Use the net income statement for Summer Peebles, Inc., below, to do the following assigned problems.
Earnings to fixed charges.
Cash flow to fixed charges.
Earnings coverage of preferred dividends.
Summer Peebles, Inc. Consolidated Income Statement ($ thousands)
Year Ending December 31, 2015
Sales
$15,000.00
Undistributed Income of Less Than 50%-Owned Affiliates
$300.00
Total Revenue
$15,300.00
Cost of Goods Sold
$7,000.00
Selling and Administrative Expenses
$2,000.00
Depreciation
$600.00
Rental Expense
$500.00
Share of Minority Interest in Consolidated Income
$200.00
Interest Expense
$400.00
-$10,700.00
Income Before Taxes
$4,600.00
Income Taxes
Current
$900.00
Deferred
$400.00
-$1,300.00
Net Income
$3,300.00
Less Dividends
Common Stock
$300.00
Preferred Stock
$400.00
-$700.00
Earnings Retained for the Year
$2,600.00
Additional Information:
Interest Incurred
(Except Items Below)
$600.00
Amortization of Bond Premium
-$300.00
Interest on Capitalized Leases
$140.00
Interest Incurred
$440.00
Less Interest Capitalized
-$40.00
Interest Expense
$400.00
Your submission should:
THE ANSWERS ARE INCLUDED IN THIS POST. 1, 2, 3, 4
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