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Presentation/PPT
27/08/2022
Financial statements for Lardy Company appear below:Lardy CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2Year 1Current assets:Cash and marketable securities ……………………..$ 180$ 180Accounts receivable, net ………………………………220190Inventory ……………………………………………………170180Prepaid expenses …………………………………………3020Total current assets …………………………………………600570Noncurrent assets:Plant & equipment, net …………………………………1,8301,820Total assets ……………………………………………………$2,430$2,390Current liabilities:Accounts payable ………………………………………..$ 120$ 130Accrued liabilities ………………………………………..9060Notes payable, short term ……………………………..140160Total current liabilities …………………………………….350350Noncurrent liabilities:Bonds payable …………………………………………….360400Total liabilities …………………………………………….710750Stockholders’ equity: ……………………………………..Preferred stock, $20 par, 10% ……………………….120120Common stock, $10 par ……………………………….140140Additional paid-in capital–common stock ………160160Retained earnings ………………………………………..1,3001,220Total stockholders’ equity ……………………………….1,7201,640Total liabilities & stockholders’ equity ………………$2,430$2,390.Lardy CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account) ………………………………………$2,060Cost of goods sold …………………………………………1,440Gross margin …………………………………………………620Selling and administrative expense …………………..240Net operating income ……………………………………..380Interest expense ……………………………………………..40Net income before taxes ………………………………….340Income taxes (30%) ………………………………………..102Net income ……………………………………………………$ 238Dividends during Year 2 totaled $158 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $210.Lardy Company’s dividend yield ratio on December 31, Year 2 was closest to:
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