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Presentation/PPT
27/08/2022
Using the financial statements for the Goodyear Calendar Company, calculatethe 13 basic ratios found in the chapter.GOODYEAR CALENDAR COMPANYBalance SheetDecember 31, 2008AssetsCurrent assets:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 370,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000Plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000Less: Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . (100,000)Net plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,000Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 760,000GOODYEAR CALENDAR COMPANYLiabilities and Stockholders’ EquityCurrent liabilities:Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90,000Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Accrued taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000Long-term liabilities:Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000Stockholders’ equityPreferred stock, $100 par value . . . . . . . . . . . . . . . . . . . . . . . . 90,000Common stock, $1 par value . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Capital paid in excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . 480,000Total liabilities and stockholders’ equity . . . . . . . . . . . . . . . . . . . . $ 760,000GOODYEAR CALENDAR COMPANYIncome StatementFor the Year Ending December 31, 2008Sales (on credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000Less: Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000Less: Selling and administrative expenses . . . . . . . . . . . . . . . 400,000*Operating profit (EBIT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000Less: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000Earnings before taxes (EBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000Less: Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,000Earnings after taxes (EAT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 168,000*Includes $10,000 in lease payments.
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