FRIZELL COMPANY Balance Sheets December 31 Assets 2014 2013 $ 69,100 $ 64,400 54
ID: 2499142 • Letter: F
Question
FRIZELL COMPANY
Balance Sheets
December 31
Assets
2014
2013
$ 69,100
$ 64,400
54,300
39,700
105,900
90,300
238,700
165,400
28,300
28,600
133,900
133,900
263,000
184,400
$893,200
$706,700
Liabilities and Stockholders’ Equity
$170,700
$101,600
64,700
54,500
40,200
40,200
250,800
170,600
201,900
201,900
164,900
137,900
$893,200
$706,700
FRIZELL COMPANY
Income Statements
For the Years Ended December 31
2014
2013
$895,500
$799,400
640,900
575,700
254,600
223,700
191,500
159,600
$ 63,100
$ 64,100
(a1)
2013
2014
% Change
LIQUIDITY
2013
2014
% Change
PROFITABILITY
(b)
Situation
Ratio
2014
2015
% Change
The following financial information is for Frizell Company.FRIZELL COMPANY
Balance Sheets
December 31
Assets
2014
2013
Cash$ 69,100
$ 64,400
Debt investments (short-term)54,300
39,700
Accounts receivable105,900
90,300
Inventory238,700
165,400
Prepaid expenses28,300
28,600
Land133,900
133,900
Building and equipment (net)263,000
184,400
Total assets$893,200
$706,700
Liabilities and Stockholders’ Equity
Notes payable$170,700
$101,600
Accounts payable64,700
54,500
Accrued liabilities40,200
40,200
Bonds payable, due 2017250,800
170,600
Common stock, $10 par201,900
201,900
Retained earnings164,900
137,900
Total liabilities and stockholders’ equity$893,200
$706,700
FRIZELL COMPANY
Income Statements
For the Years Ended December 31
2014
2013
Sales revenue$895,500
$799,400
Cost of goods sold640,900
575,700
Gross profit254,600
223,700
Operating expenses191,500
159,600
Net income$ 63,100
$ 64,100
Additional information:
1. Inventory at the beginning of 2013 was $115,200. 2. Accounts receivable (net) at the beginning of 2013 were $88,800. 3. Total assets at the beginning of 2013 were $635,400. 4. No common stock transactions occurred during 2013 or 2014. 5. All sales were on account.
Explanation / Answer
Particulars 2014 2013 Perentage change Current Assets (A) 496300 388400 Current Laibilities (B) 275600 196300 Current Ratio (A/B) 1.80079826 1.97860418 -0.17780592 Sales (A) 895500 799400 Average accounts receivable (B) 98100 89550 Accounts Receivable turnover (A/B) 9.12844037 8.9268565 0.201583862 Sales (A) 895500 799400 Average Inventory (B) 202050 140300 Inventory Turnover (A/B) 4.43207127 5.69779045 -1.26571918 Net Income (A) 63100 64100 Sales (B) 895500 799400 Gross margin (A/B) 0.07046343 0.08018514 Sales (A) 895500 799400 Total Assets (B) 893200 706700 Assets turnover (A/B) 1.00257501 1.13117306 -0.12859805 Net Income (A) 63100 64100 Total Assets (B) 893200 706700 Return on Assets (A/B) 0.07064487 0.09070327 -0.0200584 Net Income (A) 63100 64100 Outstanding shares (B) 20190 20190 Earning Per Share (A/B) 3.12530956 3.17483903 -0.04952947
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