Question Details

The financial statements for Jacqueline- Rodeo Wear 



Ex. 1
The financial statements for Jacqueline- Rodeo Wear are given below:
JACQUELINE’S RODEO WEAR
Comparative Balance Sheet
December 31,
——————————————————————————————————————————
Assets 2003 2002
Current assets
Cash and short-term investments.................................. $ 5,040 $ 4,920
Accounts receivable (net) .............................................. 30,240 28,960
Inventory ....................................................................... 60,480 54,800
Total current assets....................................................... 95,760 88,680
Plant assets (net) ................................................................ 156,240 148,200
Total assets .................................................................. $252,000 $236,880
Liabilities and stockholders' equity
Current liabilities ................................................................. $ 42,000 $ 38,600
Long-term liabilities ............................................................. 67,200 72,000
Common stock .................................................................... 25,000 25,000
Retained earnings ............................................................... 117,800 101,280
Total liabilities and stockholders' equity........................ $252,000 $236,880
JACQUELINE’S RODEO WEAR
Income Statement
For the Year Ended December 31, 2003
Net sales ....................................................................................................... $360,000
Cost of goods sold ........................................................................................ 252,000
Gross profit ................................................................................................... 108,000
Operating expenses (including $7,200 interest and $9,000 income taxes).... 68,400
Net income .................................................................................................... $ 39,600
Net cash provided by operating activities totaled $46,800.
Instructions
Compute the following ratios at December 31, 2003:
a. Return on assets
b. Profit margin
c. Asset turnover
d. Gross profit rate
e. Operating expenses to sales
f. Cash return on sales




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