Condensed balance sheet and income statement data for Sievert Corporation are pr
ID: 2373429 • Letter: C
Question
Condensed balance sheet and income statement data for Sievert Corporation are presented here and following.SIEVERT CORPORATION
Balance Sheets
December 31 Assets 2012 2011 Cash $ 31,660 $ 23,660 Receivables (net) 77,859 69,859 Other current assets 97,859 80,859 Long-term investments 62,000 60,000 Plant and equipment (net) 517,859 477,859 Total assets $ 787,237 712,237 Liabilities and Stockholders%u2019 Equity Current liabilities $ 78,660 $ 73,660 Long-term debt 87,859 97,859 Common stock 337,859 307,859 Retained earnings 282,859 232,859 Total liabilities and stockholders%u2019 equity $ 787,237 $ 712,237
SIEVERT CORPORATION
Income Statements
For the Years Ended December 31 2012 2011 Sales $783,927 $706,741 Cost of goods sold 440,000 400,000 Operating expenses (including income taxes) 240,000 220,000 Net income $ 103,927 $ 86,741
Additional information:
Cash from operating activities $117,667 $59,660 Cash used for capital expenditures $48,660 $38,000 Common stock dividends paid $53,927 $18,660 Average number of shares outstanding 33,000 30,000
Condensed balance sheet and income statement data for Sievert Corporation are presented here and following.
SIEVERT CORPORATION
Balance Sheets
December 31 Assets 2012 2011 Cash $ 31,660 $ 23,660 Receivables (net) 77,859 69,859 Other current assets 97,859 80,859 Long-term investments 62,000 60,000 Plant and equipment (net) 517,859 477,859 Total assets $ 787,237 712,237 Liabilities and Stockholders%u2019 Equity Current liabilities $ 78,660 $ 73,660 Long-term debt 87,859 97,859 Common stock 337,859 307,859 Retained earnings 282,859 232,859 Total liabilities and stockholders%u2019 equity $ 787,237 $ 712,237
SIEVERT CORPORATION
Income Statements
For the Years Ended December 31 2012 2011 Sales $783,927 $706,741 Cost of goods sold 440,000 400,000 Operating expenses (including income taxes) 240,000 220,000 Net income $ 103,927 $ 86,741
Additional information:
Cash from operating activities $117,667 $59,660 Cash used for capital expenditures $48,660 $38,000 Common stock dividends paid $53,927 $18,660 Average number of shares outstanding 33,000 30,000
Condensed balance sheet and income statement data for Sievert Corporation are presented here and following.
SIEVERT CORPORATION
Balance Sheets
December 31 Assets 2012 2011 Cash $ 31,660 $ 23,660 Receivables (net) 77,859 69,859 Other current assets 97,859 80,859 Long-term investments 62,000 60,000 Plant and equipment (net) 517,859 477,859 Total assets $ 787,237 712,237 Liabilities and Stockholders%u2019 Equity Current liabilities $ 78,660 $ 73,660 Long-term debt 87,859 97,859 Common stock 337,859 307,859 Retained earnings 282,859 232,859 Total liabilities and stockholders%u2019 equity $ 787,237 $ 712,237
SIEVERT CORPORATION
Income Statements
For the Years Ended December 31 2012 2011 Sales $783,927 $706,741 Cost of goods sold 440,000 400,000 Operating expenses (including income taxes) 240,000 220,000 Net income $ 103,927 $ 86,741
Additional information:
Cash from operating activities $117,667 $59,660 Cash used for capital expenditures $48,660 $38,000 Common stock dividends paid $53,927 $18,660 Average number of shares outstanding 33,000 30,000
Explanation / Answer
2011:
Earnings per share = Net Inc/No of shares
= 86741/30000 = $2.89
Working capital = CA-CL = (Cash+Rxable+Other CA - CL)
ie WC = (23660+69859+80859 -73660) = 100718
Current ratio = CA/CL
= (23660+69859+80859)/73660 =2.37 :1
Debt to total assets ratio = (ST Debt+LT Debt)/Total asset
= (73660+97859)/712237 = 24.08%
Free cash flow = Net CF from Op act - Cap exp-Div
= 59660 - 38000-18660 = 3000
2012:
Earnings per share = Net Inc/No of shares
= 103927/33000 =$3.15
Working capital = CA-CL = (Cash+Rxable+Other CA - CL)
ie WC = (31660+77859+97859 -78660) = 128718
Current ratio = CA/CL
= (31660+77859+97859)/78660 =2.64:1
Debt to total assets ratio = (ST Debt+LT Debt)/Total asset
= (78660+87859)/787237 = 21.15%
Free cash flow = Net CF from Op act - Cap exp-Div
= 117667-48660-53927 = 15080
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