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BUSI 320 Comprehensive Problem 1 Spring D 2016 Use the following information to answer the questions on page 2 below: (note: all sales are credit sales) Income Stmt info: 2014 Sales $ 1,100,000 2015 $ 1,188,000 less Cost of Goods Sold: 450,000 481,500 Gross Profit 650,000 706,500 Operating Expenses 330,000 346,500 Earnings before Interest & Taxes 320,000 360,000 Interest exp 25,000 30,000 earnings before Taxes 295,000 330,000 Taxes 118,000 132,000 Net Income $ Balance Sheet info: 177,000 $ 12/31/2014 198,000 12/31/2015 Cash 60,000 $ 72,000 Accounts Receivable 80,000 $ 81,600 110,000 $ 135,000 Inventory Total Current Assets $ 250,000 $ 288,600 Fixed Assets (Net) $ 300,000 $ 315,000 Total Assets $ 550,000 $ 603,600 Current Liabilities $ 130,000 $ 139,100 Long Term Liabilities $ 150,000 $ 183,000 Total Liabilities $ 280,000 $ 322,100 Stockholder's Equity $ 270,000 $ 281,500 Total Liab & Equity: $ 550,000 $ 603,600 Compute each of the following ratios for 2014 and 2015 and indicate whether each ratio was getting "better" or "worse" from 2014 to 2015 and was "good" or "bad" when compared to the Industry Avg in 2015 (round all numbers to 2 digits past the decimal place) 2014 Profit Margin Current Ratio Quick Ratio Getting Better or Getting 2015 Worse? 2015 Industry Avg 0.11 1.90 "Good" or "Bad" compared to Industry Avg 1.12 Return on Assets .28 Debt to Assets .55 Receivables turnover 18.00 Avg. collection period* 21.20 Inventory Turnover** 8.25 Return on Equity 0.55 Times Interest Earned 11.15 *Assume a 360 day year **Inventory Turnover can be computed 2 different ways. Use the formula listed in the text (the one the text indicates many credit reporting agencies generally use)