Joe’s Fish Hut

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The 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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