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Question:Using Tables 3.1, 3.2, and 3.3, conduct a complete ratio...

Question:Using Tables 3.1, 3.2, and 3.3, conduct a complete ratio analysis of the Bartlett Company for the years 2018 and 2019. You should assess the firm's liquidity, activity, debt, and profitability ratios. Highlight any particularly positive or negative developments that you uncover when comparing ratios from 2018 and 2019.


3.1- 


Bartlett Company Income Statements ($000)

For the years ended December 31

2019 2018

Sales revenue $3,074 $2,567

Less: Cost of goods sold 2,088 1,711

Gross profits $ 986 $ 856

Less: Operating expenses

Selling expense $ 100 $ 108

General and administrative expenses 194 187

Other operating expenses 35 35

Depreciation expense 239 223

Total operating expense $ 568 $ 553

Operating profits $ 418 $ 303

Less: Interest expense 93 91

Net profits before taxes $ 325 $ 212

Less: Taxes 94 64

Net profits after taxes $ 231 $ 148

Less: Preferred stock dividends 10 10

Earnings available for common stockholders $ 221 $ 138

Earnings per share (EPS)a $2.90 $1.81

Dividend per share (DPS)b $1.29 $0.75


3.2 - 


Bartlett Company Balance Sheets ($000)

December 31

Assets 2019 2018

Cash $ 363 $ 288

Marketable securities 68 51

Accounts receivable 503 365

Inventories 289 300

Total current assets $1,223 $1,004

Land and buildings $2,072 $1,903

Machinery and equipment 1,866 1,693

Furniture and fixtures 358 316

Vehicles 275 314

Other (includes financial leases) 98 96

Total gross fixed assets (at cost) $4,669 $4,322

Less: Accumulated depreciation 2,295 2,056

Net fixed assets $2,374 $2,266

Total assets $3,597 $3,270

Liabilities and Stockholders' Equity

Accounts payable $ 382 $ 270

Notes payable 79 99

Accruals 159 114

Total current liabilities $ 620 $ 483

Long-term debt (includes financial leases) 1,023 967

Total liabilities $1,643 $1,450

Preferred stock: cumulative 5%, $100 par, 2,000 shares

authorized and issued

$ 200 $ 200

Common stock: $2.50 par, 100,000 shares authorized,

shares issued and outstanding in 2019: 76,262;

in 2018: 76,244

191 191

Paid-in capital in excess of par on common stock 428 417

Retained earnings 1,135 1,012

Total stockholders' equity $1,954 $1,820

Total liabilities and stockholders' equity $3,597 $3,270


3.3 - 


Bartlett Company Statement of Retained Earnings ($000)

for the Year Ended December 31, 2019

Retained earnings balance (January 1, 2019) $1,012

Plus: Net profits after taxes (for 2019) 231

Less: Cash dividends (paid during 2019)

Preferred stock 10

Common stock 98

Total dividends paid $ 108

Retained earnings balance (December 31, 2019) $1,135

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