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28 Sep 2019
Oceanview MarineCompany Assignment 2 Balance Sheet 31-Dec-15 Assets 2015 2014 2013 Current Assts Cash $ 1,320,096 $ 1,089,978 $ 1,200,347 AccountsReceivable: $ 1,646,046 $ 1,285,593 $ 1,180,982 Inventories $ 13,524,349 $ 12,356,400 $ 11,461,231 PrepaidExpenses $ 17,720 $ 15,826 $ 15,275 Deposits $ 7,916 $ 5,484 $ 4,329 Total CurrentAssets $ 16,516,127 $ 14,753,281 $ 13,862,164 Property, Plant, Equipment at cost, less accumulated depreciation $ 596,517 $ 612,480 $ 627,771 TOTAL ASSETS $ 17,112,644 $ 15,365,761 $ 14,489,935 LIABILITIES CurrentLiabilites Note Payable -Bank $ 5,100,000 $ 4,250,000 $ 4,000,000 Accountspayable $ 1,750,831 $ 1,403,247 $ 1,106,574 AccruedLiabilities $ 257,800 $ 217,003 $ 211,250 Federal IncomeTax Payable $ 35,284 $ 45,990 $ 39,725 Current portionof long-term debt $ 5,642 $ 5,642 $ 5,642 TotalCurrent Liabilities $ 7,149,557 $ 5,921,882 $ 5,363,191 Long-Term Liabilities Long-TermDebt $ 409,824 $ 415,466 $ 421,108 TOTAL LIABILITIES $ 7,559,381 $ 6,337,348 $ 5,784,299 STOCKHOLDERS EQUITY Common Stock $ 10,000 $ 10,000 $ 10,000 Additional paid in capital $ 2,500,000 $ 2,500,000 $ 2,500,000 Retaind Earnings $ 7,043,263 $ 6,518,413 $ 6,195,636 Total Stockholder Equity $ 9,553,263 $ 9,028,413 $ 8,705,636 TOTAL LIABILITIES AND STOCKHOLDEREQUITY $ 17,112,644 $ 15,365,761 $ 14,489,935 Liquidity ratios: unadjusted 12/31/2015 unadjusted 12/31/2014 CHANGE Percent Change Industry Average CurrentRation 2.31 2.49 -0.18 -7.23% 1.53 Quick Ratio 0.42 0.4 0.02 5.00% 0.43 Sales/ReceivableRatio 16.05 17.78 -1.73 -9.73% 20.29 Number of dayssales in A/R ? ? ? ? 17.99 InventoryTurnover ? ? ? ? 1.41 PROFITABILITY/PERFORMANCE RATIOS: Gross Profit Margin (%) ? ? ? ? 39.83% Income before taxes / owners' equity ? ? ? ? 0.06 Income before taxes / total assets 0.06 0.04 0.02 50.00% 0.04 Sales / Long - term assets 44.29 37.33 6.96 18.64% 19.07 Sales / Total Assets 1.54 1.49 0.05 3.36% 1.32 Sales / Working Capital 2.82 2.59 0.23 8.88% 2.18 SOLVENCY RATIOS Owners Equity / Total Assets 0.56 0.59 -0.03 -5.08% 0.31 Long - Term Assets / owners' Equity 0.06 0.07 -0.01 -14.29% 0.47 Current Liabilities / Owners Equity ? ? ? ? 1.13 Total Liabilities / Owners Equity ? ? ? ? 2.03 Please answer the questionmarks and show computation
Oceanview MarineCompany Assignment 2 | |||||
Balance Sheet | |||||
31-Dec-15 | |||||
Assets | 2015 | 2014 | 2013 | ||
Current Assts | |||||
Cash | $ 1,320,096 | $ 1,089,978 | $ 1,200,347 | ||
AccountsReceivable: | $ 1,646,046 | $ 1,285,593 | $ 1,180,982 | ||
Inventories | $ 13,524,349 | $ 12,356,400 | $ 11,461,231 | ||
PrepaidExpenses | $ 17,720 | $ 15,826 | $ 15,275 | ||
Deposits | $ 7,916 | $ 5,484 | $ 4,329 | ||
Total CurrentAssets | $ 16,516,127 | $ 14,753,281 | $ 13,862,164 | ||
Property, Plant, Equipment | |||||
at cost, less accumulated depreciation | $ 596,517 | $ 612,480 | $ 627,771 | ||
TOTAL ASSETS | $ 17,112,644 | $ 15,365,761 | $ 14,489,935 | ||
LIABILITIES | |||||
CurrentLiabilites | |||||
Note Payable -Bank | $ 5,100,000 | $ 4,250,000 | $ 4,000,000 | ||
Accountspayable | $ 1,750,831 | $ 1,403,247 | $ 1,106,574 | ||
AccruedLiabilities | $ 257,800 | $ 217,003 | $ 211,250 | ||
Federal IncomeTax Payable | $ 35,284 | $ 45,990 | $ 39,725 | ||
Current portionof long-term debt | $ 5,642 | $ 5,642 | $ 5,642 | ||
TotalCurrent Liabilities | $ 7,149,557 | $ 5,921,882 | $ 5,363,191 | ||
Long-Term Liabilities | |||||
Long-TermDebt | $ 409,824 | $ 415,466 | $ 421,108 | ||
TOTAL LIABILITIES | $ 7,559,381 | $ 6,337,348 | $ 5,784,299 | ||
STOCKHOLDERS EQUITY | |||||
Common Stock | $ 10,000 | $ 10,000 | $ 10,000 | ||
Additional paid in capital | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | ||
Retaind Earnings | $ 7,043,263 | $ 6,518,413 | $ 6,195,636 | ||
Total Stockholder Equity | $ 9,553,263 | $ 9,028,413 | $ 8,705,636 | ||
TOTAL LIABILITIES AND STOCKHOLDEREQUITY | $ 17,112,644 | $ 15,365,761 | $ 14,489,935 | ||
Liquidity ratios: | unadjusted 12/31/2015 | unadjusted 12/31/2014 | CHANGE | Percent Change | Industry Average |
CurrentRation | 2.31 | 2.49 | -0.18 | -7.23% | 1.53 |
Quick Ratio | 0.42 | 0.4 | 0.02 | 5.00% | 0.43 |
Sales/ReceivableRatio | 16.05 | 17.78 | -1.73 | -9.73% | 20.29 |
Number of dayssales in A/R | ? | ? | ? | ? | 17.99 |
InventoryTurnover | ? | ? | ? | ? | 1.41 |
PROFITABILITY/PERFORMANCE RATIOS: | |||||
Gross Profit Margin (%) | ? | ? | ? | ? | 39.83% |
Income before taxes / owners' equity | ? | ? | ? | ? | 0.06 |
Income before taxes / total assets | 0.06 | 0.04 | 0.02 | 50.00% | 0.04 |
Sales / Long - term assets | 44.29 | 37.33 | 6.96 | 18.64% | 19.07 |
Sales / Total Assets | 1.54 | 1.49 | 0.05 | 3.36% | 1.32 |
Sales / Working Capital | 2.82 | 2.59 | 0.23 | 8.88% | 2.18 |
SOLVENCY RATIOS | |||||
Owners Equity / Total Assets | 0.56 | 0.59 | -0.03 | -5.08% | 0.31 |
Long - Term Assets / owners' Equity | 0.06 | 0.07 | -0.01 | -14.29% | 0.47 |
Current Liabilities / Owners Equity | ? | ? | ? | ? | 1.13 |
Total Liabilities / Owners Equity | ? | ? | ? | ? | 2.03 |
Please answer the questionmarks and show computation |
Jamar FerryLv2
28 Sep 2019