Using information in the income statement and balance sheets below:
(A)determine the missing amounts.(B)Calculate the debt-to-assets ratio as of December 31,2007.(C)Calculate the asset turnover ratio and the net profit margin ratio for the year 2007.
CINNAMON AND SPICE, INC.
Income Statement For the Year Ended December 31, 2007
(in thousands of dollars)
Revenues Sales Revenue Expenses Cost of Goods Sold Advertising and Promotion Expenses Other Selling and Administrative Expenses Interest Expense Income Tax Expense Other Expenses Total Expenses Net Income $318,020214,90012,200?25,60017,70033,700332,600$___? CINNAMON AND SPICE, INC.
Balance Sheets
At December 31, 2007 and 2006
(in thousands of dollars)
Assets Cash Accounts Receivable Inventories Property, Plant and Equipment Other Assets Total Assets Liabilities Accounts Payable Notes Payable Total Liabilities Shareholders’ Equity Contributed Capital Retained Earnings Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity 12/31/07$681,200356,400?126,90075,600$1,304,500$?235,800??168.400789,400$1,304,50012/31/06$543,800407,60054,900119,30071,400?$?265,100??127,300589,400$1,197,000
Definitions:
Proboscis
An elongated appendage from the head of an animal, especially an insect, used for feeding or sensing.
Deuterostomes
A major group within the animal kingdom that includes organisms developing an anus from the first opening in the embryo, with subsequent formation of the mouth.
Protostomes
A group of animals characterized by developing the mouth before the anus during embryonic development, including mollusks and arthropods.
Deuterostomes
A category of animals characterized by their embryo development; the first opening (the blastopore) becomes the anus.