Nama : Ahlan Nur Salim

NIM : 20/458332/EK/22922
Program Studi : S1 Akuntansi
Tugas 3
Manajemen Keuangan
4-1 As the newest hire to the financial analysis group at Patterson Printing Company, you have
been asked to perform a basis financial analysis of the company’s most recent financial
statements. The 2016 balance sheet and income statement for the Patterson are as follows:

a. After discussing your training assignment with a fellow analyst who was hired last year,
you learn that the first step in your completing the assignment is to prepare a common-size
balance sheet for Patterson.

Balance Sheet Amount ($) Percentage (%)

Cash and Marketable Securities 500 1,52
Account Receivable 6.000 18,18
Inventories 9.500 28,79
Current Asset 16.000 48,48
Net Property, plant, and equipment 17.000 51,52
Total 33.000 100
Account Payable 7.200 21,28
Short-term debt 6.800 20,61
Current Liabilities 14.000 42,42
Long Term Liabilities 7.000 21,21
Total Liabilities 21.000 63,64
Total owner's equity 12.000 36,36
Total Liabilities and owner's equity 33.000 100
b. The second step is to prepare a common-size income statement for the firm.

Income Statement for Patterson Printing Company

Revenue $ 30.000 100 %
Cost of good sold $ -20.000 -66,67 %
Gross profit $ 10.000 33,33 %
Operating expenses $ -8.000 -26,67 %
Net operating income $ 2.000 6,67 %
Interest expense $ -900 -3 %
Earning before taxes $ 1.100 3,67 %
Income taxes $ -400 -1,33 %
Net income $ 700 2,33 %
4-26 Carson Electronics’ management has long viewed BGT Electronics as an industry leader
and uses this firm as a model firm for analyzing its own performance. The balance sheets
and income statements for the two firms are as follows:

a. Calculate the following ratios for both Carson and BGT:

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡
1) Current ratio =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
$8,000
Carson Electronics Inc = = 1.14 𝑡𝑖𝑚𝑒𝑠
$7,000
$10,000
BGT Elektronics Inc = = 1.25 𝑡𝑖𝑚𝑒𝑠
$8,000
𝑛𝑒𝑡 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
2) Times interest earned =
𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒
$4,000
Carson Electronics Inc = = 3.48 𝑡𝑖𝑚𝑒𝑠
$1,150
$16,000
BGT Elektronics Inc = = 29,1 𝑡𝑖𝑚𝑒𝑠
$550
𝐶𝑂𝐺𝑆
3) Inventory turnover =
𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
$36,000
Carson Electronics Inc = = 24 𝑡𝑖𝑚𝑒𝑠
$1,500
$42,000
BGT Elektronics Inc = = 16,8 𝑡𝑖𝑚𝑒𝑠
$2,500
𝑠𝑎𝑙𝑒𝑠
4) Total asset turnover =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
$48,000
Carson Electronics Inc = = 2 𝑡𝑖𝑚𝑒𝑠
$24,000
$70,000
BGT Elektronics Inc = = 2 𝑡𝑖𝑚𝑒𝑠
$35,000
𝑛𝑒𝑡 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
5) Operating profit margin =
𝑠𝑎𝑙𝑒𝑠
$4,000
Carson Electronics Inc = = 8.3%
$48,000
$16,000
BGT Elektronics Inc = = 22.86%
$70,000
𝑛𝑒𝑡 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒
6) Operating return on asset =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
$4,000
Carson Electronics Inc = = 16.67%
$24,000
 $16,000
BGT Elektronics Inc = = 45.71%
$35,000
𝑡𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
7) Debt ratio =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
$15,000
Carson Electronics Inc = = 62.5%
$24,000
$12,000
BGT Elektronics Inc = = 34.29%
$35,000
𝑎𝑐𝑐𝑜𝑢𝑛𝑡 𝑟𝑒𝑐𝑒𝑖𝑣𝑒𝑏𝑙𝑒
8) Average collection period =
𝑑𝑎𝑖𝑙𝑦 𝑐𝑟𝑒𝑑𝑖𝑡 𝑠𝑎𝑙𝑒𝑠
$4,500
Carson Electronics Inc = = 34.22 𝑑𝑎𝑦𝑠
$48,000/365
$6,000
BGT Elektronics Inc = = 31.29 𝑑𝑎𝑦𝑠
$70,000/365
𝑠𝑎𝑙𝑒𝑠
9) Fixed asset turnover =
𝑛𝑒𝑡 𝑝𝑙𝑎𝑛𝑡 𝑎𝑛𝑑 𝑒𝑞𝑢𝑖𝑝𝑚𝑒𝑛𝑡
$48,000
Carson Electronics Inc = = 3 𝑡𝑖𝑚𝑒𝑠
$16,000
$70,000
BGT Elektronics Inc = = 2.8 𝑡𝑖𝑚𝑒𝑠
$25,000
𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
10) Return on equity =
𝑐𝑜𝑚𝑚𝑜𝑛 𝑒𝑞𝑢𝑖𝑡𝑦
$1,710
Carson Electronics Inc = = 19%
$9,000
$9,270
BGT Elektronics Inc = = 40.3%
$23,000
b. Analyze the differences you observe between the two firms. Comment on what you
view as weaknesses in the performance of Carson as compared to that of BGT that
Carson’s management might focus on to improve its operations.
1) Rasio pendapatan bunga kali lebih rendah dari BGT yang mempengaruhi margin
keuntungan.
2) Margin laba operasi & margin pengembalian aset jauh lebih rendah dari BGT yang
menunjukkan inefisiensi Carson.
3) Rasio hutang jauh lebih tinggi dari BGT yang menghasilkan pembayaran bunga
yang lebih tinggi dan keuntungan yang lebih rendah.
4) Pengembalian ekuitas juga lebih rendah dari BGT yang juga menjadi alasan di balik
kinerja Carson yang lebih lemah.