ratio computation the financial statements of the lone pine company follow 502446 | Homework Solutions

Ratio computation. The financial statements of the Lone Pine Company follow.


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Comparative Balance Sheets

December 31, 20X2 and 20X1 ($000 Omitted)




Current Assets

Cash and Short-Term Investments

$ 400

$ 600

Accounts Receivable (net






Total Current Assets



Property, Plant, and Equipment



$ 600

Buildings and Equipment (net)



Total Property, Plant, and Equipment



Total Assets



Liabilities and Stockholders’ Equity

Current Liabilities

Accounts Payable



Notes Payable



Total Current Liabilities



Long-Term Liabilities

Bonds Payable



Total Liabilities



Stockholders’ Equity

Common Stock

$ 200

$ 200

Retained Earnings



Total Stockholders’ Equity



Total Liabilities and Stockholders’ Equity




Statement of Income and Retained Earnings

For the Year Ending December 31,20X2 ($000 Omitted)

Net Sales*


Less: Cost of Goods Sold


Selling Expense


Administrative Expense


Interest Expense


Income Tax Expense



Net Income

$ 3,600

Retained Earnings, Jan. 1


$ 4,500

Cash Dividends Declared and Paid


Retained Earnings, Dec. 31

$ 1,400

*All sales are on account.


Compute the following items for Lone Pine Company for 20X2, rounding all calculations to two decimal places when necessary:

a. Quick ratio

b. Current ratio

c. Inventory-turnover ratio

d. Accounts-receivable-turnover ratio

e. Return-on-assets ratio

f. Net-profit-margin ratio

g. Return-on-common-stockholders’ equity

h. Debt-to-total assets

i. Number of times that interest is earned

j. Dividend payout rate

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