question 24
Multiple Choice
Net Devices Inc.
The following balance sheets and income statements are for Net Devices Inc., a manufacturer of small electronic devices, including calculators, personal digital assistants and mp3 players.For purposes of these questions assume that the company has an effective tax rate of 35%.
BALANCE SHEETS
ASEETE ($in thausands)
Fiscal year endCashMarketable securitiesReceivablesInventoriesOther current assetsTotal current assetsProperty, plant & equipmentIntangiblesDeposits & other assetsTotal assets2011$875,6506,560771,5801,320,150249,0003,222,9401,118,750263,050184,500$47892402010$571,2500775,2501,254,600231,2002,832,3001,100,300241,000168,250$43418502009154,2300902,0001,418,500229,9002,704,6301,122,400215,600168,900$4211530
LIABILITIES ($ in thousands) Fiscal year endAccounts payableCurrent long term debtAccrued expensesIncome taxes payableOther current liabilitiesTotal current liabilitiesLong term debtOther long term liabilitiesTotal liabilitiesPreferred stockCommon stock netAdditional Paid-in CapitalRetained earningsTreasury stockShareholders’ equityTotal Liab, & Equity2011$1,178,54018,100664,100138,90001,999,640478,25013,3502,491,240850,0004,000869,0001,430,500(855,500) 2,298,000$4,789,2402010$1,061,100316,500615,900108,40002,101,900378,40002,480,300850,0003,950758,0001,055,000(805,400) 1,861,550$4,341,8502009$1,138,250150,900585,40038,20001,912,750599,63002,512,380550,0003,800689,5001,245,050(789,200) 1,699,150$4,211,530
INCOME STATEMENTS (f in thousands) Fiscal year end Net sales Cost of Goods Sold Gross profit Selling, general & admin. Exp. Income before deprec. & amort.Depreciation & amortization Interest expense Income before tax Provision for income taxes Minority interest Net income Outstanding shares (in thousands) Preferred Dividends (in thousands) 2011$11,455,500(8,026,450) 3,429,050(1,836,400) 1,592,650(785,250) (46,195) 761,205(157,725) −−$603.480308,515$85,0002010$11,082,100(7,940,065) 3,142,035(1,789,200) 1,352,835(757,250) (43,340) 552,245(112,290) −−$439.955303,095$85,000
-Refer to the information for Net Devices Inc.What is the inventory turnover for Net Devices for 2011?
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