accounting homework 495113

Print by: Sadu Singh FUNDAMENTALS OF ACCOUNTING II: 352923 /Project *Problem 13-2A The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 2012 2011 Net sales $1,893,173 $1,753,133 Cost of goods sold 1,061,173 1,008,633 Gross profit 832,000 744,500 Selling and administrative expenses 502,633 481,633 Income from operations 329,367 262,867 Other expenses and losses Interest expense 23,833 21,833 Income before income taxes 305,534 241,034 Income tax expense 93,833 74,833 Net income $ 211,701 $ 166,201 LUCILLE COMPANY Balance Sheets December 31 Assets 2012 2011 Current assets Cash $ 60,100 $ 64,200 Short-term investments 74,000 50,000 Accounts receivable 120,433 105,433 Inventory 127,833 117,333 Total current assets 382,366 336,966 Plant assets (net) 660,933 532,233 Total assets $1,043,299 $869,199 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 162,633 $148,033 Income taxes payable 45,333 43,833 Total current liabilities 207,966 191,866 Bonds payable 231,933 211,933 Total liabilities 439,899 403,799 Stockholders’ equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders’ equity 603,400 465,400 Total liabilities and stockholders’ equity $1,043,299 $869,199 All sales were on account. Net cash provided by operating activities for 2012 was $230,640. Capital expenditures Question Attempts: 0 of 2 used were $135,520, and cash dividends were $63,701. Compute the following ratios for 2012. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) (a) Earnings per share $ (b) Return on common stockholders’ equity % (c) Return on assets % (d) Current ratio :1 (e) Receivables turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to total assets % (l) Current cash debt coverage times (m) Cash debt coverage times (n)…