Question

Summer Corporation has just completed its comparative statements for the year ended December 31
year 5 At this point, certain analytical and interpretive procedures are to be undertaken. The completed
statements (summarized) are as follows:
Years
Year
Statement of Earnings
Sales revenue
$900.000 $940.0004
Cost of sales
540000 400.000
Gross margin
420.000 380.000
Operating expenses including interest on bonds)
342.000 330 000
Pretax earning
78.000 44.000
Income tax expense
24.000
12.000
Net Gaming
$ 54.000 5.32.000
Statement of Financial Position
Cash
$ 13,600 $ 7800
Accounts receivable (not)
84.000 56.000
Merchandise inventory
50.000 40.000
Prepayments
400
200
Property, plant and equipment (net)
200.000 240.000
$408.000 $344.000
Accounts payable
$34.000 $36.000
Income taxes payable
2000
4.000
Bonds payable (5% interest rato)
140.000 100.000
Common shares (40.000 shares)
200.000 200.000
Read earrings
32 0001
4.000
$408.000 $344.000
*Credit sales totalled 40 percent of total sales
6540.000 of bonds were issued on January 2. year 5.
The market price of the stock at the end of year 5 was $18 per share.
During yeur 5, the company declared and paid a cash dividend of $20,000.
Required:
1. Compute appropriate ratios for year 5. (Use "365" days a year. Round "Tax rate to the nearest
whole percentage. Round intermediate calculations and other answers to 2 decimal places. Round
porcentage answers to 1 decimal place.)

Answer 1

Answer:

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