Harris Corporation

| June 23, 2015

Financial Statement Analysis

The following information relates to Harris Corporation

Account Current year Prior year

Account  Current year  Prior year

Net sales (all credit)  $520,125   $499,500

Cost of goods sold  $375,960   $353,600

Gross profit  $144,165   $145,900

Income from operations  $95,500   $79,900

Interest expense  $23,500   $19,500

Net income  $57,600   $51,600

 

Cash  $30,600   $15,900

Accounts receivable, net  $33,800   $23,200

Inventory  $42,000   $30,300

Prepaid expenses  $2,000   $1,500

Total current assets  $108,400   $70,900

 

Total long-term assets  $62,000   $38,000

Total current liabilities  $46,000   $41,600

Total long-term liabilities  $20,000   $22,700

Required:

  1. What is the acid-test ratio for the current year?
  2. What is the inventory turnover for the current year?
  3. What is days’ sales in receivables for the current year?
  4. What is the book value per share of common stock for the current year?
  5. What is the price-earnings ratio for the current year?
  6. What is the rate of return on total assets for the current year?
  7. What is the times-interest-earned ratio for the current year?
  8. What is the current ratio for the current year?

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Financial Reporting Problem

Category: Finance

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