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Question 1

The comparative financial statements of Ryan Express, Inc are as follows. The market price of Ryan Express stock was $114.10 on December 31, 2020.

Ryan Express, Inc.
Comparative Statement of Retained Earnings
For Years Ended December 31, 2020 and 2019
20202019
Retained Earnings, January 1$5,371,000$4,540,000
Add net income for the year885,000920,000
Total6,256,0005,460,000
Deduct Dividends  
On preferred stock42,00047,000
On common stock43,00052,000
Total85,00099,000
Retained Earnings, December 31$6,171,000$5,361,000

 

Ryan Express, Inc.
Comparative Income Statement
For Years Ended December 31, 2020 and 2019
20202019
Sales (all on account)$10,054,000$9,459,000
Sales Returns & Allowances44,00040,000
Net Sales10,010,0009,419,000
Cost of Goods Sold5,348,0004,943,000
Gross Profit10,010,0004,476,000
Selling Expense1,999,0001,877,000
Administrative Expense1,507,0001,408,000
Total Operating Expenses3,506,0003,285,000
Income from operations1,143,0001,168,000
Other Income145,000134,000
Total Operating Income1,288,0001,302,000
Other expenses (interest)170,000158,000
Income before taxes1,118,0001,144,000
Income tax expense233,000224,000
Net Income$885,000$920,000

 

Ryan Express,Inc.
Balance Sheet
December 31, 2020
DescriptionAmount
Subcategory,Assets
Cash509,000
Marketable securities1,022,000
Accounts Receivable (net)740,000
Merchandise Inventory1,210,000
Prepaid Expense262,000Single line
Total Current AssetsSingle line3,743,000
Long-term investments2,347,000
Property, Plant & Equip.3,743,000Single line
TOTAL ASSETSSingle line9,833,000Double line
Subcategory,Liabilities
Total Current Liab.909,000
Subcategory,Long-term Liabilities:
Mortgage note payable due 2020212,000
Bonds Payable, 10% due 20191,500,000Single line
Total Long-term Liab.Single line1,712,000Single line
Total LiabilitiesSingle line2,621,000
Subcategory,Stockholders' Equity
Preferred $0.90 stock, $10 par520,000
Common Stock, $5 par512,000
Retained Earnings6,171,000Single line
Total Stockholders EquitySingle line7,203,000Single line
TOTAL LIAB + EQUITYSingle line9,824,000Double line

 

Ryan Express,Inc.
Balance Sheet
December 31, 2019
DescriptionAmount
Subcategory,Assets
Cash390,000
Marketable securities996,000
Accounts Receivable (net)507,000
Merchandise Inventory946,000
Prepaid Expense222,000Single line
Total Current AssetsSingle line3,061,000
Long-term investments2,317,000
Property, Plant & Equip.3,356,000Single line
TOTAL ASSETSSingle line8,734,000Double line
Subcategory,Liabilities
Total Current Liab.870,000
Subcategory,Long-term Liabilities:
Mortgage note payable due 20200
Bonds Payable, 10% due 20191,496,000Single line
Total Long-term Liab.Single line1,496,000Single line
Total LiabilitiesSingle line2,366,000
Subcategory,Stockholders' Equity
Preferred $0.90 stock, $10 par497,000
Common Stock, $5 par496,000
Retained Earnings5,361,000Single line
Total Stockholders EquitySingle line6,354,000Single line
TOTAL LIAB + EQUITYSingle line8,720,000Double line

 

Using the information from Ryan Express, Inc. financial statements, compute the following for 2020:

  1. Working Capital = `$` 
  2. Current Ratio =
  3. Quick Ratio =
  4. Accounts Receivable turnover =
  5. Number of day's sales in receivables =
  6. Inventory turnover =
  7. Number of days' sales in inventory =
  8. Rate earned on common stockholder's equity = `%` 
  9. Earnings per share on common stock = `$` 
  10. Price-earnings ratio =