 2014, 2013, 2012 (in millions)
	2014	2013	2012
Current assets	$	813		$	1,051		$	913
Other assets		2,431			1,938			1,737
	$	3,244		$	2,989		$	2,650
Current liabilities	$	595		$	848		$	750
Long-term liabilities		1,624			1,097			964
Owners' equity		1,025			1,044			936
	$	3,244		$	2,989		$	2,650

WIPER, INC Selected Income Statement and Other Data For the year Ended December 31, 2014 and 2013 (in millions)
	2014	2013
Income statement data:
Sales	$	3,068		$	2,931
Operating income (EBIT)		314			328
Interest expense		102			83
Net income		245			240
Other data:
Average number of common shares outstanding		43.1			48.5
Total dividends paid	$	68.0		$	54.1

Required:
a.	Calculate return on investment, based on net income and average total assets, for 2014 and 2013. (Round your answers to 1 decimal place.)
	Return on Investment: 2014 - _______% 2013 - _______%

b.

Calculate return on equity for 2014 and 2013. (Round your answers to 1 decimal place.)

Return on Equity: 2014 - _______% 2013 - _______%

c.	Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round current ratio to 1 decimal place.)
	2012: Working Capital - Current Ratio - 2013: Working Capital - Current Ratio - 2014: Working Capital - Current Ratio - 2012: Working Capital - Current Ratio -

d.	Calculate earnings per share for 2014 and 2013. (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round your answers to 2 decimal places.)
	Earnings per share: 2013 - ________ 2014- _________

e.	If Wiper's stock had a price/earnings ratio of 11 at the end of 2014, what was the market price of the stock? (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Do not round your intermediate calculations andround your final answer to 2 decimal places.)
	Market price - __________

f.	Calculate the cash dividend per share for 2014 and the dividend yield based on the market price calculated in part e . (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round your "Cash dividends per share" to 2 decimal places and round your "Dividend Yield" to the nearest whole percent.)
	Cash of dividends per share: $__________ Divident yield: ______%

g.	Calculate the dividend payout ratio for 2014. (Do not round your intermediate calculations. Round your final answer to nearest whole percentage.)
	Dividend payout ratio: _________%

h.	Assume that accounts receivable at December 31, 2014, totaled $327 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round your intermediate calculations and round final answer to nearest whole number.)
	Number of day's sales: ________days

i.	Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2014 and 2013. (Round your "Debt ratio" to 1 decimal place and round your "Debt/equity ratio" to the nearest whole percent.)
	Debt Ratio: 2013 - ________ 2014 - _______ Debt/Equity Ratio: 2013 - ________ 2014 - _______

j.	Calculate the times interest earned ratio for 2014 and 2013. (Round your answers to 1 decimal place.)

Times interest earned:

2013 - ______ times

2014 - ______times