24 May Below Are The Balance Sheet And Income Statement For Happy Hamburger Company. Happy Hamburger Company Balance Sheet As Of December 31, 20XX Assets Main Home Business & Finance homework help Report Issue Happy Hamburger Company (130 Points) ________________________________________ Below are the balance sheet and income statement for Happy Hamburger Company. Happy Hamburger Company Balance Sheet as of December 31, 20XX Assets Liabilities and Shareholder Equity Cash 78,000 Accounts payable 136,000 Accounts Receivable 336,500 Current portion of debt 82,500 Inventories 225,000 Other current liabilities 114,000 Total current assets 639,500 Total current liabilities 332,500 Net fixed assets 310,000 Long-term debt 252,000 Total assets 949,500 Total Liabilities 584,500 Common equity 365,000 Total Liabilities & Equity 949,500 Happy Hamburger Company Income Statement for the year ending December 31, 20XX Sales 1,704,560 Cost of goods sold 1,489,000 Selling, general and administrative expenses 152,000 Earnings before interest and taxes (EBIT) 63,560 Interest expense 26,200 Earnings before taxes (EBT) 37,360 Federal and state income taxes (40%) 14,944 Net Income 22,416 Required: 1 Calculate the following ratios for the company. 2 Explain whether the company is doing better or worse than the industry average for each ratio. Happy Hamburger Industry Average Current ratio 1.7 Days sales outstanding (based on 365 day year) 36 days Inventory turnover 7.3 Fixed asset turnover 12.1 Total asset turnover 3 Return on sales 3.20% Return on assets 3.60% Return on equity 9.00% Debt ratio 71% Use an Excel spreadsheet for your answers.
Below Are The Balance Sheet And Income Statement For Happy Hamburger Company. Happy Hamburger Company Balance Sheet As Of December 31, 20XX Assets
| Happy Hamburger Company (130 Points) | |||||||||
| ________________________________________ | |||||||||
| Below are the balance sheet and income statement for Happy Hamburger Company. | |||||||||
| Happy Hamburger Company | |||||||||
| Balance Sheet as of December 31, 20XX | |||||||||
| Assets | Liabilities and Shareholder Equity | ||||||||
| Cash | 78,000 | Accounts payable | 136,000 | ||||||
| Accounts Receivable | 336,500 | Current portion of debt | 82,500 | ||||||
| Inventories | 225,000 | Other current liabilities | 114,000 | ||||||
| Total current assets | 639,500 | Total current liabilities | 332,500 | ||||||
| Net fixed assets | 310,000 | Long-term debt | 252,000 | ||||||
| Total assets | 949,500 | Total Liabilities | 584,500 | ||||||
| Common equity | 365,000 | ||||||||
| Total Liabilities & Equity | 949,500 | ||||||||
| Happy Hamburger Company | |||||||||
| Income Statement for the year ending December 31, 20XX | |||||||||
| Sales | 1,704,560 | ||||||||
| Cost of goods sold | 1,489,000 | ||||||||
| Selling, general and administrative expenses | 152,000 | ||||||||
| Earnings before interest and taxes (EBIT) | 63,560 | ||||||||
| Interest expense | 26,200 | ||||||||
| Earnings before taxes (EBT) | 37,360 | ||||||||
| Federal and state income taxes (40%) | 14,944 | ||||||||
| Net Income | 22,416 | ||||||||
| Required: | |||||||||
| 1 | Calculate the following ratios for the company. | ||||||||
| 2 | Explain whether the company is doing better or worse than the industry average for each ratio. | ||||||||
| Happy | |||||||||
| Hamburger | Industry | ||||||||
| Average | |||||||||
| Current ratio | 1.7 | ||||||||
| Days sales outstanding (based on 365 day year) | 36 days | ||||||||
| Inventory turnover | 7.3 | ||||||||
| Fixed asset turnover | 12.1 | ||||||||
| Total asset turnover | 3 | ||||||||
| Return on sales | 3.20% | ||||||||
| Return on assets | 3.60% | ||||||||
| Return on equity | 9.00% | ||||||||
| Debt ratio | 71% | ||||||||
| Use an Excel spreadsheet for your answers. | |||||||||
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