comparative financial statements of blige inc.

The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $63 on December 31, 2012.

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Blige Inc.
Comparative Retained Earnings Statement
For the Years Ended December 31, 2012 and 2011
      2012     2011
Retained earnings, January 1 $1,262,100   $1,067,600  
Add net income for year 300,000   218,700  
Total $1,562,100   $1,286,300  
Deduct dividends:        
On preferred stock $9,800   $9,800  
On common stock 14,400   14,400  
Total $24,200   $24,200  
Retained earnings, December 31 $1,537,900   $1,262,100  
Blige Inc.
Comparative Income Statement
For the Years Ended December 31, 2012 and 2011
      2012     2011
Sales $1,787,170   $1,644,200  
Sales returns and allowances 8,890   5,780  
Net sales $1,778,280   $1,638,420  
Cost of goods sold 613,200   564,140  
Gross profit $1,165,080   $1,074,280  
Selling expenses $392,700   $490,010  
Administrative expenses 334,530   287,790  
Total operating expenses 727,230   777,800  
Income from operations $437,850   $296,480  
Other income 23,050   18,920  
  $460,900   $315,400  
Other expense (interest) 120,000   66,400  
Income before income tax $340,900   $249,000  
Income tax expense 40,900   30,300  
Net income $300,000   $218,700  
Blige Inc.
Comparative Balance Sheet
December 31, 2012 and 2011
      Dec. 31, 2012     Dec. 31, 2011
Assets  
Current assets:    
Cash $288,770   $300,730  
Temporary investments 437,050   498,350  
Accounts receivable (net) 328,500   306,600  
Inventories 248,200   189,800  
Prepaid expenses 54,632   60,150  
Total current assets $1,357,152   $1,355,630  
Long-term investments 754,858   195,781  
Property, plant, and equipment (net) 1,950,000   1,755,000  
Total assets $4,062,010   $3,306,411  
Liabilities
Current liabilities $424,110   $614,311  
Long-term liabilities:    
Mortgage note payable, 8%, due 2017 $670,000   $0  
Bonds payable, 8%, due 2021 830,000   830,000  
Total long-term liabilities $1,500,000   $830,000  
Total liabilities $1,924,110   $1,444,311  
Stockholders’ Equity    
Preferred $0.70 stock, $20 par $280,000   $280,000  
Common stock, $10 par 320,000   320,000  
Retained earnings 1,537,900   1,262,100  
Total stockholders’ equity $2,137,900   $1,862,100  
Total liabilities and stockholders’ equity $4,062,010   $3,306,411  

Instructions:

Determine the following measures for 2012, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Assume 365 days a year.

1. Working capital: $  
2. Current ratio:    
3. Quick ratio:    
4. Accounts receivable turnover:    
5. Number of days’ sales in receivables:    
6. Inventory turnover:    
7. Number of days’ sales in inventory:    
8. Ratio of fixed assets to long-term liabilities:    
9. Ratio of liabilities to stockholders’ equity:    
10. Number of times interest charges are earned:    
11. Number of times preferred dividends earned:    
12. Ratio of net sales to assets:    
13. Rate earned on total assets:   %
14. Rate earned on stockholders’ equity:   %
15. Rate earned on common stockholders’ equity:   %
16. Earnings per share on common stock: $  
17. Price-earnings ratio:    
18. Dividends per share of common stock: $  
19. Dividend yield:   %

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