Condensed balance sheet and income statement data for, Ask an Expert

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Condensed balance sheet and income statement data for Clarence Corporation appear below.

Clarence Corporation Balance Sheets December 31
	2014	2013	2012
Cash	$ 25,000	$ 20,000	$ 18,000
Receivables (net)	50,000	45,000	48,000
Other current assets	90,000	95,000	64,000
Investments	75,000	70,000	45,000
Plant and equipment (net)	400,000	370,000	358,000
	$640,000	$600,000	$533,000
Current liabilities	$70,000	$75,000	$70,000
Long-term debt	80,000	85,000	50,000
Common stock, $10 par	345,000	315,000	300,000
Retained earnings	145,000	125,000	113,000
	$640,000	$600,000	$533,000

Clarence Corporation Income Statement For the Years Ended December 31
	2014	2013
Sales revenue	$740,000	$700,000
Less: Sales returns and allowances	40,000	60,000
Net sales	700,000	640,000
Cost of goods sold	420,000	400,000
Gross profit	280,000	240,000
Operating expenses (including income taxes)	238,000	208,000
Net income	$ 42,000	$ 32,000

Additional information:

The market price of Clarence's common stock was $4, $5, and $8 for 2012, 2013, and 2014, respectively.

2. All dividends were paid in cash.

		2013 2014
	1. Profit margin		_____%	____	%
2.	Asset turnover.		____times	______	times
3.	Earnings per share. (Weighted-average common shares in 2014 were 32,000 and in 2013 were 31,000.)	$	______	$_____
4.	Price-earnings.		____times	______	times
5.	Payout.		_____ %	______	%
6.	Debt to total assets.		_____%	______	%

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Category:- Accounting Basics
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