Assignment
08
BU330
Accounting for Managers
Directions:
Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading.
The following information relates to Harris Corporation.
|
Account |
Current year |
Prior year |
|
Net sales (all credit) |
$520,125 |
$499,500 |
|
Cost of goods sold |
$375,960 |
$353,600 |
|
Gross profit |
$144,165 |
$145,900 |
|
Income from operations |
$ 95,500 |
$ 79,900 |
|
Interest expense |
$ 23,500 |
$ 19,500 |
|
Net income |
$ 57,600 |
$ 51,600 |
|
Cash |
$ 30,600 |
$ 15,900 |
|
Accounts receivable, net |
$ 33,800 |
$ 23,200 |
|
Inventory |
$ 42,000 |
$ 30,300 |
|
Prepaid expenses |
$ 2,000 |
$ 1,500 |
|
Total current assets |
$ 108,400 |
$ 70,900 |
|
Total long-term assets |
$ 62,000 |
$ 38,000 |
|
Total current liabilities |
$ 46,000 |
$ 41,600 |
|
Total long-term liabilities |
$ 20,000 |
$ 22,700 |
|
Common stock, no par, 3,000 shares, value $50/share |
$ 30,000 |
$ 30,000 |
Required:
a.
What is the acid-test ratio for the current
year?
b.
What is the inventory turnover for the current
year?
c.
What is days’ sales in receivables for the
current year?
d.
What is the book value per share of common stock
for the current year?
e.
What is the price-earnings ratio for the current
year?
f.
What is the rate of return on total assets for
the current year?
g.
What is the times-interest-earned ratio for the
current year?
h.
What is the current ratio for the current year?
This is the end of Assignment 08.
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