Condensed balance sheet and income statement data for Jernigan Corporation are p
ID: 2471567 • Letter: C
Question
Condensed balance sheet and income statement data for Jernigan Corporation are presented here.
JERNIGAN CORPORATION
Balance Sheets
December 31
2014
2013
2012
$ 31,159
$ 21,159
$ 19,159
51,159
46,159
49,159
96,556
101,556
70,556
61,556
76,556
51,556
500,000
370,000
358,000
$740,430
$615,430
$548,430
$ 86,159
$ 81,159
$ 71,159
151,556
91,556
56,556
326,556
316,556
306,556
176,159
126,159
114,159
$740,430
$615,430
$548,430
JERNIGAN CORPORATION
Income Statements
For the Years Ended December 31
2014
2013
$746,556
$606,556
41,159
31,159
705,397
575,397
431,556
356,556
273,841
218,841
181,159
151,159
$ 92,682
$ 67,682
Additional information:
(a) Compute the following ratios for 2013 and 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
2014
2013
JERNIGAN CORPORATION
Balance Sheets
December 31
2014
2013
2012
Cash$ 31,159
$ 21,159
$ 19,159
Accounts receivable (net)51,159
46,159
49,159
Other current assets96,556
101,556
70,556
Investments61,556
76,556
51,556
Plant and equipment (net)500,000
370,000
358,000
$740,430
$615,430
$548,430
Current liabilities$ 86,159
$ 81,159
$ 71,159
Long-term debt151,556
91,556
56,556
Common stock, $10 par326,556
316,556
306,556
Retained earnings176,159
126,159
114,159
$740,430
$615,430
$548,430
Explanation / Answer
2014 2013 2014 2013 Profit margin. Net income/ sales 92682/705397 67682/575397 13.14% 11.76% Gross profit rate. gross profit/ sales 273841/705397 =218841/575397 38.82% 38.03% Asset turnover. Sales/Average asset =705397/(740430+615430)/2 =575397/(615430+548430)/2 1.04 0.99 Earnings per share. Net income/Nof shares =92682/32655.6 67682/31655.6 2.84 2.14 Price-earnings ratio. Price/Eps 7.99/2.84 10.44/2.14 2.81 4.88 Payout ratio. Dividend/net income 42682/92682 46.05% 82.27% Debt to assets ratio. debt/Total asset (86159+151556)/740430 (81159+91556)/615430 32.10% 28.06% 2014 2013 Change in Re Retained earnings 176159 126159 50000 92682 Dividend 92682-50000 42682 2013 2012 Change in Re Retained earnings 126159 114159 12000 Net Income 67682 Dividend 67682-12000 55682
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