CORBIN COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales (all on account)

CORBIN COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales (all on account)

$595,000 $520,000 Expenses Cost of goods sold 415,000 354,000 Selling and administrative 120,800 114,800 Interest expense 7,800 6,000 Income tax expense 15,000 14,000 Total expenses 558,600 488,800 Net income $ 36,400 $ 31,200 CORBIN COMPANY Balance Sheets December 31 Assets 2015 2014 Current assets Cash $ 21,000 $ 18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 91,000 74,000 Inventory 85,000 70,000 Total current assets 215,000 177,000 Plant assets (net) 423,000 383,000 Total assets $638,000 $560,000 Weygandt, Jerry J., et al. Financial Accounting, 9th Edition, Wiley, 2013. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/cdu/detail.action?docID=5106496. Created from cdu on 2019-10-05 20:24:14. Copyright © 2013. Wiley. All rights reserved. 756 14 Financial Statement Analysis Additional data: The common stock recently sold at $19.50 per share. Instructions Compute the following ratios for 2015. (a) Current ratio. (h) Return on common stockholders' equity. (b) Acid-test ratio. (i) Earnings per share. (c) Accounts receivable turnover. (j) Price-earnings ratio. (d) Inventory turnover. (k) Payout ratio. (e) Profi t margin. (l) Debt to assets ratio. (f) Asset turnover. (m) Times interest earned