This is an essay exam consisting of six short answer questions and one essay question, worth a total of 55 points. You must answer all questions. Please limit your response to each short answer question to one paragraph (approximately 50-100 words) and the essay to a maximum of two pages. For specific information related to grading criteria for the exams, refer to the grading policy in the syllabus.
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Shown below are Cooper Corporation s financial statements. Analyze the financial statements using ratio analysis (i.e., calculate the ratios to two decimal points and specify what they indicate or represent). Present your ratio analysis in essay form, presented by category of ratios including a discussion of the meaning of each category and each ratio. What further information would you need for a meaningful analysis?
| Income Statement (In millions) | Balance Sheet (In millions) | |||
| Net Revenue (Sales) | $13,450 | Assets | ||
| Cost of Goods Sold | $7,078 | Current assets | ||
| Gross Profit | $6,372 | Cash | $850 | |
| Net Receivables | $2,796 | |||
| Selling and administrative expenses | $4,910 | Inventories | $2,268 | |
| Interest Expense | $134 | Other current assets | $666 | |
| Income before Taxes | $1,328 | Total current assets | $6,580 | |
| Taxes | $544 | Facilities, net of depreciation | $708 | |
| Net Income | $784 | Goodwill | $1,168 | |
| Deferred Assets | $378 | |||
| Shares Outstanding | 118 | Other non-current assets | $608 | |
| Dividends Paid | $236 | Total Assets | $9,442 | |
| Liabilities and Owner Equity | ||||
| Current Liabilities | ||||
| Accounts payable | $988 | |||
| Notes payable | $928 | |||
| Taxes Payable | $378 | |||
| Accrued Liabilities | $1,184 | |||
| Other current liabilities | $404 | |||
| Total current liabilities | $3,882 | |||
| Long-term Debt | $1,748 | |||
| Deferred Taxes | $140 | |||
| Other non-current liabilities | $290 | |||
| Total Liabilities | $6,060 | |||
| Shareholders’ Equity | ||||
| Common stock | $234 | |||
| Retained Earnings | $3,148 | |||
| Total Shareholders’ Equity | $3,382 | |||
| Total Liabilities and Equity | $9,442 | |||
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