Finance P3.15

4/16/2010

Chapter 3. Solution to 3-15

Joshua & White Technologies: December 31 Balance Sheets
(Thousands of Dollars)

assets20102009
Cash and cash equivalents$21,000$20,000
Short-term investments3,7593,240
Accounts Receivable52,50048,000
Inventories84,00056,000
union current assets$161,259$127,240
Net fixed assets218,400200,000
Total assets$379,659$327,240

Liabilities and uprightness
Accounts collectable$33,600$32,000
Accruals12,60012,000
Notes payable19,9296,480
Total current liabilities$66,129$50,480
Long-term debt67,66258,320
Total liabilities$133,791$108,800
frequent stock183,793178,440
Retained Earnings62,07540,000
Total common equity$245,868$218,440
Total liabilities and equity$379,659$327,240

Joshua & White Technologies December 31 Income Statements
(Thousands of Dollars)
20102009
gross revenue$420,000 $400,000
Expenses excluding depr. and amort.



327,600 320,000
EBITDA$92,400 $80,000
Depreciation and Amortization19,660 18,000
EBIT$72,740 $62,000
Interest Expense5,740 4,460
EBT$67,000 $57,540
Taxes (40%)26,800 23,016
Net Income$40,200 $34,524

harsh dividends$18,125 $17,262
Addition to retained earnings$22,075 $17,262

Other Data20102009
year-end Stock Price$90.00$96.00
# of shares (Thousands)4,0524,000
Lease payment (Thousands of Dollars)$20,000$20,000
Sinking breed payment (Thousands of Dollars)$0$0

Ratio Analysis20102009 assiduity Avg
Liquidity Ratios
Current Ratio2.58
Quick Ratio1.53
Asset Management Ratios
Inventory Turnover7.69
Days Sales big(p)47.45
Fixed Assets Turnover2.04
Total Assets Turnover1.23
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