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Net sales $1,892,940 $1,752,900 Cost of goods sold 1,060,940 1,008,400 Gross profit 832,000 744,500 Selling and administrative expenses 502,400 481,400 Income from operations 329,600 263,100 Other expenses and losses    Interest expense 24,055 22,055 Income before income taxes 305,545 241,045 Income tax expense 94,055 75,055 Net income $ 211,490 $ 165,990
Net sales $1,892,940 $1,752,900 Cost of goods sold 1,060,940 1,008,400 Gross profit 832,000 744,500 Selling and administrative expenses 502,400 481,400 Income from operations 329,600 263,100 Other expenses and losses    Interest expense 24,055 22,055 Income before income taxes 305,545 241,045 Income tax expense 94,055 75,055 Net income $ 211,490 $ 165,990
Net sales $1,892,940 $1,752,900
Net sales
$1,892,940
$1,752,900
Cost of goods sold 1,060,940 1,008,400
Cost of goods sold
1,060,940
1,008,400
Gross profit 832,000 744,500
Gross profit
832,000
744,500
Selling and administrative expenses 502,400 481,400
Selling and administrative expenses
502,400
481,400
Income from operations 329,600 263,100
Income from operations
329,600
263,100
Other expenses and losses
Other expenses and losses
   Interest expense 24,055 22,055
   Interest expense
24,055
22,055
Income before income taxes 305,545 241,045
Income before income taxes
305,545
241,045
Income tax expense 94,055 75,055
Income tax expense
94,055
75,055
Net income $ 211,490 $ 165,990
Net income
$ 211,490
$ 165,990

OSBORNE COMPANYBalance SheetsDecember 31 Assets 2014 2013 Current assets    Cash $ 60,100 $ 64,200    Debt investments (short-term) 74,000 50,000    Accounts receivable 120,200 105,200    Inventory 128,055 117,555      Total current assets 382,355 336,955 Plant assets (net) 662,235 533,535 Total assets $1,044,590 $870,490 Liabilities and Stockholders’ Equity Current liabilities    Accounts payable $ 162,400 $147,800    Income taxes payable 45,555 44,055      Total current liabilities 207,955 191,855 Bonds payable 233,235 213,235      Total liabilities 441,190 405,090 Stockholders’ equity    Common stock ($5 par) 290,000 300,000    Retained earnings 313,400 165,400      Total stockholders’ equity 603,400 465,400 Total liabilities and stockholders’ equity $1,044,590 $870,490
OSBORNE COMPANYBalance SheetsDecember 31 Assets 2014 2013 Current assets    Cash $ 60,100 $ 64,200    Debt investments (short-term) 74,000 50,000    Accounts receivable 120,200 105,200    Inventory 128,055 117,555      Total current assets 382,355 336,955 Plant assets (net) 662,235 533,535 Total assets $1,044,590 $870,490 Liabilities and Stockholders’ Equity Current liabilities    Accounts payable $ 162,400 $147,800    Income taxes payable 45,555 44,055      Total current liabilities 207,955 191,855 Bonds payable 233,235 213,235      Total liabilities 441,190 405,090 Stockholders’ equity    Common stock ($5 par) 290,000 300,000    Retained earnings 313,400 165,400      Total stockholders’ equity 603,400 465,400 Total liabilities and stockholders’ equity $1,044,590 $870,490
OSBORNE COMPANYBalance SheetsDecember 31
OSBORNE COMPANYBalance SheetsDecember 31

Assets 2014 2013
Assets
2014
2013
Current assets
Current assets
   Cash $ 60,100 $ 64,200
   Cash
$ 60,100
$ 64,200
   Debt investments (short-term) 74,000 50,000
   Debt investments (short-term)
74,000
50,000
   Accounts receivable 120,200 105,200
   Accounts receivable
120,200
105,200
   Inventory 128,055 117,555
   Inventory
128,055
117,555
     Total current assets 382,355 336,955
     Total current assets
382,355
336,955
Plant assets (net) 662,235 533,535
Plant assets (net)
662,235
533,535
Total assets $1,044,590 $870,490
Total assets
$1,044,590
$870,490
Liabilities and Stockholders’ Equity
Liabilities and Stockholders’ Equity
Current liabilities
Current liabilities
   Accounts payable $ 162,400 $147,800
   Accounts payable
$ 162,400
$147,800
   Income taxes payable 45,555 44,055
   Income taxes payable
45,555
44,055
     Total current liabilities 207,955 191,855
     Total current liabilities
207,955
191,855
Bonds payable 233,235 213,235
Bonds payable
233,235
213,235
     Total liabilities 441,190 405,090
     Total liabilities
441,190
405,090
Stockholders’ equity
Stockholders’ equity
   Common stock ($5 par) 290,000 300,000
   Common stock ($5 par)
290,000
300,000
   Retained earnings 313,400 165,400
   Retained earnings
313,400
165,400
     Total stockholders’ equity 603,400 465,400
     Total stockholders’ equity
603,400
465,400
Total liabilities and stockholders’ equity $1,044,590 $870,490
Total liabilities and stockholders’ equity
$1,044,590
$870,490

All sales were on account. Net cash provided by operating activities for 2014 was $230,890. Capital expenditures were $136,660, and cash dividends were $63,490.

Compute the following ratios for 2014. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)

(a) Earnings per share $ (b) Return on common stockholders’ equity  % (c) Return on assets  % (d) Current ratio  :1 (e) Accounts receivable turnover  times (f) Average collection period  days (g) Inventory turnover times (h) Days in inventory  days (i) Times interest earned  times (j) Asset turnover  times (k) Debt to assets  % (l) Current cash debt coverage  times (m) Cash debt coverage  times (n) Free cash flow $
(a) Earnings per share $ (b) Return on common stockholders’ equity  % (c) Return on assets  % (d) Current ratio  :1 (e) Accounts receivable turnover  times (f) Average collection period  days (g) Inventory turnover times (h) Days in inventory  days (i) Times interest earned  times (j) Asset turnover  times (k) Debt to assets  % (l) Current cash debt coverage  times (m) Cash debt coverage  times (n) Free cash flow $
(a) Earnings per share $
(a)
Earnings per share
$
(b) Return on common stockholders’ equity  %
(b)
Return on common stockholders’ equity

 %
(c) Return on assets  %
(c)
Return on assets

 %
(d) Current ratio  :1
(d)
Current ratio

 :1
(e) Accounts receivable turnover  times
(e)
Accounts receivable turnover

 times
(f) Average collection period  days
(f)
Average collection period

 days
(g) Inventory turnover times
(g)
Inventory turnover

times
(h) Days in inventory  days
(h)
Days in inventory

 days
(i) Times interest earned  times
(i)
Times interest earned

 times
(j) Asset turnover  times
(j)
Asset turnover

 times
(k) Debt to assets  %
(k)
Debt to assets

 %
(l) Current cash debt coverage  times
(l)
Current cash debt coverage

 times
(m) Cash debt coverage  times
(m)
Cash debt coverage

 times
(n) Free cash flow $
(n)
Free cash flow
$

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