E10-7B. Ratio analysis. (LO 3)
Crystal Cromarties Frozen Foods reported the following for the fiscal years ended September 30,2008, and September 30, 2007
| September 30 | 2008 | 2007 |
| (in millions) | ||
| Accounts receivable | $21,265 | $13,802 |
| Inventory | 45,692 | 47,682 |
| Current assets | 185,716 | 155,716 |
| Current liabilities | 80,954 | 72,263 |
| Long-term liabilities | 15,251 | 17,852 |
| Shareholder’s equity | 21,871 | 58,035 |
| Sales | 88,455 | 70,223 |
| Cost of goods sold | 60,463 | 52,750 |
| Interest expense | 21.5 | 43.2 |
| Net income | 1,842 | 1,006 |
Assume there is no outstanding preferred stock and all sales are credit sales. Calculate the following ratios.
a. Current ratio (for both years)
b. Accounts receivable turnover ratio (for 2008)
c. Inventory turnover ratio (for 2008)
d. Debt-to-equity ratio (for both years)
e. Return on equity (for 2008)
Do any of these ratios suggest problems for the company?
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