CORBIN COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales (all on account)

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CORBIN COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales (all on account)

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$595,000 $520,000 Expenses Cost of goods sold 415,000 354,000 Selling and administrative 120,800 114,800 Interest expense 7,800 6,000 Income tax expense 15,000 14,000 Total expenses 558,600 488,800 Net income $ 36,400 $ 31,200 CORBIN COMPANY Balance Sheets December 31 Assets 2015 2014 Current assets Cash $ 21,000 $ 18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 91,000 74,000 Inventory 85,000 70,000 Total current assets 215,000 177,000 Plant assets (net) 423,000 383,000 Total assets $638,000 $560,000 Weygandt, Jerry J., et al. Financial Accounting, 9th Edition, Wiley, 2013. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/cdu/detail.action?docID=5106496. Created from cdu on 2019-10-05 20:24:14. Copyright © 2013. Wiley. All rights reserved. 756 14 Financial Statement Analysis Additional data: The common stock recently sold at $19.50 per share. Instructions Compute the following ratios for 2015. (a) Current ratio. (h) Return on common stockholders’ equity. (b) Acid-test ratio. (i) Earnings per share. (c) Accounts receivable turnover. (j) Price-earnings ratio. (d) Inventory turnover. (k) Payout ratio. (e) Profi t margin. (l) Debt to assets ratio. (f) Asset turnover. (m) Times interest earned

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