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(a2)
The parts of this question must be completed in order. This part will be available when you complete the part above.
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Brief Exercise 18-13 |
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Guo Company has owners’ equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a return on assets of 15%.
How much did Guo pay in cash dividends, and what were its average assets? (Round answers to 0 decimal places, e.g. 125.)
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Cash dividends |
$ |
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Average assets |
$ |
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Exercise 18-2 |
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Operating data for Navarro Corporation are presented below.
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2015 |
2014 |
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Net sales |
$750,000 |
$600,000 |
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Cost of goods sold |
465,000 |
390,000 |
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Selling expenses |
105,000 |
66,000 |
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Administrative expenses |
60,000 |
54,000 |
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Income tax expense |
36,000 |
27,000 |
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Net income |
84,000 |
63,000 |
Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)
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NAVARRO CORPORATION |
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2015 |
2014 |
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Amount |
Percent |
Amount |
Percent |
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Net sales |
$750,000 |
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$600,000 |
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Cost of goods sold |
465,000 |
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390,000 |
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Gross profit |
285,000 |
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210,000 |
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Selling expenses |
105,000 |
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66,000 |
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Administrative expenses |
60,000 |
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54,000 |
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Total operating expenses |
165,000 |
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120,000 |
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Income before income taxes |
120,000 |
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90,000 |
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Income taxes expense |
36,000 |
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27,000 |
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Net income |
$84,000 |
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$63,000 |
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Exercise 18-5 |
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Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014.
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NORDSTORM, INC. |
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(in millions) |
End-of-Year |
Beginning-of-Year |
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Cash and cash equivalents |
$ 795 |
$ 72 |
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Accounts receivable (net) |
2,035 |
1,942 |
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Inventory |
898 |
900 |
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Prepaid expenses |
88 |
93 |
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Other current assets |
238 |
210 |
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Total current assets |
$4,054 |
$3,217 |
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Total current liabilities |
$2,014 |
$1,601 |
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For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).
(a)
Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6 .)
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Current ratio |
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:1 |
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Acid-test ratio |
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:1 |
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Accounts receivable turnover |
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times |
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Inventory turnover |
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times |
Warning
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