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In: Accounting

Condensed balance sheet and income statement data for Pina Corporation are presented here. PINA CORPORATION Balance...

Condensed balance sheet and income statement data for Pina Corporation are presented here.

PINA CORPORATION
Balance Sheets
December 31

2022

2021

2020

Cash

$ 32,000

$ 22,000

$ 20,000

Accounts receivable (net)

52,000

47,000

50,000

Other current assets

97,000

102,000

71,000

Investments

62,000

77,000

52,000

Plant and equipment (net)

500,000

370,000

358,000

$743,000

$618,000

$551,000

Current liabilities

$ 87,000

$ 82,000

$ 72,000

Long-term debt

152,000

92,000

57,000

Common stock, $10 par

327,000

317,000

307,000

Retained earnings

177,000

127,000

115,000

$743,000

$618,000

$551,000

PINA CORPORATION
Income Statements
For the Years Ended December 31

2022

2021

Sales revenue

$747,000

$607,000

Less: Sales returns and allowances

42,000

32,000

Net sales

705,000

575,000

Cost of goods sold

432,000

357,000

Gross profit

273,000

218,000

Operating expenses (including income taxes)

182,000

152,000

Net income

$ 91,000

$ 66,000


Additional information:

1. The market price of Pina’s common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively.
2. You must compute dividends paid. All dividends were paid in cash.


Compute the following ratios for 2021 and 2022.

2022

2021

Profit margin

enter percentages

%

enter percentages

% (Round answers to 1 decimal place, e.g. 1.5%.)

Gross profit rate

enter percentages

%

enter percentages

% (Round answers to 1 decimal place, e.g. 1.5%.)

Asset turnover

enter asset turnover in times

times

enter asset turnover in times

times (Round answers to 2 decimal places, e.g. 1.83.)

Earnings per share

$enter earnings per share in dollars

$enter earnings per share in dollars

(Round answers to 2 decimal places, e.g. 1.83.)

Price-earnings ratio

enter price-earnings ratio in times

times

enter price-earnings ratio in times

times (Round answers to 1 decimal place, e.g. 1.5.)

Payout ratio

enter percentages

%

enter percentages

% (Round answers to 0 decimal places, e.g. 15%.)

Debt to assets ratio

enter percentages

%

enter percentages

% (Round answers to 0 decimal places, e.g. 15%.)

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