E15-11 Scully Corporation’s comparative balance sheets are presented below.
| Scully Corporation | ||
| Balance Sheets | ||
31-Dec
|
||
| 2008 | 2007 | |
| Cash | 4,300 | 3,700 |
| Accounts receivable | 21,200 | 23,400 |
| Inventory | 10,000 | 7,000 |
| Land | 20,000 | 26,000 |
| Buildings | 70,000 | 70,000 |
| Accumulated depreciation | (15,000) | (10,000) |
| Total | 110,500 | 120,100 |
| Accounts payable | 12,370 | 31,100 |
| Common stock | 75,000 | 69,000 |
| Retained earnings | 23,130 | 20,000 |
| Total | 110,500 | 120,100 |
Scully’s 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and
net income of $15,000.
Instructions
Compute the following ratios for 2008.
(a) Current ratio.
(b) Acid-test ratio.
(c) Receivables turnover.
(d) Inventory turnover.
(e) Profit margin.
(f) Asset turnover.
(g) Return on assets.
(h) Return on common stockholders’ equity.
(i) Debt to total assets ratio.
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