Year-End Financial Statements Of Cabot Corporation

Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit: selected balance sheet amounts at December 31, 2014, were inventory, $49,900; total assets, $259,400; common stock, $83,000; and retained earnings, $45,616.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales 448,600 Cost of goods sold 297.050 151,550 Gross profit Operating expenses 98,800 Interest expense 4.800 Income before taxes 47,950 Income taxes 19,316 28,634 Net income CABOT CORPORATION Balance Sheet December 31, 2015 Liabilities and Equity Assets Cash 12,000 Accounts payable 16,500 Short-term investments 8.200 Accrued wages payable 3.200 Accounts receivable, net 33,400 Income taxes payable 3,300 Notes receivable (trade) 7.500 Long-term note payable, secured Merchandise inventory 34,150 by mortgage on plant assets 65,400 Prepaid expenses 3,100 Common stock 83,000 74,250 Plant assets, net 147,300 Retained earnings $245,650 Total assets 245,650 Total liabilities and equity These are short-term notes receivable arising from customer (trade) sales. Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders’ equity. (Do not round intermediate calculations.), To continue with the answer check on mycoursewriter.com/

 

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