a firm within the same year. You should use average of indices when it is applicable. (30 scores) End of 2012 2011 End of local 2012 2011 2.44 1.007 Assets Current acts Cash and markete scurt Receivables Inventores Other current Total current assets Labies and shareholders' Equity Current bis Debt due for repayment Accounts payable Other current is Total current abilities 1,305 10,710 773 10,30 360 14,465 1321 8871 1270 11.462 20 8,173 1,183 0300 Fundassets Tangible Property, plant and equipment Les some depreciation Norge fred 9.475 310 2.051 10,798 212 2,161 38,401 14,422 24069 23.307 1.170 Intangible goodwi) Longines Others Long-term del Deferred income tas 37050 Other long-term Babies 12,730 24,21 Total 1267 Shareholder Common stock and other paid in capital 551 Retained earrings Treasury stock 40 742 Total shareholders' equily Totalbies and shareholderequly 140 333 8433 20.030 - 10.004 7.640 17240 -710 41.044 41.064 40,2 % of Sales S Million 74,754 48,912 16,305 1,684 100.0 65,4 21.9 2.3 Net sales Cost of goods sold Selling, general, & administrative expenses Depreciation Earnings before interest and income taxes (EBIT) Interest expense Taxable income Taxes Net Income Allocation of net income Dividends Addition to retained earnings 7,853 632 7,221 2,686 4,535 10.5 0.8 9.7 3.6 6.1 1,743 2,792 2.3 3.7 Cash provided by operations Net Income 4,535 Depreciation 1,684 Changes in working capital items Decrease increase) in accounts receivable -143 Decrease increase) in inventories -350 Decrease (increase) in other current assets 93 Increase (decrease) in accounts payable 698 Increase (decrease) in other current liabilities 87 Total decrease (increase) in working capital 385 Cash provided by operations 6,604 Cash flows from Investments Cash provided by (used for) disposal of (additions to) property, plant, and equipment -1,432 Sales (acquisitions) of other long-term assets 313 Cash provided by used for) investments -1.119 Cash provided by (used for) financing activities Additions to (reduction in) short-term debt 1,291 Additions to (reduction in) long-term debt -1,323 Dividends -1,743 Issues of stock 784 Repurchases of stock -3.984 Other Cash provided by (used for) financing activities -4,978 Not increase (decrease) in cash and cash equivalents 507 a. Please calculate ROA, ROC, and ROE from the statements here. b. Please calculate the current ratio and explain what it means. c. What is the average collection period? (Hint: average daily sale comes from the annual sale.) d. What is the growth rate of dividend? And please estimate the present value of the stock if the shares outstanding are 5000 shares and market interest rate is 20%. (Hint: please get the plowback ratio from the income statement.) e. What is the annual present value of tax shield for this firm? a firm within the same year. You should use average of indices when it is applicable. (30 scores) End of 2012 2011 End of local 2012 2011 2.44 1.007 Assets Current acts Cash and markete scurt Receivables Inventores Other current Total current assets Labies and shareholders' Equity Current bis Debt due for repayment Accounts payable Other current is Total current abilities 1,305 10,710 773 10,30 360 14,465 1321 8871 1270 11.462 20 8,173 1,183 0300 Fundassets Tangible Property, plant and equipment Les some depreciation Norge fred 9.475 310 2.051 10,798 212 2,161 38,401 14,422 24069 23.307 1.170 Intangible goodwi) Longines Others Long-term del Deferred income tas 37050 Other long-term Babies 12,730 24,21 Total 1267 Shareholder Common stock and other paid in capital 551 Retained earrings Treasury stock 40 742 Total shareholders' equily Totalbies and shareholderequly 140 333 8433 20.030 - 10.004 7.640 17240 -710 41.044 41.064 40,2 % of Sales S Million 74,754 48,912 16,305 1,684 100.0 65,4 21.9 2.3 Net sales Cost of goods sold Selling, general, & administrative expenses Depreciation Earnings before interest and income taxes (EBIT) Interest expense Taxable income Taxes Net Income Allocation of net income Dividends Addition to retained earnings 7,853 632 7,221 2,686 4,535 10.5 0.8 9.7 3.6 6.1 1,743 2,792 2.3 3.7 Cash provided by operations Net Income 4,535 Depreciation 1,684 Changes in working capital items Decrease increase) in accounts receivable -143 Decrease increase) in inventories -350 Decrease (increase) in other current assets 93 Increase (decrease) in accounts payable 698 Increase (decrease) in other current liabilities 87 Total decrease (increase) in working capital 385 Cash provided by operations 6,604 Cash flows from Investments Cash provided by (used for) disposal of (additions to) property, plant, and equipment -1,432 Sales (acquisitions) of other long-term assets 313 Cash provided by used for) investments -1.119 Cash provided by (used for) financing activities Additions to (reduction in) short-term debt 1,291 Additions to (reduction in) long-term debt -1,323 Dividends -1,743 Issues of stock 784 Repurchases of stock -3.984 Other Cash provided by (used for) financing activities -4,978 Not increase (decrease) in cash and cash equivalents 507 a. Please calculate ROA, ROC, and ROE from the statements here. b. Please calculate the current ratio and explain what it means. c. What is the average collection period? (Hint: average daily sale comes from the annual sale.) d. What is the growth rate of dividend? And please estimate the present value of the stock if the shares outstanding are 5000 shares and market interest rate is 20%. (Hint: please get the plowback ratio from the income statement.) e. What is the annual present value of tax shield for this firm