are condenaed finoncdel statements odapted from those of two actual companies co

Question

are condenaed finoncdel statements odapted from those of two actual companies competing in the phormaceuical and Johnson (8 and Pizer. Inc. $ in millions, except per share amounts) in 4.16 points AssetS: Cash Shortitern investments 7.713 a.6a 10.801 9.210 6, 525 ,640 33,539 19.355 69, 515 $54, 122$122,409 4,545 7,0099 Inventories .976 3,775 27. 018 10,914 16,190 Ptnt Curzent assets Property, plant, and equipment (nes Intangibles and other assets Total nsets Linbilities and Shaxeholders' Equity Accounts payable 3hort tern notes Obher quxrent liabilities 5,3713,006 9,511 1. 832 7218 12 613 Curzent liabilities Long term debt Other long term liabilities 24.92125,130 e, 130 ,36022,355 23. 61253,615 3, 330 Total 15ah4lities Capstal stock (par and additional paid-in capstal) Retained earninge Accunulated other comprehensire income 13095)6501 Lesa: Treasury stock and other equsty 3, 570 67,500 31103,607 210 6.52731, 613) Tosal harnhoidern' equsty Tosal liabilities and shazeholdezsusy 54,122122, 409 Income StatesentS $43. 467 6,793 10,210 36, 583 28 852 , 655 Cost of good nold Gross profis 12,554 30. 913 20.129 Operating expenses Osher inconel expenretnes Inceme before taxes ak expense Net incoe Bnid net incone Pex share 11 214 3 364

Explanation / Answer

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J & J Pfizer Receivables Turnover Net Sales / Accounts Receivables 6.20 times 5.08 times Average Collection Period 365 / Receivables Turnover 58.87 days 71.85 days Inventory Turnover Cost of Goods Sold / Inventory 3.16 times 1.56 times Average Days in Inventory 365 / Inventory Turnover 115.51 days 233.97 days Profit Margin Net Income / Net Sales 18.06 % 6.10 % Asset Turnover Net Sales / Total Assets 0.80 times 0.38 times Return on Assets Net Income / Total Assets 14.50 % 2.33% Equity Multiplier Total Assets / Shareholders Equity 1.77 1.78 Return on Shareholders Equity Profit Margin x Asset Turnover x Equity Multiplier 25.60 % 4.14 %

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