Net income 16000
Short term note 5000
Bonds interest rate 0.08
Cash balance 15000
Profit margin on sales 0.05
Return on assets 0.075
Gross profit margin 0.4
Inventory turnover ratio 6
Receivables turnover ratio 25
Acid test ratio 0.9
Current ratio 2
Return on shareholders equity 0.1
Debt to equity ratio 0.33
Times interest earned 12
Integrating Case 5-23
Calculations ($ in 000s):
a. Profit margin on sales = Net income ÷ Sales = 5%
Net income = 17000
17000/X = .05
17000 = .05X
Divide both sides by .05
X = 17000/.05
X = 340,000
b. Return on assets = Net income ÷ Total assets = 7.5%
Net income = 17000
17000/X = .075
17000 = .075X
Divide both sides by .075
X = 17000/.075
X = 226,666
c. Gross profit margin = Gross profit ÷ Sales =
Cost of goods sold = Sales – Gross profit =
d. Inventory turnover ratio = Cost of goods sold ÷
Inventory = 6
e. Receivables turnover ratio = Sales ÷ Accounts receivable = 25
f. Acid-test ratio = Cash + AR + ST Investments ÷ Current liabilities = .9
g. Accounts payable = Current liabilities – Short-term notes = $
h. Current ratio = Currentassets ÷ Currentliabilities =
i. Prepaid expenses and other current assets =
Current assets – (Cash + AR + Inventory) = $
j. Property, plant, and equipment = Total assets – Current assets =
k. Return on shareholders’ equity = Net income ÷
Shareholders’ equity =10%
l. Debt to equity ratio = Total liabilities ÷
Shareholders’ equity =
Bonds payable = Total liabilities – Current liabilities =
m. Interest expense = 8% x (Short-term notes + Bonds
Interest expense =
n Times interest earned ratio = (Net income +
Interest +Taxes) ÷ Interest = 12
Times interest earned ratio =
Times interest earned ratio =
Tax expense = $
o. Operating expenses = (Sales – Cost of goods sold – Interest expense – Tax expense) – Net income =
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