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Comparative financial statement data of Crest Optical Mart follow:

Other information:

1. Market price of Crest common stock: $61 at December 31, 20X6, and $45.50 at December 31, 20X5.

2. Common shares outstanding: 15,000 during 20X6 and 14,000 during 20X5.

3. All sales on credit.

❙ Required

1. Compute the following ratios for 20X6 and 20X5:

a. Current ratio  p. 700) b. Inventory turnover  pp. 701–702)

c. Times-interest-earned ratio  p. 703)

d. Return on assets  p. 704)

e. Return on common stockholders’ equity  pp. 705–706)

f. Earnings per share of common stock  pp. 705–706)

g. Price/earnings ratio  pp. 706–707)

2. Decide whether  a) Crest’s financial position improved or deteriorated during 20X6 and  b) the investment attractiveness of Crest’s common stock appears to have increased or decreased.  Challenge)

3. How will what you learned in this problem help you evaluate an investment?  Challenge)


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