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Sales.........................................
Cost of goods sold.................
Gross profit..............................
Operating expenses................
Net income...............................
2006
100.0%
66.0
34.0%
21.0
13.0%
2005
100.0%
52.4
47.6%
19.4
28.2%
Exercise 1-3
a. Current ratio:
2006:
= 1.9 to 1
2005:
= 2.5 to 1
2004:
= 2.9 to 1
b. Acid-test ratio:
2006:
2005:
2004:
Exercise 1-4
Mixon Company
Common-Size Comparative Balance Sheet
December 31, 2004-2006
2006
2005*
Cash.......................................................................
5.9%
8.0%
Accounts receivable, net.....................................
17.1
14.0
Merchandise inventory.........................................
21.5
18.5
Prepaid expenses.................................................
1.9
2.1
Plant assets, net ..................................................
53.6
57.3
Total assets ..........................................................
100.0% 100.0%
Accounts payable.................................................
Long-term notes payable secured by
mortgages on plant assets ..............................
Common stock, $10 par value.............................
Retained earnings ................................................
Total liabilities and equity...................................
*
2004*
9.9%
13.2
14.2
1.1
61.6
100.0%
24.9%
16.9%
13.2%
18.8
31.4
24.9
100.0%
23.0
36.5
23.5
100.0%
22.1
43.6
21.0
100.0%
Exercise 1-5
a. Days' sales in receivables:
($88,500 + $62,500) /
x 360 = 40.4 days
2
$672,500
($62,500 + $49,200)
2005:
x 360 = 37.9 days
/2
$530,000
2006:
$672,500
($88,500 +
$62,500)/2
$530,000
($62,500 +
$49,200)/2
= 8.9 times
= 9.5 times
c. Inventory turnover:
2006:
2005:
$410,225
($111,500 +
$82,500)/2
$344,500
($82,500 +
$53,000)/2
= 4.2 times
= 5.1 times
($111,500+
$82,500)/2
$410,225
($82,500+
$53,000)/2
$344,500
Exercise 1-6
a. Total debt ratio (solution also includes the equity ratio):
2006
Total liabilities (and debt ratio):
$128,900 + $97,500.................. $226,400
43.7%
$75,250 + $102,500..................
Total equity (and equity ratio):
$162,500 + $129,100................
291,600
56.3
$162,500 + $104,750................ _______
Total liabilities and equity........... $518,000
100.0%
2005
$177,750
39.9%
267,250
$445,000
60.1
100.0%
Exercise 1-7
a. Net profit margin:
2006: $34,100/$672,500 = 5.1%
2005: $31,375/$530,000 = 5.9%
b. Total asset turnover:
2006:
2005:
$672,500
($518,000 +
$445,000)/2
$530,000
($445,000 +
$372,500)/2
= 1.4 times
= 1.3 times
$34,100 +
$8,525*(1-.35)
($518,000 +
$31,375 + $7,845 *
(1-.35)
($445,000 +
= 8.23%
= 8.92%
Exercise 1-8
a. Return on common stockholders' equity:
2006:
$34,100
= 12.2%
($291,600 + $267,250)/2
2005:
$31,375
= 12.4%
($267,250 + $240,750)/2