2024 – Comparative financial statement data of Danfield Inc follow Danfield Inc Comparative Income Statement Years Ended December 31 2012 and
Comparative Financial Statement Data Of Danfield, Inc., Follow: – 2024
Comparative financial statement data of Danfield, Inc., follow:
Danfield, Inc.
Comparative Income Statement
Years Ended December 31, 2012 and 2011
2015 2014
Net sales 467,000 428,000
Cost of goods sold 237,000 218,000
Gross profit 230,000 210,000
Operating expenses 136,000 134,000
Income from operations 94,000 76,000
Interest expense 9,000 10,000
Income before income tax 85,000 66,000
Income tax expense 24,000 27,000
Net income 61,000 39,000
Danfield, Inc.
Comparative Balance Sheet
Years Ended December 31, 2012 and 2011
|
|
2015 |
2014 |
2013* |
|
Current assets: |
|
|
|
|
Cash |
97,000 |
95,000 |
|
|
Current receivables, net |
112,000 |
118,000 |
102,000 |
|
Inventories |
145,000 |
163,000 |
203,000 |
|
Prepaid expenses |
12,000 |
5,000 |
|
|
Total current assets |
366,000 |
381,000 |
|
|
Property, plant, and equipment, net |
211,000 |
179,000 |
|
|
Total assets |
577,000 |
560,000 |
598,000 |
|
|
|
|
|
|
Total current liabilities |
225,000 |
246,000 |
|
|
Long-term liabilities |
114,000 |
97,000 |
|
|
Total liabilities |
339,000 |
343,000 |
|
|
Preferred stock, 3% |
108,000 |
108,000 |
|
|
Common stockholders’ equity, no par |
130,000 |
109,000 |
|
|
Total liabilities and stockholders’ equity |
577,000 |
560,000 |
|
* Selected 2010 amounts
1. Market price of Danfield’s common stock: $86.58 at December 31, 2015 and $46.54 at December 31, 2014.
2. Common shares outstanding: 12,000 during 2015 and 10,000 during 2014 and 2013.
3. All sales on credit.
Required:
A. Compute the following ratios for 2015 and 2014:
1. Current ratio
2. Cash ratio
3. Times-interest-earned ratio 4. Inventory turnover 5. Gross profit percentage 6. Debt to equity ratio
7. Rate of return on common stockholders’ equity
8. Earnings per share of common stock
9. Price/earnings ratio
B. Decide (a) whether Danfield’s ability to pay debts and to sell inventory improved or deteriorated during 2015 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased
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