Harris Corporation accounting assignment help

Assignment 08

BU330 Accounting for Managers

Directions:  Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading.

Financial Statement Analysis

The following information relates to Harris Corporation.


Current year

Prior year

Net sales (all credit)



Cost of goods sold



Gross profit



Income from operations

$ 95,500

$ 79,900

Interest expense

$ 23,500

$ 19,500

Net income

$ 57,600

$ 51,600


$ 30,600

$ 15,900

Accounts receivable, net

$ 33,800

$ 23,200


$ 42,000

$ 30,300

Prepaid expenses

$ 2,000

$ 1,500

Total current assets

$ 108,400

$ 70,900

Total long-term assets

$ 62,000

$ 38,000

Total current liabilities

$ 46,000

$ 41,600

Total long-term liabilities

$ 20,000

$ 22,700

Common stock, no par,

3,000 shares, value $50/share

$ 30,000

$ 30,000


a.  What is the acid-test ratio for the current year?

b.  What is the inventory turnover for the current year?

c.  What is days’ sales in receivables for the current year?

d.  What is the book value per share of common stock for the current year?

e.  What is the price-earnings ratio for the current year?

f.  What is the rate of return on total assets for the current year?

g.  What is the times-interest-earned ratio for the current year?

h.  What is the current ratio for the current year?

This is the end of Assignment 08.

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