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Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income 2023 $5,750,000 3,036,000 301,400 1,614,000 $ 798,600 173,000 $ 625,600 284,500 $ 341,100 Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 41,600 592,000 439,600 $ 1,073,200 2,827,000 $ 3,900,200 $ 313,300 501,000 $ 814,300 1,783,800 $2,598,100 $ 312,500 989,600 $ 1,302,100 2022 $ 90,000 1,561,400 1,086,100 $2,737,500 6,410,000 $ 9,147,500 $ 1,110,000 1,364,200 $ 2,474,200 5,452,300 $ 7,926,500 $ 312,500 908,500 $ 1,221,000 $ 3,900,200 $ 9,147,500 a. Inventory turnover ratio in 2023 b. Debt/equity ratio in 2023 c. Cash flow from operating activities in 2023 d. Average collection period e. Asset turnover ratio f. Interest coverage ratio g. Operating profit margin h. Return on equity j. Compound leverage ratio k. Net cash provided by operating activities days % %

Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income 2023 $5,750,000 3,036,000 301,400 1,614,000 $ 798,600 173,000 $ 625,600 284,500 $ 341,100 Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 41,600 592,000 439,600 $ 1,073,200 2,827,000 $ 3,900,200 $ 313,300 501,000 $ 814,300 1,783,800 $2,598,100 $ 312,500 989,600 $ 1,302,100 2022 $ 90,000 1,561,400 1,086,100 $2,737,500 6,410,000 $ 9,147,500 $ 1,110,000 1,364,200 $ 2,474,200 5,452,300 $ 7,926,500 $ 312,500 908,500 $ 1,221,000 $ 3,900,200 $ 9,147,500 a. Inventory turnover ratio in 2023 b. Debt/equity ratio in 2023 c. Cash flow from operating activities in 2023 d. Average collection period e. Asset turnover ratio f. Interest coverage ratio g. Operating profit margin h. Return on equity j. Compound leverage ratio k. Net cash provided by operating activities days % %

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.33E
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Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income 2023 $5,750,000 3,036,000 301,400 1,614,000 $ 798,600 173,000 $ 625,600 284,500 $ 341,100 Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 41,600 592,000 439,600 $ 1,073,200 2,827,000 $ 3,900,200 $ 313,300 501,000 $ 814,300 1,783,800 $2,598,100 $ 312,500 989,600 $ 1,302,100 2022 $ 90,000 1,561,400 1,086,100 $2,737,500 6,410,000 $ 9,147,500 $ 1,110,000 1,364,200 $ 2,474,200 5,452,300 $ 7,926,500 $ 312,500 908,500 $ 1,221,000 $ 3,900,200 $ 9,147,500 a. Inventory turnover ratio in 2023 b. Debt/equity ratio in 2023 c. Cash flow from operating activities in 2023 d. Average collection period e. Asset turnover ratio f. Interest coverage ratio g. Operating profit margin h. Return on equity j. Compound leverage ratio k. Net cash provided by operating activities days % %
Transcribed Image Text:Required: Use the financial statements of Heifer Sports Incorporated to find the information below for Heifer. Note: Use 365 days a year. Do not round intermediate calculations. Round all answers to 2 decimal places except $ amounts and Round Average collection period to 1 decimal place. Income Statement Sales Cost of goods sold Depreciation Selling and administrative expenses EBIT Interest expense Taxable income Taxes Net income 2023 $5,750,000 3,036,000 301,400 1,614,000 $ 798,600 173,000 $ 625,600 284,500 $ 341,100 Balance Sheet, Year-End Assets Cash Accounts receivable Inventory Total current assets Fixed assets Total assets Liabilities and shareholders' equity Accounts payable Short-term debt Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 2023 $ 41,600 592,000 439,600 $ 1,073,200 2,827,000 $ 3,900,200 $ 313,300 501,000 $ 814,300 1,783,800 $2,598,100 $ 312,500 989,600 $ 1,302,100 2022 $ 90,000 1,561,400 1,086,100 $2,737,500 6,410,000 $ 9,147,500 $ 1,110,000 1,364,200 $ 2,474,200 5,452,300 $ 7,926,500 $ 312,500 908,500 $ 1,221,000 $ 3,900,200 $ 9,147,500 a. Inventory turnover ratio in 2023 b. Debt/equity ratio in 2023 c. Cash flow from operating activities in 2023 d. Average collection period e. Asset turnover ratio f. Interest coverage ratio g. Operating profit margin h. Return on equity j. Compound leverage ratio k. Net cash provided by operating activities days % %
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