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Ingratios for 12/31/20 DO NOT AVERAGE USE 12/31/20 ONLY/ 38 3. Using the information in the income statement and balance sheet in 1 and 2 prepare the following ratios 39 ANSWER 40 CURRENT RATIO 1 ACID TEST 2 AREC TURNOVER 13 INVENTORY TURNOVER 54 TOTAL ASSET TURNOVER 35 DERTILATIO 16 TIMES INTEREST EARNED 37 PROFIT MAAGIN RATIO 8 RETURN ON TOTAL ASSETS 99 RETURN ON COMM STOCK EQUITY 1. PREPARE A HORIZONTAL BALANCE SHEET 2. PREPARE A COMMON SIZE INCOME STATEMENT 123/31/20 12/31/19 $ CHANGE % CHANGE 12/31/20 % 5 10 -60 50 150 450 510 10 1170 45 140 510 520 12 1227 -10 CURRENT ASSETS CASH SHORT TERM INVEST ACCTS. RECEIVABLES INVENTORIES PREPAID ASSETS TOTAL CURR. ASSETS LONG TERM ASSETS MACHINERY LAND BUILDING PATENTS TOTAL LONG TERM TOTAL ASSETS 11.11 7.14 (11.76) (1.92) (16.67) (4.65) #DIV/01 2.86 SALES REVENUES COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES OPERATING INCOME INTEREST EXPENSE INCOME BEFORE TAX INCOME TAX NET INCOME 2650 1225 1425 750 675 67 608 304 304 360 1180 4500 230 6270 7440 350 1180 4500 250 6380 7607 CURRENT LIABILITIES ACC. PAY WAGES PAY TOTAL CURRENT LONG TERM DEBT TOTAL LIABILITIES STOCKHLD'S EQUITY COMMON STOCK RETAINED EARNINGS TOTAL ST. EQUITY TOTAL LIAB.ST. EQ -2 -57 0 10 0 -100 -20 -110 -167 0 0 -15 9 -24 -50 -74 0 0 -93 -93 -167 360 65 425 2300 2725 375 74 449 2350 2799 (2.17) (8.00) (1.72) (2.20) NDIV/01 #DIV/01 (4.00) (12.16) (5.35) (2.13) (2.64) #DIV/01 3000 1715 4715 7440 3000 1808 4808 7607 (5.14) (1.93) (2.20) Columns USE Column NOT 4. COMPLETE THE FOLLOWING TAB TABLE BY PLACING AN X IN THE CORRECT COLUMN Columni Column2 Column3 Column4 CFO CFI CFF SOURCE ACC. RECEIV. INCREASE INVENTORY DECREASE ACCOUNTS PAY. INCREAREASE ISSUED LONG TERM NOTE ISSUED COMMON STOCK PAID A CASH DIVIDEND REPURCHASED COM, STOCK PURCHASED A MACHINE EXCHANGED DEBT FOR STOCK DEPRECIATION USE THE INDIRECT METHOD. 5. PREPARE A CFO FROM THE INFORMATION BELOW. $ NET INCOME DEPRECIATION GAIN ON SALE OF EQUIPMENT LOSS ON SALE OF INVESTMENTS INCREASE IN ACC. REC DECREASE IN INVENTORY INCREASE IN ACC. PAY DECREASE IN WAGES PAY 460 125 215 45 25 30 14 7