The comparative statements of Corbin Company are presented
below.

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Question: The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income State…
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CORBIN COMPANY
Income Statement
For the Years Ended December 31

2017

2016

Net sales (all on account) $599,900 $519,900
Expenses
    Cost of goods sold 415,800 353,000
    Selling and administrative 120,200 113,300
    Interest expense 8,300 6,900
    Income tax expense 17,100 14,000
      Total expenses 561,400 487,200
Net income $ 38,500 $ 32,700

CORBIN COMPANY
Balance Sheets
December 31

Assets

2017

2016

Current assets
    Cash $ 20,800 $ 18,200
    Short-term investments 18,300 14,500
    Accounts receivable (net) 85,400 73,600
    Inventory 89,600 69,900
      Total current assets 214,100 176,200
Plant assets (net) 423,800 383,800
Total assets $637,900 $560,000

Liabilities and Stockholders’ Equity

Current liabilities
    Accounts payable $121,600 $109,000
    Income taxes payable 23,200 19,800
      Total current
liabilities
144,800 128,800
Long-term liabilities
    Bonds payable 120,100 80,500
      Total liabilities 264,900 209,300
Stockholders’ equity
    Common stock ($5 par) 145,200 145,200
    Retained earnings 227,800 205,500
      Total stockholders’
equity
373,000 350,700
Total liabilities and stockholders’ equity $637,900 $560,000

Additional data:

The common stock recently sold at $20.74 per share.

Compute the following ratios for 2017. (Round Acid-test
ratio and Earnings per share to 2 decimal places, e.g. 1.65, and
all other answers to 1 decimal place, e.g. 6.8 or
6.8%.)

(a) Current ratio.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

:1
(b) Acid-test ratio.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

:1
(c) Accounts receivable turnover.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

times
(d) Inventory turnover.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

times
(e) Profit margin.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

%
(f) Asset turnover.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

times
(g) Return on assets.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

%
(h) Return on common stockholders’ equity.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

%
(i) Earnings per share. $

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

(j) Price-earnings ratio.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

times
(k) Payout ratio.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

%
(l) Debt to assets ratio.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

%
(m) Times interest earned.

Question: The comparative statements of Corbin Company are presentedbelow.CORBIN COMPANYIncome State...

times

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