This paper circulates around the core theme of P14-2 The comparative statements of Larker Tool Company are presented below together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
P14-2 The comparative statements of Larker Tool Company are presented below. Larker Tool Company… 1 answer below » P14-2 The comparative statements of Larker Tool Company are presented below. Larker Tool Company Income Statement For the Years Ended December 31 2014 2013 View complete question » Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and administrative P14-2 The comparative statements of Larker Tool Company are presented below. Larker Tool Company Income Statement For the Years Ended December 31 2014 2013 Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and administrative expense 516,000 479,000 Income from operations Other expenses and losses Interest expense 291,000 15,000 275,500 14,000 Income before income taxes 276,000 261,500 Income tax expense 84,000 77,000 Net income $ 192,000 $ 184,500 Larker Tool Company Balance Sheets December 31 Assets 2014 2013 Current assets Cash $ 60,100 $ 64,200 Short-term investments 69,000 50,000 Accounts receivable (net) 105,750 102,800 Inventory 110,950 115,500 Total current assets 345,800 332,500 Plant assets (net) 600,300 520,300 Total assets $946,100 $852,800 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $160,000 $145,400 Income taxes payable 43,500 42,000 Total current liabilities 203,500 187,400 Bonds payable 200,000 200,000 Total liabilities 403,500 387,400 Stockholders’ equity Common stock ($5 par) 300,000 300,000 Retained earnings 242,600 165,400 Total stockholders’ equity 542,600 465,400 Total liabilities and stockholders’ equity $946,100 $852,800 All sales were on account. Instructions Compute the following ratios for 2014. (Weighted-average common shares in 2014 were 60,000.) (a) Earnings per share. (f) Receivables turnover. (b) Return on common stockholders’ equity. (g) Inventory turnover. (c) Return on assets. (h) Times interest earned. (d) Current. (i) Asset turnover. (e) Acid-test. (j) Debt to total assets. View less » Nov 30 2015 04:55 PM
