Historical and Pro Forma Balance Sheets for Years Ended December 31 (In Thousand

Question

Historical and Pro Forma Balance Sheets for Years Ended December 31 (In Thousands of Dollars) Cash and marketable securities Accounts receivable 5,149 $ 4004 3,06 17,098 18,462 29357 Current assets Land, buildings, plant, and equipment Accumulated depreciation 541,181 55,495 $9,922 S 17,761 20,100 22,874 $29,249 $ 30,126 (2.226 14541662 2112 110.940 Net fixed asscts Total assets 3,188 $ 5,100 18,233 6,764 10,506 19,998 15,995 $16,795 Short-term bank loans Accounts payable Current liabilities Long-term bank loans 3 6,375 $ 9563 $ 9563 $ 9,563 9,563 Mortgage 1924 1214 11903 1116211452 $ 22,639 $ 32,870 $57,465 23,269 23,269 23,269 $23,269 23,269 Long-term debt Total liabilities Common stock Retained earnings 33.307 38.071 38637 $55,946 $ 70,941 Total equity Total liabilities and equity Notes: a· 3.500,000 shares of common stock were outstanding throughout the period 1989 through 1991 b. Market price of shares: 1989-$17.78; 1990 -$9.71; 1991-$3.67 c. Price/earnings (P/E) ratios: 1989 - 6.61; 1990-5.35; 1991-17.0. The 1991 P/E ratio is high because of the depressed earnings that year. d. Assume that all changes in interest-bearing loans and gross fixed assets occur at the start of the relevant years e. The mortgage loan is secured by a first mortgage bond on land and buildings

Explanation / Answer

current ratio

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