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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 $126.40 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$5,372,000$4,535,000
Add net income for the year894,000919,000
Total6,266,0005,454,000
Deduct Dividends  
On preferred stock50,00040,000
On common stock47,00057,000
Total97,00097,000
Retained Earnings, December 31$6,169,000$5,357,000

 

Ryan Express, Inc.
Comparative Income Statement
For Years Ended December 31, 2020 and 2019
20202019
Sales (all on account)$10,044,000$9,442,000
Sales Returns & Allowances49,00047,000
Net Sales9,995,0009,395,000
Cost of Goods Sold5,357,0004,948,000
Gross Profit9,995,0004,447,000
Selling Expense1,996,0001,882,000
Administrative Expense1,498,0001,403,000
Total Operating Expenses3,494,0003,285,000
Income from operations1,151,0001,152,000
Other Income147,000140,000
Total Operating Income1,298,0001,292,000
Other expenses (interest)173,000149,000
Income before taxes1,125,0001,143,000
Income tax expense231,000224,000
Net Income$894,000$919,000

 

Ryan Express,Inc.
Balance Sheet
December 31, 2020
DescriptionAmount
Subcategory,Assets
Cash507,000
Marketable securities1,027,000
Accounts Receivable (net)743,000
Merchandise Inventory1,196,000
Prepaid Expense252,000Single line
Total Current AssetsSingle line3,725,000
Long-term investments2,352,000
Property, Plant & Equip.3,738,000Single line
TOTAL ASSETSSingle line9,815,000Double line
Subcategory,Liabilities
Total Current Liab.907,000
Subcategory,Long-term Liabilities:
Mortgage note payable due 2020217,000
Bonds Payable, 10% due 20191,503,000Single line
Total Long-term Liab.Single line1,720,000Single line
Total LiabilitiesSingle line2,627,000
Subcategory,Stockholders' Equity
Preferred $0.90 stock, $10 par506,000
Common Stock, $5 par502,000
Retained Earnings6,169,000Single line
Total Stockholders EquitySingle line7,177,000Single line
TOTAL LIAB + EQUITYSingle line9,804,000Double line

 

Ryan Express,Inc.
Balance Sheet
December 31, 2019
DescriptionAmount
Subcategory,Assets
Cash398,000
Marketable securities995,000
Accounts Receivable (net)501,000
Merchandise Inventory940,000
Prepaid Expense227,000Single line
Total Current AssetsSingle line3,061,000
Long-term investments2,293,000
Property, Plant & Equip.3,375,000Single line
TOTAL ASSETSSingle line8,729,000Double line
Subcategory,Liabilities
Total Current Liab.878,000
Subcategory,Long-term Liabilities:
Mortgage note payable due 20200
Bonds Payable, 10% due 20191,495,000Single line
Total Long-term Liab.Single line1,495,000Single line
Total LiabilitiesSingle line2,373,000
Subcategory,Stockholders' Equity
Preferred $0.90 stock, $10 par491,000
Common Stock, $5 par490,000
Retained Earnings5,357,000Single line
Total Stockholders EquitySingle line6,338,000Single line
TOTAL LIAB + EQUITYSingle line8,711,000Double 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 =