35,36, and 37

Problem Calculations - Show your work. Clearly indicate your answer. Do as much as you can for each problem, even if you are not sure about all of the steps. Round dollar amounts to the nearest whole dollar and express percentages and ratios to two decimal places Change in Net Working Capital 33. The balance sheet of Downtown, Inc. has the following balances. What is the change in net working capital? -Cash -Accounts receivable - Inventory Net fixed assets Accounts payable Long-term debt Beginning Balance $ 51,400 $118,800 $231,100 $899,500 $396,500 $904,000 Ending Balance $ 46,900 $132,400 $254,600 $901,500 $408,800 $990,000 Financial Ratios From the S & S Air Inc, financial statements (see page 8), calculate the ratios for problems 34 - 37 for year ending 2014. (Financial ratios are in the table on page 9.) 34. Current Ratio - Current assets Current liabilities 1.335,400 1,398,800 1.95467 35. Inventory Turnover 36. Days Sales in Receivables 37. Total Debt Ratio Erm's current ratio? S&S Air, Inc. 2014 Balance Sheet Assets Liabilities & Equity Current assets Current liabilities Cash $ 438,048 Accounts payable $ 858,816 Accounts receivable 1,841,616 Notes payable 1,735,880 Inventory 1,486,200 Total current liabilities $ 2,594 496 Total current assets $ 3.765,864 Fixed assets Long-term debt $ 4,590,000 Net plant and equipment $14,778,816 Shareholder equity Common stock $ 180,000 Retained earnings $11,180,184 Total equity $11,360,184 Total assets $18,544,680 Total liabilities & equity $18,544.680 S&S Air, Inc. 2014 Income Statement Sales $24,092,400 Cost of goods sold 17,982,000 Other expenses 2,878,800 Depreciation 786,000 EBIT $ 2,445,600 434,400 Interest Taxable income $ 2,011,200 804,480 Taxes (40%) $ 1,206,720 Net income Dividends $246,000 Add. to retained earnings $960,720