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Quiz Submissions – Homework #1A (Financial Statements)

Question 1

Advantage First Corporation has sales of \$4,270,039; income tax of \$330,994; the selling, general and administrative expenses of \$251,095; depreciation of \$358,481; cost of goods sold of \$2,783,792; and interest expense of \$122,206. What is the amount of the firm’s EBIT?

Question 2

Evening Story Corporation has sales of \$4,175,188; income tax of \$527,953; the selling, general and administrative expenses of \$207,369; depreciation of \$318,655; cost of goods sold of \$2,417,855; and interest expense of \$153,049. Calculate the amount of the firm’s gross profit.

Question 3

Banana Box Corporation has sales of \$4,010,900; income tax of \$458,731; the selling, general and administrative expenses of \$273,422; depreciation of \$347,802; cost of goods sold of \$2,543,815; and interest expense of \$129,890. Calculate the amount of the firm’s income before tax?

Question 4

Garden Pro Corporation has sales of \$4,713,880; income tax of \$350,738; the selling, general and administrative expenses of \$282,512; depreciation of \$341,403; cost of goods sold of \$2,859,703; and interest expense of \$163,941. Calculate the firm’s net income?

Question 5

Killer Whale, Inc. has the following balance sheet statement items: total current liabilities of \$711,218; net fixed and other assets of \$1,640,294; total assets of \$2,873,123; and long-term debt of \$613,967. What is the amount of the firm’s current assets?

Question 6

Purple Dalia, Inc. has the following balance sheet statement items: current liabilities of \$600,156; net fixed and other assets of \$1,176,268; total assets of \$3,175,573; and long-term debt of \$972,215. What is the amount of the firm’s total stockholder’s equity?

Question 7

Scare Train, Inc. has the following balance sheet statement items: current liabilities of \$848,770; net fixed and other assets of \$1,458,752; total assets of \$3,344,882; and long-term debt of \$640,871. What is the amount of the firm’s net working capital?

Question 8

Moby Dick Corporation has sales of \$4,030,826; income tax of \$541,002; the selling, general and administrative expenses of \$233,069; depreciation of \$331,545; cost of goods sold of \$2,723,184; and interest expense of \$109,959. Calculate the amount of the firm’s after-tax cash flow from operations?

Quiz Submissions – Homework #1B (DuPont analysis, Return on Investment Ratios)

Question 1

Vintage, Inc. has a total asset turnover of 0.91 and a net profit margin of 5.83 percent. The total assets to equity ratio for the firm is 3.5. Calculate Vintage’s return on equity.

Round the answers to two decimal places in percentage form. (Write the percentage sign in the “units” box).

%Question 2

American Bacon Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm’s Basic Earning Power ratio.

Round the answers to two decimal places in percentage form. (Write the percentage sign in the “units” box).

Balance Sheet December 31, 2010

Cash and marketable securities\$102,000Accounts payable\$287,000Accounts receivable\$299,000Notes payable\$61,200Inventories\$628,000Accrued expenses\$51,900Prepaid expenses\$10,300Total current liabilities\$400,100Total current assets\$1,039,300Long-term debt\$415,000Gross fixed assets\$1,502,000Par value and paid-in-capital\$376,000Less: accumulated depreciation\$312,000Retained Earnings\$1,038,200Net fixed assets\$1,190,000Common Equity1,414,200Total assets\$2,229,300Total liabilities and owner’s equity\$2,229,300

Income statement, Year of 2010

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