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to its major competitors. The company's financial Statements lur le 1.42 points Last Year Lydex Company Comparative Balance Sheet This Year Assets Current assets: Cash $ 970,000 0 Marketable securities Accounts receivable, net 2,740,000 Inventory 3,610,000 Prepaid expenses 260,000 Total current assets 7,580,000 Plant and equipment, net 9,540,000 Total assets $17, 120,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,020,000 Note payable, 10% 3,680,000 Total liabilities 7,700,000 Stockholders' equity: Common stock, $ 70 par value 7,000,000 Retained earnings 2,420,000 Total stockholders equity 9.420,000 Total liabilities and stockholders' equity $17, 120,000 $ 1,210,000 300,000 1,840,000 2,100,000 200,000 5,650,000 9,060,000 $14,710,000 $ 3,000,000 3,080,000 6,080,000 7,000,000 1,630,000 8, 630,000 $14,710,000 Lydex Company Comparative Income Statement and Reconciliation This Year Last Year Sales fall on account $ 15,870,000 $ 13,680,000 Coat of goods sold 12,696,000 10.260,000 Gross margin 3, 174,000 3, 420,00 Selling and administrative expenses 1, 106,000 1,608.000 Net Operating income 2.068,000 Interest expense 1,812.000 368,000 308,000 Net income before taxes 1,700,000 1,504,000 Income taxes (30) . 510,000 451,200 Net income 1,190,000 1,052,800 Common dividende 400,000 S26, 400 Set income retained 790,000 526,900 Beginning retained earnings 1,630,000 1,103,600 Ending retained earnings $ 2,420,000 $1,650,000 To begin your assignment you gather the following financial data and ratios that are typical of companies in Lydex Company's industry Current ratio Acid-test ratio Average collection period Average sale period Return on assets Debt-to-equity ratio Times interest earned ratio Price-earnings ratio 2.4 1.1 40 days 60 days 0.7 5.7 10 Me IGrow Hill F Type here to search