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Statement of Financial Position and Income Statement of May Company are shown

By December 6, 2021No Comments

Statement of Financial Position and Income Statement of May Company are shownbelow:May CompanyMay CompanyStatement of Financial PositionIncome Statement31 DecemberFor the year ended(S in million)31 December 20Y2(S in million)20Y220Y1Cash1716Net sales690Accounts receivable205127Cost of goods sold(298)Short term investment1013Gross profit392Inventory139142Prepaid expenses925Operating expenses(245)Plant equipment (net)284276Operating profit147664599Interest expense(36)Profit before taxes111Accounts payable139115Income taxes(40)Income taxes payable8>Net profit71Long-term liabilities234220Ordinary shares(S2par)7060Retained earnings213197664599Additional Information(1)The market price of the ordinary share as at 31 December 20Y2 is S15 pershare.(2)May Company declared and paid a dividend of S45 million during 20Y2.(3)Credit sales totalled 85%.Required:Calculate the following ratios of the company for 20Y2,round all answers up to 2decimal places.WorkingsAnswers(1)Current ratio=(2)Quick ratio(3)Accounts receivable turnover(4)Inventory turnover(5)Interest coverage ratio(6)Debt ratio=%(7)Return on assets%(⑧)Return on equity%(9)Earnings per share=S(10)Gross profit rate%(11)Price-earnings ratio(12)Dividend yield%

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