Compute and Interpret Liquidity, Solvency and Coverage Ratios
Balance sheets and income statements for Lockheed Martin Corporation follow. Refer to these financial statements to answer the requirements.
| Consolidated Statements of Earnings | |||
|---|---|---|---|
| Year Ended December 31 (In millions) | 2016 | 2015 | |
| Net sales | |||
| Products | $ 40,365 | $ 34,868 | |
| Services | 6,883 | 5,668 | |
| Total net sales | 47,248 | 40,536 | |
| Cost of sales | |||
| Products | (36,616) | (31,091) | |
| Services | (6,040) | (4,824) | |
| Severance and other charges | (80) | (82) | |
| Other unallocated costs | 550 | (47) | |
| Total cost of sales | (42,186) | (36,044) | |
| Gross Profit | 5,062 | 4,492 | |
| Other income, net | 487 | 220 | |
| Operating profit | 5,549 | 4,712 | |
| Interest expense | (663) | (443) | |
| Other non-operating income (expense), net | - | 30 | |
| Earnings before taxes | 4,886 | 4,299 | |
| Income tax expense | (1,133) | (1,173) | |
| Net earnings from continuing operations | 3,753 | 3,126 | |
| Net (loss) earnings from discontinued operations | 1,549 | 479 | |
| Net earnings | $ 5,302 | $ 3,605 | |
| Consolidated Balance Sheets | ||
|---|---|---|
| December 31 (in millions, except par value) | 2016 | 2015 |
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $ 1,837 | $ 1,090 |
| Receivables, net | 8,202 | 7,254 |
| Inventories, net | 4,670 | 4,819 |
| Other current assets | 399 | 441 |
| Assets of discontinued operations | - | 969 |
| Total current assets | 15,108 | 14,573 |
| Property, plant and equipment, net | 5,549 | 5,389 |
| Goodwill | 10,764 | 10,695 |
| Intangible assets, net | 4,093 | 4,022 |
| Deferred income taxes | 6,625 | 6,068 |
| Other noncurrent assets | 5,667 | 5,396 |
| Assets of discontinued operations | - | 3,161 |
| Total assets | $ 47,806 | $ 49,304 |
| Liabilities and stockholders' equity | ||
| Current Liabilities | ||
| Accounts payable | $ 1,653 | $ 1,745 |
| Customer advances and amounts in excess of costs incurred | 6,776 | 6,703 |
| Salaries, benefits and payroll taxes | 1,764 | 1,707 |
| Current maturities of long-term debt | - | 956 |
| Other current liabilities | 2,349 | 1,859 |
| Liabilities of discontinued operations | - | 948 |
| Total current liabilities | 12,542 | 13,918 |
| Long-term debt | 14,282 | 14,305 |
| Accrued pension liabilities | 13,855 | 11,807 |
| Other post-retirement benefit liabilities | 862 | 1,070 |
| Other noncurrent liabilities | 4,659 | 4,902 |
| Liabilities of discontinued operations | - | 205 |
| Total Liabilities | 46,200 | 46,207 |
| Stockholders' equity | ||
| Common stock, $1 par value per share | 289 | 303 |
| Additional paid-in capital | -- | -- |
| Retained earnings | 13,324 | 14,238 |
| Accumulated other comprehensive loss | (12,102) | (11,444) |
| Total stockholders' equity | 1,511 | 3,097 |
| Noncontrolling interests in subsidiary | 95 | - |
| Total equity | 1,606 | 3,097 |
| Total liabilities and stockholders' equity | $ 47,806 | $ 49,304 |
| Consolidated Statement of Cash Flows | |||
|---|---|---|---|
| Year Ended December 31 (in millions) | 2016 | 2015 | |
| Operating Activities | |||
| Net earnings | $ 5,302 | $ 3,605 | |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,215 | 1,026 | |
| Stock-based compensation | 149 | 138 | |
| Deferred income taxes | (152) | (445) | |
| Severance charges | 99 | 102 | |
| Gain on divestiture of IS&GS business | (1,242) | - | |
| Gain on step acquisition of AWE | (104) | - | |
| Changes in operating assets and liabilities: | |||
| Receivables, net | (811) | (256) | |
| Inventories, net | (46) | (398) | |
| Accounts payable | (188) | (160) | |
| Customer advances and amounts in excess of costs incurred | 3 | (32) | |
| Post-retirement benefit plans | 1,028 | 1,068 | |
| Income taxes | 146 | (48) | |
| Other, net | (210) | 501 | |
| Net cash provided by operating activities | 5,189 | 5,101 | |
| Investing Activities | |||
| Capital expenditures | (1,063) | (939) | |
| Acquisition of business/investments in affiliated | - | (9,003) | |
| Other, net | 78 | 208 | |
| Net cash used for investing activities | (985) | (9,734) | |
| Financing Activities | |||
| Special cash payment from divestiture of IS&GS businessk | 1,800 | - | |
| Repurchases of common stock | (2,096) | (3,071) | |
| Proceeds from stock option exercises | 106 | 174 | |
| Dividends paid | (2,048) | (1,932) | |
| Proceeds from the issuance of long-term debt | - | 9,101 | |
| Repayments of long-term debt | (952) | - | |
| Proceeds from borrowings under revolving credit facilities | - | 6,000 | |
| Repayments from borrowings under revolving credit facilities | - | (6,000) | |
| Other, net | (267) | 5 | |
| Net cash (used for) financing activities | (3,457) | 4,277 | |
| Net change in cash and cash equivalents | 747 | (356) | |
| Cash and cash equivalents at beginning of year | 1,090 | 1,446 | |
| Cash and cash equivalents at end of year | $ 1,837 | $ 1,090 | |
(a) Compute Lockheed Martin's current ratio and quick ratio for
2016 and 2015. (Round your answers to two decimal places.)
2016 current ratio = Answer
2015 current ratio = Answer
2016 quick ratio = Answer
2015 quick ratio = Answer
(b) Compute total liabilities-to-equity ratios and total
debt-to-equity ratios for 2016 and 2015 . (Round your answers to
two decimal places.)
2016 total liabilities-to-stockholders' equity = Answer
2015 total liabilities-to-stockholders' equity = Answer
2016 total debt-to-equity = Answer
2015 total ebt-to-equity = Answer
(c) Compute times interest earned ratio, cash from operations to
total debt ratio, and free operating cash flow to total debt
ratios. (Round your answers to two decimal places.)
2016 times interest earned = Answer
2015 times interest earned = Answer
2016 cash from operations to total debt = Answer
2015 cash from operations to total debt = Answer
2016 free operating cash flow to total debt = Answer
2015 free operating cash flow to total debt = Answer
In: Accounting
Problem
Write in drjava is fine.
Using the classes from Assignment #2, do the following:
The Vegetable class should have the usual constructors (default and parameterized), get (accessor) and set (mutator) methods for each attribute, and a toString method
Child classes should call parent methods whenever possible to minimize code duplication.
The driver program must test all the methods in the Vegetable class, and show that the new methods added to the Plant class can be called by each of the child classes. Include comments in your output to describe what you are testing, for example System.out.println(“testing Plant toString, accessor and mutator”);. Print out some blank lines in the output to make it easier to read and understand what is being output.
Assignment Submission:
Submit a print-out of the Plant and Vegetable classes, the driver file and a sample of the output. Also include a UML diagram of the classes involved. (Use tables in Word to create the various classes. Remember to use the correct arrows between the classes)
Marking Checklist
private String lifespan;
class Plant{
String name;
String lifeSpan;
//Default Constructor
public Plant(){
}
//Parametrized Constructor
public Plant(String name,String lifeSpan){
this.name=name;
this.lifeSpan=lifeSpan;
}
public String getName() {
return name;
}
public void setName(String name) {
this.name = name;
}
public String getLifeSpan() {
return lifeSpan;
}
public void setLifeSpan(String lifeSpan) {
this.lifeSpan = lifeSpan;
}
public String toString(){
return "\n\tName:"+name+"\n\tLifeSpan:"+lifeSpan;
}
}
class Tree extends Plant{
float height;
//Default Constructor
public Tree(){
}
//Parametrized Constructor
public Tree(float height,String name,String lifeSpan){
super(name,lifeSpan); //Super Class Constructor
this.height=height;
}
public float getHeight() {
return height;
}
public void setHeight(float height) {
this.height = height;
}
public String toString(){
return "\n\t"+super.toString()+"\n\tHeight:"+height;
}
}
class Flower extends Plant{
String color;
//Default Constructor
public Flower(){
}
//Parametrized Constructor
public Flower(String color,String name,String lifeSpan){
super(name,lifeSpan); //Super Class Constructor
this.color=color;
}
public String getColor() {
return color;
}
public void setColor(String color) {
this.color = color;
}
public String toString(){
return "\n\t"+super.toString()+"\n\tColor:"+color;
}
}
public class drjava{
public static void main(String args[]){
System.out.println("\n\nPlant DETAILS\n");
Plant plant=new Plant();
System.out.println("Testing Plant Setter and Getter and toString Methods");
plant.setName("Rose");
plant.setLifeSpan("2Years");
System.out.println("Plant Name:"+plant.getName());
System.out.println("Plant LifeSpan:"+plant.getLifeSpan());
System.out.println("Plant toString:"+plant.toString());
System.out.println("\n\nTREE DETAILS\n");
Tree tree=new Tree();
System.out.println("Testing Tree Setter and Getter and toString Methods");
tree.setName(plant.getName());
tree.setLifeSpan(plant.getLifeSpan());
tree.setHeight(3.565f);
System.out.println("Tree Name:"+tree.getName());
System.out.println("Tree Height:"+tree.getHeight());
System.out.println("Tree LifeSpan"+tree.getLifeSpan());
System.out.println("Tree toString:"+tree.toString());
System.out.println("\n\nFlower DETAILS\n");
Flower flower=new Flower();
System.out.println("Testing Flower Setter and Getter and toString Methods");
flower.setName("Rose Flower");
flower.setLifeSpan("2days");
flower.setColor("Red");
System.out.println("Flower Name:"+flower.getName());
System.out.println("Flower Lifespan:"+flower.getLifeSpan());
System.out.println("Flower Color:"+flower.getColor());
System.out.println("Flower toString:\n"+flower.toString());
}
}
please put each class and driver,thank you!
In: Computer Science
Problem
Write in drjava is fine.
Using the classes from Assignment #2, do the following:
The Vegetable class should have the usual constructors (default and parameterized), get (accessor) and set (mutator) methods for each attribute, and a toString method
Child classes should call parent methods whenever possible to minimize code duplication.
The driver program must test all the methods in the Vegetable class, and show that the new methods added to the Plant class can be called by each of the child classes. Include comments in your output to describe what you are testing, for example System.out.println(“testing Plant toString, accessor and mutator”);. Print out some blank lines in the output to make it easier to read and understand what is being output.
Assignment Submission:
Submit a print-out of the Plant and Vegetable classes, the driver file and a sample of the output. Also include a UML diagram of the classes involved. (Use tables in Word to create the various classes. Remember to use the correct arrows between the classes)
Marking Checklist
private String lifespan;
class Plant{
String name;
String lifeSpan;
//Default Constructor
public Plant(){
}
//Parametrized Constructor
public Plant(String name,String lifeSpan){
this.name=name;
this.lifeSpan=lifeSpan;
}
public String getName() {
return name;
}
public void setName(String name) {
this.name = name;
}
public String getLifeSpan() {
return lifeSpan;
}
public void setLifeSpan(String lifeSpan) {
this.lifeSpan = lifeSpan;
}
public String toString(){
return "\n\tName:"+name+"\n\tLifeSpan:"+lifeSpan;
}
}
class Tree extends Plant{
float height;
//Default Constructor
public Tree(){
}
//Parametrized Constructor
public Tree(float height,String name,String lifeSpan){
super(name,lifeSpan); //Super Class Constructor
this.height=height;
}
public float getHeight() {
return height;
}
public void setHeight(float height) {
this.height = height;
}
public String toString(){
return "\n\t"+super.toString()+"\n\tHeight:"+height;
}
}
class Flower extends Plant{
String color;
//Default Constructor
public Flower(){
}
//Parametrized Constructor
public Flower(String color,String name,String lifeSpan){
super(name,lifeSpan); //Super Class Constructor
this.color=color;
}
public String getColor() {
return color;
}
public void setColor(String color) {
this.color = color;
}
public String toString(){
return "\n\t"+super.toString()+"\n\tColor:"+color;
}
}
public class drjava{
public static void main(String args[]){
System.out.println("\n\nPlant DETAILS\n");
Plant plant=new Plant();
System.out.println("Testing Plant Setter and Getter and toString Methods");
plant.setName("Rose");
plant.setLifeSpan("2Years");
System.out.println("Plant Name:"+plant.getName());
System.out.println("Plant LifeSpan:"+plant.getLifeSpan());
System.out.println("Plant toString:"+plant.toString());
System.out.println("\n\nTREE DETAILS\n");
Tree tree=new Tree();
System.out.println("Testing Tree Setter and Getter and toString Methods");
tree.setName(plant.getName());
tree.setLifeSpan(plant.getLifeSpan());
tree.setHeight(3.565f);
System.out.println("Tree Name:"+tree.getName());
System.out.println("Tree Height:"+tree.getHeight());
System.out.println("Tree LifeSpan"+tree.getLifeSpan());
System.out.println("Tree toString:"+tree.toString());
System.out.println("\n\nFlower DETAILS\n");
Flower flower=new Flower();
System.out.println("Testing Flower Setter and Getter and toString Methods");
flower.setName("Rose Flower");
flower.setLifeSpan("2days");
flower.setColor("Red");
System.out.println("Flower Name:"+flower.getName());
System.out.println("Flower Lifespan:"+flower.getLifeSpan());
System.out.println("Flower Color:"+flower.getColor());
System.out.println("Flower toString:\n"+flower.toString());
}
}In: Computer Science
1. Classify each of these transactions as an asset, a liability, or neither for each of the “players” in the money supply process – the Federal Reserve, the banking system, and nonbank public.
a) You take a $10,000 loan from Bank One to buy an automobile
b) You deposit $400 into your checking account at the First National Bank of Huntsville
c) The Fed provides an emergency loan to a bank for $ 1 million
d) A bank borrows $500,000 in overnight loans from another bank
e) You use your debit card to purchase a meal at a restaurant for $50
2. Suppose that Mr. Justin Bieber deposits $5,000 in his checking account at Santa Monica Bank. How does this transaction affect the monetary base? Show the changes in the balance sheets for Mr. Bieber, the bank, and the Fed.
3. What are the major differences between a discount loan and an open market purchase with respect to their respective effects on monetary base? Explain using an example and showing the relevant changes in the balance sheets of the Fed and the Banking System. Between these two actions, is one preferred to the other by the Fed? Why or why not?
4. As the bankers’ bank, the Federal Reserve Banks operate the payments system in the United States? What are the different components of the payments system that they operate? Briefly describe.
5. What are the main arguments against central bank independence? Is the Fed independent? How do you know? Explain.
In: Economics
Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9]
[The following information applies to the questions
displayed below.]
In 2021, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2023. Information related to the contract is
as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,490,000 | $ | 3,984,000 | $ | 2,008,600 | |||
| Estimated costs to complete as of year-end | 5,810,000 | 1,826,000 | 0 | ||||||
| Billings during the year | 2,030,000 | 4,444,000 | 3,526,000 | ||||||
| Cash collections during the year | 1,815,000 | 3,900,000 | 4,285,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
Problem 6-10 (Algo) Part 1
Required:
1. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years.
(Do not round intermediate calculations. Loss amounts
should be indicated with a minus sign.
2-a. In the journal below, complete the
necessary journal entries for the year 2021 (credit "Various
accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
In: Accounting
Write a function that accepts a dictionary and produces a sorted list of tuples
The dictionary looks like this:
{‘US’: [{'Chicago, IL': ('2/1/2020 19:43', 2, 0, 0)}, {'San Benito, CA': ('2/3/2020 3:53', 2, 0, 0)}, {'Santa Clara, CA': ('2/3/2020 0:43', 2, 0, 0)}, {'Boston, MA': ('2/1/2020 19:43', 1, 0, 0)}, {'Los Angeles, CA': ('2/1/2020 19:53', 1, 0, 0)}, {'Orange, CA': ('2/1/2020 19:53', 1, 0, 0)}, {'Seattle, WA': ('2/1/2020 19:43', 1, 0, 0)}, {'Tempe, AZ': ('2/1/2020 19:43', 1, 0, 0)}], 'Australia' : [{'New South Wales': ('2/1/2020 18:12', 4, 0, 2)}, {'Victoria': ('2/1/2020 18:12', 4, 0, 0)}, {'Queensland': ('2/4/2020 16:53', 3, 0, 0)}, {'South Australia': ('2/2/2020 22:33', 2, 0, 0)}]
For these counts, I need to use the numbers that are bolded above). The returned sorted list (in descending order) will contain key-value pairs such that each key is a country and the corresponding value is the number of cases observed within that country.
For example: [('Australia', 13),(‘US’: 11)]
In: Computer Science
researchers at harris interactive wondered if there was a difference between males and females in regard to whether they typically buy name- brand or store- brand products. they asked a random sample of males and females the following question. "for each of the following types of products, please indicate whether you typically buy name- brand products or store- brand products?" among the 1104 males surveyed, 343 indicated they buy name- brand over-the-counter drugs; among the 1172 females surveyed, 295 indicated they buy name- brand over-the-counter drugs. does the evidence suggests a lower proportion of females by name- brand over-the-counter drugs?
(a) explain why this study can be analyzed using the methods for conducting a hypothesis test regarding two independent portions.
(b) what are the null and alternative hypotheses?
(c) describe the sampling distribution of Pfemale- Pale draw a normal model with the area representing the P-value shaded for this hypothesis test.
(d) determine the P-value based on the model from part (c).
(e) interpret the P-value.
(f) based on the p-value, what does the sample evidence suggest? that is, what is the conclusion of the hypothesis test? Assume an alpha=0.05 level of significance.
In: Statistics and Probability
Write a program that prompts the user for their first and last name. Display the first initial of their first name and their last name to the user.
Ask the user to input a phone number.
The program checks which part of Colorado a phone number is from using the values below.
If the second digit of the phone number is one of the below digits, print the phone number and which part of Colorado it is from. If none of the digits are entered, display the phone number and state it is not in Colorado.
If the number is in Estes Park, the user should see: phone number + “is in Estes Park, it is time to go pick up your new Corgi puppy!”
If the second digit of a phone number is:
0 = Boulder
1 = Colorado Springs
2 = Denver
7 = Estes Park
Sample output:
Please enter your first and last name: Ollie Biscuit
Hello, O Biscuit! //displays first initial and last name
Please enter a phone number:
Your phone number is: xxx-xxx-xxxx. Your number is not in Colorado.
OR
Your phone number is: xxx-xxx-xxxx. Your number is in Denver.
OR
Your phone number is: xxx-xxx-xxxx is in Estes Park, it is time to go pick up your new Corgi puppy!
In: Computer Science
Part 2:
On January 1, 2018, Caldwell Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 45,000 shares of common stock for $675,000
June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15
June 30 Paid the $2.00 cash dividend
Dec. 1 Purchased 4,000 shares of common stock for the treasury for $18 per share
Dec. 15 Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31
NOTE: Dividends are only declared and paid on the # shares OUTSTANDING. You need to keep a running total of the # shares outstanding so that your dividends on Dec 15th are correct.
Required:
Prepare journal entries to record the above transactions. (15 points)
|
3/1/18 |
Account Name |
Debit |
Credit |
|
6/1/18 |
Account Name |
Debit |
Credit |
|
6/30/18 |
Account Name |
Debit |
Credit |
|
12/1/18 |
Account Name |
Debit |
Credit |
|
12/15/18 |
Account Name |
Debit |
Credit |
In: Accounting
Assume that you are trying to get an algorithm which is supposed to generate legit words. In default, any letter from the English alphabet is equally likely to occur right after any English letter (including itself). Now you introduce your name and lastname as separate samples to your algorithm. The algorithm will learn some information about legit words from these samples and accordingly, it will adjust the probabilities by an additive fixed value p. For example, if your name is EDA, then the algorithm adjust itself by setting the probability of having D right after E as p+1/28 similarly probability of having A right after D as p+ 1/28. Of course, in that case the probabilities of having other letters right after E and D will be adjusted accordingly. Algorithm works only on pairs, so the triple orders do not matter for the algorithm. For all other details, by aiming to maximize the learning capability of your algorithm, you are free to decide on the new strategies. So, what new information will the algorithm get from your name and last-name. With what probability your algorithm could generate the word MEDIPOL. With what probability your algorithm could generate your last-name.
In: Statistics and Probability