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Happy Hamburger Company (130 Points) ________________________________________ Below are the balance sheet and income statement for Happy Hamburger Company. Happy Hamburger Company Balance Sheet as of December 31, 20XX Assets

Happy Hamburger Company (130 Points)            
________________________________________          
Below are the balance sheet and income statement for Happy Hamburger Company.    
                   
Happy Hamburger Company              
Balance Sheet as of December 31, 20XX            
Assets     Liabilities and Shareholder Equity            
Cash 78,000   Accounts payable 136,000          
Accounts Receivable 336,500   Current portion of debt 82,500          
Inventories 225,000   Other current liabilities 114,000          
Total current assets 639,500   Total current liabilities 332,500          
Net fixed assets 310,000   Long-term debt 252,000          
Total assets 949,500   Total Liabilities 584,500          
      Common equity 365,000          
      Total Liabilities & Equity 949,500          
                   
                   
Happy Hamburger Company              
Income Statement for the year ending December 31, 20XX        
Sales 1,704,560                
Cost of goods sold 1,489,000                
Selling, general and administrative expenses 152,000                
   Earnings before interest and taxes (EBIT) 63,560                
Interest expense 26,200                
   Earnings before taxes (EBT) 37,360                
Federal and state income taxes (40%) 14,944                
Net Income 22,416                
Required:                  
1 Calculate the following ratios for the company.        
2 Explain whether the company is doing better or worse than the industry average for each ratio.
  Happy                
Hamburger Industry                
Average                  
Current ratio            1.7              
Days sales outstanding (based on 365 day year)            36 days              
Inventory turnover            7.3              
Fixed asset turnover            12.1              
Total asset turnover            3              
Return on sales            3.20%              
Return on assets            3.60%              
Return on equity            9.00%              
Debt ratio            71%              
                   
Use an Excel spreadsheet for your answers.          
                   

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