Joe’s Fish Hut
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Free InquiryThe balance sheet and income statement for Joe’s Fish Hut are presented below:
Joe’s Fish Hut Balance Sheet As at December 31 |
||
2016 |
2015 |
|
ASSETS |
||
Current Assets |
||
Cash |
$180,623 |
$60,300 |
Accounts receivable |
$18,900 |
$14,200 |
Inventory |
$23,600 |
$25,300 |
Total Current Assets |
$223,123 |
$99,800 |
Property, plant & equipment |
$129,000 |
$184,000 |
Less: Accumulated depreciation |
$-26,900 |
$-21,600 |
TOTAL ASSETS |
$325,223 |
$262,200 |
LIABILITIES AND EQUITY |
||
Liabilities |
||
Current Liabilities |
||
Accounts payable |
$28,000 |
$41,800 |
Current portion of bank loan |
$9,500 |
$9,500 |
Total Current Liabilities |
$37,500 |
$51,300 |
Non-current portion of bank loan |
$71,000 |
$42,000 |
TOTAL LIABILITIES |
$108,500 |
$93,300 |
Shareholders’ Equity |
||
Common shares |
$80,000 |
$54,400 |
Retained earnings |
$136,723 |
$114,500 |
TOTAL SHAREHOLDERS’ EQUITY |
$216,723 |
$168,900 |
TOTAL LIABILITIES AND EQUITY |
$325,223 |
$262,200 |
Joe’s Fish Hut Income Statement For the Year Ended December 31, 2016 |
|
Sales |
$137,000 |
COGS |
$83,200 |
Gross Profit |
$53,800 |
Operating Expenses |
|
Insurance Expense |
$1,600 |
Rent Expense |
$5,380 |
Salaries Expense |
$5,150 |
Telephone Expense |
$840 |
Interest Expense |
$1,340 |
Depreciation Expense |
$5,300 |
Total Operating Expenses |
$19,610 |
Operating Profit Before Tax |
$34,190 |
Income Tax Expense |
$11,967 |
Net Profit (Loss) |
$22,223 |
Complete the following ratio analysis.
Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Calculate the return on equity for 2016. Return on Equity: Answer % b) Calculate the return on assets for 2016. Return on Assets: Answer % c) Calculate the asset turnover ratio for 2016. Asset turnover: Answer times d) Calculate the current ratio for 2016. Current Ratio: Answer e) Calculate the quick ratio for 2016. Quick Ratio: Answer f) Calculate the debt to equity ratio for 2016. Debt to Equity Ratio: Answer g) Calculate the days sales outstanding ratio for 2016. Assume all sales are credit sales. Days sales outstanding: Answer days h) Calculate the accounts receivable turnover for 2016. Assume all sales are credit sales Accounts Receivable turnover: Answer times
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