You obtained the following ratios for ABC Co for 2013:
ABC Co
Ratios
Industry
Current Ratio
2.1x
2.7x
Inventory Turnover
9.7x
7x
Days Sales Outstanding
18 days
32 days
Fixed Assets Turnover
6.8x
13x
Total Asset Turnover
3.3x
2.6x
Profit Margin
3.5%
3.5%
Time interest earned
5.0x
5x
Anwer questions (a) to (e)
a)You also understand that ABC Co cost of goods sold is 92% of sales and that it paid a total of $148 (thousand) in interest. The tax rate is 40%. Provide ABC Co income statement for 2013.
b)Complete the Balance Sheet for ABC Co as of December 31, 2013 (in thousands)
Assets
Cash and Equivalents
–
Accounts Receivables
–
Inventories
–
Total Current Assets
–
Net plant and equipment
–
Total Assets
–
Liabilities and Equity
Accounts Payable
–
Notes Payable
160
Accruals
480
Current Liabilities
–
Long term bonds
–
Total Liabilities
–
Common stock
240
Retained earnings
520
Common Equity
–
Total Liabilities and Equity
–
c)Compute ABC Co RoA and RoE. Compare to Industry RoA 11%, RoE 25%
d)Provide the DuPont Analysis with comments. Note that the industry Debt to Asset ratio is 50%. Show your calculations.
e)Finally using c) d) and the table above, comment on the companys:
i. Liquidity (define)
ii.Adequacy of its credit policy
iii.Efficiency of asset usage (should the company increase inventories, fixed assets)
iv.Adequacy of leverage level.
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