The following financial data for the Freemont Corporation are to be used in answering self-test problems 1–6.
Balance Sheet ($000)
Assets Liabilities & Stockholders’ Equity
Cash $ 1,500 Accounts payable $12,500
Marketable securities 2,500 Notes payable 12,500
Accounts receivable 15,000 Total current liabilities $25,000
Inventory 33,000 Long-term debt 22,000
Total current assets $52,000 Total liabilities $47,000
Fixed assets (net) 35,000 Common stock (par value) 5,000
Total assets $87,000 Contributed capital in excess of par 18,000
Retained earnings 17,000
Total stockholders’ equity $40,000
Total liabilities and stockholders’ equity $87,000
Income Statement ($000)
Sales (all on credit) $130,000
Cost of sales 103,000
Gross margin $ 27,000
Operating expenses* 16,000
Earnings before interest and taxes $ 11,000
Interest expense 3,000
Earnings before taxes $ 8,000
Income tax 3,000
Earnings after taxes $ 5,000
2.Calculate the following asset management ratios:
4.Calculate the following profitability ratios:
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