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.Use the information to calculate the following information:
a.Compute the rate of return on assets for Net Devices for both 2011 and 2010.Disaggregate the rate of return on assets into the profit margin on ROA and asset turnover components.The income tax rate is 35%.
b.Calculate the accounts receivable turnover ratio for Net Devices for 2011 and 2010.All of the company's sales were made on account.
c.Calculate the inventory turnover ratio for Net Devices for 2011 and 2010.
d.Calculate the fixed assets turnover ratio for Net Devices for 2011 and 2010.
e.Calculate the rate of return on common shareholders' equity for Net Devices for 2011 and 2010.The amount of preferred dividends paid each year appears after the income statement.Calculate profit margin for ROCE.
f.Determine Net Devices capital structure leverage for 2011 and 2010.
g.Calculate Net Devices earnings per share for 2011 and 2010.
ASSETS (in thousands)
Fiscal year end Cash Marketable securities Receivables Inventories Other current assets Total current assets Property, plant & equipment Intangibles Deposits & other assets Total assets 2011$875,6506,560771,5801,320,150249,0003,222,9401,118,750263,050184,500$4.789.2402010$571,2500775,2501,254,600231,2002,832,3001,100,300241,000168,250$4.341.8502009$154,2300902,0001,418,500229,9002,704,6301,122,400215,600168,900$4.211.530
LIABILITIES (in thousands)
Fiscal year end Accounts payable Current long term debt Accrued expenses Income taxes payable Other current liabilities Total current liabilities Long term debt Other long term liabilitieg Total liabilities Preferred stock Common stock net Additional Paid-in Capital 2011$1,178,54018,100664,100138,90001,999,640478,25013,3502,491,240850,0004,000869,0002010$1,061,100316,500615,900108,40002,101,900378,40002,480,300850,0003,950758,0002009$1,138,250150,900585,40038,20001,912,750599,63002,512,380550,0003,800689,500
Retained earnings Treasury stock Shareholders’ equity Total Liab, & Equity 1,430,500(855,500)2,298,000$4.789.2401,055,000(805,400)1,861,550$4.341.8501,245,050(789,200)1,699,150$4.211.530
INCOME STATEMENT (in thousands) Fiscal year end Net sales Cost of Goods Sold Gross profit Selling, general & admin Exp. Income before deprec, & amort, Depreciation & amortization Intereat expense Income before tax Provision for income taxes Minority interest Net income ADDITIONAL INFORMATION Outstanding shares Preferred Dividends–Total 2011$11,455,500(8,026,450)3,429,050(1,836.400)1,592,650(785,250)(46,195)761,205(157,725)…$603.480308,515,000$85,000,0002010$11,082,100(7,940,065)3,142,035(1,789,200)1,352,835(757,250)(43.340)552,245(112,290)…$439.955303,095,000$85,000,000
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Definitions:
Resource Prices
The cost associated with acquiring the natural resources needed for production, such as minerals, timber, water, and land.
Output Increased
A situation where the production of goods or services in an economy rises.
Purely Competitive Market
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
Short Run
A time period in which at least one factor of production is fixed, limiting the ability of a firm to adjust its output.