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The holtzman corporation has assets of

05/01/2021 Client: saad24vbs Deadline: 2 Day

Assignment 1


Question 1


1. Prepare an income statement for Franklin Kite Co. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.)






Sales


$


1,380,000


Shares outstanding




115,000


Cost of goods sold




600,000


Interest expense




28,000


Selling and administrative expense




49,000


Depreciation expense




31,000


Preferred stock dividends




85,000


Taxes




117,000




Franklin Kite Company


Income Statement


0


0


0


0


0


0


0


0


0


0


0


Earnings available to common stockholders


0


Shares outstanding


0


Earnings per share


0


Question 2


The Rogers Corporation has a gross profit of $792,000 and $277,000 in depreciation expense. The Evans Corporation also has $792,000 in gross profit, with $43,300 in depreciation expense. Selling and administrative expense is $188,000 for each company.


a. Given that the tax rate is 40 percent, compute the cash flow for both companies.


Rogers


Evans


CashFlow


$


$


b. Calculate the difference in cash flow between the two firms.


Difference in Cash Flow


$


Question 3


The Holtzman Corporation has assets of $441,000, current liabilities of $105,000, and long-term liabilities of $147,000. There is $31,500 in preferred stock outstanding; 20,000 shares of common stock have been issued.


a. Compute book value (net worth) per share. (Round your answer to 2 decimal places.)


Book Value per share


b. If there is $32,700 in earnings available to common stockholders, and Holtzman’s stock has a P/E of 24 times earnings per share, what is the current price of the stock? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)


Current Price


c. What is the ratio of market value per share to book value per share? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)


Market value to book Value


Times


Question 4


Refer to the following financial statements for Crosby Corporation:


CROSBY CORPORATION Income Statement For the Year Ended December 31, 20X2


Sales




$


4,240,000


Cost of goods sold






2,640,000


Gross profit




$


1,600,000


Selling and administrative expense






700,000


Depreciation expense






300,000


Operating income




$


600,000


Interest expense






89,000


Earnings before taxes




$


511,000


Taxes






211,000


Earnings after taxes




$


300,000


Preferred stock dividends






10,000


Earnings available to common stockholders




$


290,000


Shares outstanding






150,000


Earnings per share




$


1.93




Statement of Retained Earnings For the Year Ended December 31, 20X2


Retained earnings, balance, January 1, 20X2


$


80,300


Add: Earnings available to common stockholders, 20X2




290,000


Deduct: Cash dividends declared and paid in 20X2




150,000


Retained earnings, balance, December 31, 20X2


$


220,300




Comparative Balance Sheets For 20X1 and 20X2




Year-End 20X1




Year-End 20X2


Assets
















Current assets:
















Cash




$


112,000






$


185,900


Accounts receivable (net)






556,000








602,000


Inventory






633,000








641,000


Prepaid expenses






64,900








32,000


Total current assets




$


1,365,900






$


1,460,900


Investments (long-term securities)






92,300








85,000


Gross plant and equipment


$ 2,120,000








$ 2,870,000






Less: Accumulated depreciation


1,870,000








2,170,000






Net plant and equipment






250,000








700,000


Total assets




$


1,708,200






$


2,245,900


Liabilities and Stockholders’ Equity
















Current liabilities:
















Accounts payable




$


304,000






$


635,000


Notes payable






536,000








536,000


Accrued expenses






74,900








56,600


Total current liabilities




$


914,900






$


1,227,600


Long-term liabilities:
















Bonds payable, 20X2






123,000








208,000


Total liabilities




$


1,037,900






$


1,435,600


Stockholders’ equity:
















Preferred stock, $100 par value




$


90,000






$


90,000


Common stock, $1 par value






150,000








150,000


Capital paid in excess of par






350,000








350,000


Retained earnings






80,300








220,300


Total stockholders’ equity




$


670,300






$


810,300


Total liabilities and stockholders’ equity




$


1,708,200






$


2,245,900


a. Prepare a statement of cash flows for the Crosby Corporation: (Amounts to be deducted should be indicated with parentheses or a minus sign.)


CROSBY CORPORATION


Statement of Cash Flows


For the Year Ended December 31, 20X2


Cash flows from operating activities:


Adjustments to determine cashflow from operating activities:


Total adjustments


Net cash flows from operating activities


Cash flows from investing activities:


Net cash flows from investing activities


Cash flows from financing activities:


Net cash flows from financing activities


b. Compute the book value per common share for both 20X1 and 20X2 for the Crosby Corporation. (Round your answers to 2 decimals places.)


Book value


20X1


20X2


Question 5


Jim Short’s Company makes clothing for schools. Sales in 20X1 were $4,490,000. Assets were as follows:






Cash


$


110,000




Accounts receivable




864,000




Inventory




493,000




Net plant and equipment




504,000




Total assets


$


1,971,000




a. Compute the following: (Round your answers to 2 decimal places.)


Turn over Ratio


1


Account receivable turnover


Times


2


Inventory Turnover


Times


3


Fix Asset Turnerover


Times


4


Total Asset turnover


Times


c. Is there an improvement or a decline in the total asset turnover?




·


Decline


·


Improvement


Question 6


The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,490,000, with 75 percent of sales sold on credit.


STUD CLOTHIERS Balance Sheet 20X1


Assets


Liabilities and Equity


Cash


$


38,000


Accounts payable


$


262,000


Accounts receivable




292,000


Accrued taxes




148,000


Inventory




248,000


Bonds payable (long-term)




178,000


Plant and equipment




500,000


Common stock




100,000








Paid-in capital




150,000








Retained earnings




240,000


Total assets


$


1,078,000


Total liabilities and equity


$


1,078,000


Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to-total assets answer as a percent rounded to 2 decimal places.)


a


Current ratio


Times


b


Quick Ratio


times


c


Debt-to-total-asset ratio


%


d


Asset turnover


times


e


Average collection period


days


Question 7


Jolie Foster Care Homes Inc. shows the following data:




Years Net income Total Assets Stockholders' Equity Total Debt’s


20X1


138,000


2,650,000


796,000


1,854,000


20X2


140,000


2,300,000


1,280,000


1,016,000


20X3


160,000


2,280,000


1,500,000


780,000


20X4


255,000


2,640,000


2,510,000


130,000


a-1. Compute the ratio of net income to total assets for each year. (Input your answers as a percent rounded to 2 decimal places.)


Year


Return on Assets


20X1


%


20X2


%


20X3


%


20X4


%


a-2. What is the trend in the net income to total assets ratio?


·


Strong downward movement


·


Strong upward movement




b-1. Compute the ratio of net income to stockholders' equity for each year. (Input your answers as a percent rounded to 2 decimal places.)


Year


Return Stockholder’s Equity


20X1


%


20X2


%


20X3


%


20X4


%


b-2. What is the trend in the net income to stockholders' equity ratio?


·


Strong downward movement


·


Strong upward movement

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