Posted: July 27th, 2021

The accounting staff of CCB Enterprises has completed the financial statements

The accounting staff of CCB Enterprises has completed the financial statements for the 2014 calendar year. The statement of income for the current year and the comparative statements of financial position for 2014 and 2013 follow.CCB EnterprisesStatement of IncomeFor the Year Ended December 31, 2014(thousands omitted)Revenue:Net sales$797,420Other61,040Total revenue$858,460Expenses:Cost of goods sold$538,320Research and development24,620Selling and administrative156,940Interest20,180Total expenses$740,060Income before income taxes$118,400Income taxes47,360Net income$71,040CCB EnterprisesComparative Statements of Financial PositionDecember 31, 2014 and 2013(thousands omitted)20142013AssetsCurrent assets:Cash and short-term investments$25,910$20,980Receivables, less allowance for doubtful accounts($1,150 in 2014 and $1,390 in 2013)47,76049,800Inventories, at lower of FIFO cost or market64,73061,700Prepaid items and other current assets5,0103,220Total current assets$143,410$135,700Other assets:Investments, at cost$106,070$106,070Deposits9,9107,920Total other assets$115,980$113,990Property, plant, and equipment:Land$12,200$12,200Buildings and equipment, less accumulated depreciation($126,790 in 2014 and $121,960 in 2013)268,190247,780Total property, plant, and equipment$280,390$259,980Total assets$539,780$509,670Liabilities and Owners’ EquityCurrent liabilities:Short-term loans$22,000$23,950Accounts payable71,75070,810Salaries, wages, and other25,92026,960Total current liabilities$119,670$121,720Long-term debt$160,490$170,460Total liabilities$280,160$292,180Owners’ equity:Common stock, at par$44,280$42,270Paid-in capital in excess of par63,88060,760Total paid-in capital$108,160$103,030Retained earnings151,460114,460Total owners’ equity$259,620$217,490Total liabilities and owners’ equity$539,780$509,670Required:1.Calculate the following financial ratios for 2014 for CCB Enterprises:Round items h, j, and k to the nearest whole number. Round all other answers to two decimal places. Assume a 360-day year.a. Times interest earnedto 1b. Return on total assets%c. Return on common stockholders' equity%d. Debt-to-equity ratio (at December 31, 2014)to 1e. Current ratio (at December 31, 2014)to 1f. Quick (acid-test) ratio (at December 31, 2014)to 1g. Accounts receivable turnover ratio (Assume that all sales are on credit.)timesh. Number of days' sales in receivablesdaysi. Inventory turnover ratio (Assume that all purchases are on credit.)timesj. Number of days' sales in inventorydaysk. Number of days in cash operating cycle

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