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15. Rate earned on common
stockholders' equity
16. Earnings per share
on common stock
17. Price-earnings ratio
18. Dividends per share
of common stock
19. Dividend yield
An asterisk (*) will appear to the right of an incorrect entry.
Current Assets -
Current
Liabilities
=
Calculated Value
1. Working capital: $1,100,000 $440,000 $660,000
Ratio Numerator ÷ Denominator =
Calculated Value
2. Current ratio 1,100,000$ 440,000$ 2.5
3. Quick ratio 880,000$ 440,000$ 2.0
8. Ratio of fixed assets to
long-term liabilities 1,320,000$ 1,100,000$ 1.2
9. Ratio of liabilities to
stockholders' equity 1,540,000$ 3,230,000$ 0.5
10. Number of times
interest charges earned 446,000$ 66,000$ 6.8
Problem 15(14)-4A
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Solution
Section:
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ON
15. Rate earned on common
stockholders' equity 285,000$ 2,892,500$ 9.9%
An asterisk (*) will appear to the right of an incorrect entry.
Current Assets -
Current
Liabilities
=
Calculated Value
1. Working capital:
Ratio Numerator ÷ Denominator =
Calculated Value
2. Current ratio
3. Quick ratio
4. Accounts receivable
turnover
5. Number of days'
sales in receivables
6. Inventory turnover
7. Number of days'
sales in inventory
8. Ratio of Fixed assets to
long-term liabilities
9. Ratio of liabilities to
stockholders' equity
10. Number of times
interest charges earned
11. Number of times
preferred dividends earned
12. Ratio of sales to
assets
13. Rate earned on total
assets
14. Rate earned on stock-
holders' equity
0%
Problem 15(14)-4B
Name:
Section:
[Key code here]
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Instructions
15. Rate earned on common
stockholders' equity
16. Earnings per share
on common stock
17. Price-earnings ratio
18. Dividends per share
of common stock
19. Dividend yield
An asterisk (*) will appear to the right of an incorrect entry.
Current Assets -
Current
Liabilities
=
Calculated Value
1. Working capital: $3,690,000 $900,000 $2,790,000
Ratio Numerator ÷ Denominator =
Calculated Value
2. Current ratio 3,690,000$ 900,000$ 4.1
3. Quick ratio 2,250,000$ 900,000$ 2.5
9. Ratio of liabilities to
stockholders' equity 2,600,000$ 7,180,000$ 0.4
10. Number of times
interest charges earned 1,300,000$ 170,000$ 7.6
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Problem 15(14)-4B
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Solution
Section:
15. Rate earned on common
stockholders' equity 855,000$ 6,277,500$ 13.6%
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
a.
Revenues:
Admissions 116,034$ 130,239$
Event-related revenue 151,562 163,621
NASCAR broadcasting revenue 192,662 185,394
Other operating revenue 29,902 26,951
Total revenue 490,160$ 506,205$
Expenses and other:
Direct expenses and events 101,402$ 106,204$
NASCAR purse and sanction fees 122,950 120,146
Other direct expenses 18,908 20,352
General and administrative 183,215 241,223
Total expenses and other 426,475$ 487,925$
Income from continuing operations 63,685$ 18,280$
b.
Current Year
Prior Year
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SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
For the Years Ended December 31
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Exercise 15(14)-2
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Section:
0%
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a.
Revenues:
Admissions 116,034$ 23.7% 130,239$ 25.7%
Event-related revenue 151,562 30.9% 163,621 32.3%
b.
Exercise 15(14)-2
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Solution
Section:
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Overall revenue decreased some between the two years, as did the overall mix of revenue sources.
The NASCAR broadcasting revenue increased as a percent of total revenue by almost 3% of total
For the Years Ended December 31
SPEEDWAY MOTORSPORTS, INC.
Comparative Income Statement (in thousands of dollars)
Current Year
Prior Year
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Amount Percent Amount Percent
Current assets
Property, plant, and equipment
Intangible assets
Total assets
Current liabilities
Long-term liabilities
Common stock
Retained earnings
Total liabilities and equity
Previous Year
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NOVAK COMPANY
Comparative Balance Sheet
December 31, 20--
Current Year
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Exercise 15(14)-4
Name:
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0%
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Amount Percent Amount Percent
Current assets 1,300,000$ 26.0% 945,000$ 21.0%
Property, plant, and equipment 3,000,000 60.0% 3,150,000 70.0%
Intangible assets 700,000 14.0% 405,000 9.0%
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Exercise 15(14)-4
Name:
Solution
Section:
December 31, 20--
NOVAK COMPANY
Comparative Balance Sheet
Previous Year
Current Year
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a.
Current Year Previous Year
Amount Amount Amount Percent
Sales 1,120,000$ 1,000,000$
Cost of goods sold 971,250 875,000
Gross profit 148,750$ 125,000$
Selling expenses 71,250$ 62,500$
Administrative expenses 56,000 50,000
E
Total operating expenses 127,250$ 112,500$
Income before income tax 21,500$ 12,500$
Income tax expense 8,000 5,000
Net income 13,500$ 7,500$
b.
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Exercise 15(14)-5
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0%
Increase (Decrease)
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[Key code here]
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MORENO COMPANY
Comparative Income Statement
For the Years Ended December 31, 20--
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a.
Current Year Previous Year
Amount Amount Amount Percent
Sales 1,120,000$ 1,000,000$ 120,000$ 12.0%
Cost of goods sold 971,250 875,000 96,250 11.0%
Gross profit 148,750$ 125,000$ 23,750$ 19.0%
b.
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The net income for Moreno Company increased by approximately 80% between years. This increase was
For the Years Ended December 31, 20--
MORENO COMPANY
Comparative Income Statement
Increase (Decrease)
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Exercise 15(14)-5
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Solution
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ON
