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Question

Selected information from the 2018 and 2017 financial statements of Super Ratio Corporation is presented below:

 As of December 31 2018 2017 Cash \$ 21,000 \$ 35,000 Marketable securities (current) 27,000 22,000 Accounts receivable (net) 60,000 98,000 Inventory 105,000 142,000 Prepaid expenses 5,000 3,000 Land and building (net) 247,000 315,000 Accounts payable 57,000 75,000 Accrued expenses 10,000 14,000 Notes payable (short-term) 8,000 4,000 Bonds payable (due in three years) 52,000 66,000

 As of December 31 2018 2017 Cash sales \$750,000 \$675,000 Credit sales (percent of cash sales) 82% 85% Cost of goods sold (percent of total sales) 60% 58% Net income \$30,000 \$38,000 Interest expense 6,000 9,000 Income tax expense 6,000 7,000

Compute the following ratios for Super Ratio Corporation as of December 31, 2018.

1. Current ratio
2. Accounts receivable turnover
3. Inventory turnover
4. Asset turnover
5. Times interest earned
6. Comment on the firm’s liquidity in 2018.
7. If you were told that the industry average for inventory turnover were 11.2 in 2017 and 10.8 in 2018, what conclusions will you draw about the firm’s liquidity.

Part B

Dear Students

Activity Topic: Key features of the Statutory Annual Report

Accesses the statutory financial report from the web site of one Caribbean-based company.

Prepare brief notes on the following:

What information is provided by:

a. The Balance Sheet,

b. The Income Statement/Profit and Loss Statement,

c. The Statement of Cash Flow,

d. The Notes to the Financial Statement,

e. The Auditors’ Report.

Note who signs the annual report and why?

Write a brief reflective piece on your experience reading this financial statement.

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