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FINANCIAL DETECTIVE1. Identification of the company being described Company A: Manufacturer of toiletries, non-prescription drugs, and consumer and baby care products. Analysis: ? Compared with Co. B, Co. A has a higher gross margin equivalent to 63.1 percent. Company B: Manufacturer of pharmaceuticals and low-margin hospital supplies. Analysis: ? Goodwill can be seen on the other assets portion of the balance sheet. Co. B has a significant amount of other assets (40.6 %). ? Compared to Co. A, gross profit is 36.0 percent. Company C: Marketer of high quality washers, dryers, dishwashers and refrigerators in its own name. Analysis: ? High quality can be associated with high sales price of goods. Co. C has a higher Sales / Assets ratio equal to 223.0 percent. ? Cost of good sold is lower (72.8%) as against (79.8%) which may explain that manufacturing and selling under one brand name has a lower manufacturing cost. Company D: Marketer of the same products under 3 different brand names. Analysis: ? The company has a higher cost of goods sold (79.8 %) which may explain that manufacturing and selling one product under 3 brand names would require higher cost of goods sold. Company E: Manufacturer of large mainframe computers. Analysis: ? This company offers financial services aside from the manufacture of mainframe computers. Receivables comprise 18.7 percent of total assets which is significant in financing type of business. ? Financial services reflect other income for the company in the form of interest income which is 2.7 percent of total revenues generated. Company F: Manufacturer of supercomputer systems for scientific applications. Analysis: ? Output of the units were relatively small but the price is highest in the industry. Cost of goods sold is only 35.7 percent gross margin is 64.3%. ? Because the supercomputers were used for research, R&D expense of Co. F is 15.8 % of sales. Company G: Discount store - wholesaler Analysis: ? Inventory is large - 51.7 percent which is typical of wholesaler of goods. ? Receivable is only 1.9%. ? Days' Receivables is only 2. Company H: Credit-based department store. Analysis: ? Receivables is 34.7 % ? SG&A is 97.1% (all of it operating expenses) may explain the nature that it leases it properties being used. ? Days' Receivables is 196. Company I: Semiconductor company with the defense industry as its main client. Analysis: ? Compared with Co. J, total current assets is only 50.9% as against 60.2% which represents that it is less financially conservative. Company J: Semiconductor manufacturer with radios and television equipment as its primary product specialization. Analysis: ? Compared with Co. I, total current assets is 60.2%, 15.6 % of which is on cash & equivalents. This means that the company is financially conservative. ? Aside from semiconductor manufacturing, it is also involved in manufacturing of television and radio equipment. Which will explain the other income of 3.9%. Company K: Operator of high quality hotels and motels. Analysis: ? Long-term debt is considerably lower (21.6%) than Co. L (46.5%). Company L: Largest food contractor in the country. Its financing is through off-balance sheet limited partnerships. Analysis: ? Long-term debt is 46.5% which justifies that much of its hotel operations are financed by other parties on long-term basis. ? Long-term debt/equity is 308%. Company M: Newspaper company that owns a number of small newspapers throughout the Midwest. Analysis: ? Broadcasting is a secondary line of business that accounts for the other income percentage of 11.8 percent. ? Has significant amount of goodwill stemming from acquisitions. Other assets - 61.7%. Company N: Large flagship newspaper that sells all over the country and the around the world. Analysis: ? Other assets is lower - 25.2%. ? Because it is a big newspaper company that sells its product around the country and the world, its net properties, plant and equipment is significantly higher at 56.2%. Company O: Trucking and freight-forwarding company Analysis: ? The SG&A is high at 86.1% and is composed of purely operating expenses, which is typical for a freight forwarding company. Company P: Railroad company. Analysis: ? 20% of revenues was said to be derived from real estate business which will reflect on the company's receivables - 18.7% ? Sales assets = 191% which reflects that it has diverse and high selling products like real estate. |
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