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Receivable Collection Period Day Sales Outstanding

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Question:

Discuss about the Receivable Collection Period Day Sales Outstanding.

 

Answer:

Charlie’s Toys and Equipment Limited

   
Statement of Profit or Loss and Other Comprehensive Income  

For the year ended on 31 March, 2017

   

Particulars

Note

 2017 ($)

Continuing operations

   

Sales

 

1,876,000

Less: Cost of sales

2.1

828,500

Gross Profit

 

1,047,500

Other operating income

2.2

134,000

Depreciation and amortization expenses

 

116,400

Employee benefit expenses

 

100,000

Selling & Distribution expenses

 

250,000

Administration expenses

 

268,000

Other operating expenses

2.3

123,250

Operating Profit

 

323,850

Finance costs

2.4

46,200

Profit before tax from continuing operations

 

277,650

Income tax expense

 

77,742

Profit for the year from continuing operations

 

199,908

Discontinued operations

   

Loss after tax for the year from discontinued operations

 

30,000

Profit for the year

 

169,908

Other comprehensive income

   

Other comprehensive income not to be reclassified to profit or loss in subsequent periods:

   

Gain on revaluation of property, plant and equipment

 

100,000

Total other comprehensive income

 

100,000

 

 

 

Total comprehensive income for the year, net of tax

 

269,908

 

Charlie’s Toys and Equipment Limited

   
Statement of Changes in Equity    

For the year ended 31 March, 2017

   
     

(Amount in $)

Particulars

 Retained earnings

 Asset revaluation reserve

 Total

Balance as at 1 April, 2016

185,000

100,000

285,000

Profit for the year

169,908

-

169,908

Other comprehensive income

-

100,000

100,000

Prior period adjustments *

(6,500)

-

(6,500)

Payment of dividends

(32,000)

-

(32,000)

Balance as at 31 March, 2017

316,408

200,000

516,408


* During the preparation of the 2017 financial statements, it has become apparent that inventory to the value of $6,500 that had been recognized as sold in the year ended 31 March 2016 was incorrectly included in inventory as at 31 March 2016. The directors believe that this amount is material and hence adjustment has been made.

Charlie’s Toys and Equipment Limited

     
Statement of Financial Position      

As at 31 March, 2017

     

Particulars

Note

 2017 ($)

 2016 ($)

ASSETS

     

Non-current assets

     

Property, plant and equipment

2.5

798,600

550,000

Investment properties

 

300,000

270,000

Non-current financial assets

2.6

50,000

-

   

1,148,600

820,000

Current assets

     

Inventories

 

148,000

86,000

Trade and other receivables

2.7

99,750

78,000

Prepayments

 

1,000

-

Cash and cash equivalents

2.8

3,000

30,000

   

251,750

194,000

Total assets

 

1,400,350

1,014,000

EQUITY AND LIABILITIES

     

Equity

     

Issued ordinary share capital

2.9

340,000

240,000

Preference share capital

2.10

100,000

100,000

Retained earnings

 

316,408

185,000

Asset revaluation reserve

 

200,000

100,000

Total equity

 

956,408

625,000

Liabilities

     

Non-current liabilities

     

Loans

2.11

192,000

235,000

   

192,000

235,000

Current liabilities

     

Trade and other payables

 

95,000

88,000

Loans

 

48,000

45,000

Bank overdraft

 

52,000

-

Income tax payable

 

37,742

21,000

Interest payable

 

19,200

-

   

251,942

154,000

Total liabilities

 

443,942

389,000

Total equities and liabilities

 

1,400,350

1,014,000

 

Charlie’s Toys and Equipment Limited

   
Statement of Cash Flow    

For the year ended 31 March, 2017

   

Particulars

 

 2017 ($)

Cash flow from operating activities

   

Cash generated from operations (see note 2.14)

311,000

Less: Income tax paid

 

(61,000)

Cash flow from operating activities

 

250,000

Cash flow from investing activities

   

Purchase of land

 

(200,000)

Purchase of party equipment

 

(120,000)

Proceeds from sale of party equipment

 

40,000

Purchase of shares in company

 

(50,000)

Cash used in investing activities

 

(330,000)

Cash flow from financing activities

   

Proceeds from issuance of ordinary share capital

100,000

Repayment of mortgage loan

 

(280,000)

Proceeds from mortgage loan

 

240,000

Proceeds from bank overdraft

 

52,000

Payment of dividend

 

(32,000)

Payment of financing costs

 

(27,000)

Cash flow from financing activities

 

53,000

Net decrease in cash and cash equivalents

 

(27,000)

Opening cash and cash equivalents

 

30,000

Closing cash and cash equivalents

 

3,000

Notes to the Financial Statements

For the year ended on 31 March, 2017

Corporate Information

Charlie’s Toys and Equipment Limited (CTEL) imports toys from overseas and sells them to retail stores throughout New Zealand. It also hires out bouncy castles, electric toy cars and other party equipment for children’s parties, as well as audio equipment such as jukeboxes for adult parties.

 

Compliance Statement

These financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP), FMCA 2013 and NZX listing rules. They comply with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS), other applicable Financial Reporting Standards, and authoritative notes as appropriate for profit oriented entities. The financial statements also comply with International Financial Reporting Standards (IFRS).

Summary of Significant Accounting Policies

Basis of Preparation

The financial statements have been prepared on a historical cost basis, except for investment properties, land and warehouse (classified as property, plant and equipment) that have been measured at fair value. The carrying values of recognized assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationships.

The financial statements are presented in New Zealand dollars, except when otherwise indicated.

The financial statements provide comparative information in respect of the previous period.

Property, plant and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of purchased property, plant and equipment is the value of the consideration given to acquire the assets and the value of other directly attributable costs, which have been incurred in bringing the assets to the location and condition necessary for their intended use.

Property, plant and equipment are depreciated on a straight line basis to allocate the cost, less any residual value, over their useful life. The estimated useful life of property, plant and equipment are as follows:

Warehouse – 50 years

Party Equipment – 5 years

The company have chosen the cost model to account for party equipment and the revaluation model to account for land and the warehouse.  The company annually reviews the carrying amounts of land and warehouse for impairment. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. In assessing whether an asset is impaired, reference is made to individual asset profitability and any other known events or circumstances that may indicate that the carrying amount of an asset may be impaired.

Gains and losses on disposals of assets are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement. Costs incurred on repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Inventory

Inventories are stated at the lower of cost and net realizable value. Cost is calculated using a first in, first out cost basis method and includes expenditure incurred to purchase the inventory and transport it to its current location. Net realizable value is the estimated selling price of the inventory in the ordinary course of business less costs necessary to make the sale. The cost of inventories consumed during the year are recognized as an expense and included in cost of goods sold in the Income Statement.

 

Significant judgements and estimates

Assessing provisions for inventory obsolescence, net realizable value and shrinkage involves making estimates and judgements in relation to future selling prices and expected shrinkage rates between the most recent store stock counts and balance date. Shrinkage is a reduction in inventory due to shoplifting, employee theft, paperwork errors and supplier fraud. The Company considers a wide range of factors, including historical data, current trends and product information from buyers, as part of the process to determine the appropriate value of these provisions.

Goods in transit from overseas

Goods in transit from overseas are recognized when title to the goods is passed to the Group. Title to the goods is passed when valid documents (which usually include a ‘bill of lading’) are received, and terms, as set out in a supplier’s letter of credit or in the supplier’s terms of trade, are met

Correction of an error

During the preparation of the 2017 financial statements, it has become apparent that inventory to the value of $6,500 that had been recognized as sold in the year ended 31 March 2016 was incorrectly included in inventory as at 31 March 2016.

The error has been corrected by restating each of the affected financial statement line items for the prior periods, as follows:

Reduction in retained earnings by $6,500 and increase in cost of sales by $6,500.

Net impact on profit for the year – increase by $6,500

Net impact on retained earnings for the year – No impact.

Charlie’s Toys and Equipment Limited

Notes to the Financial Statements

For the year ended on 31 March, 2017

Other financial Notes

2.1     Cost of Sales

2017 ($)

Cost of sales

          821,500

Add: Freight inwards

              5,000

Add: Import duties

              2,000

Total

          828,500

2.2     Income

2017 ($)

Cash received from hire of party equipment

            50,000

Rent received from investment properties

            54,000

Total

          104,000

 

2.3     Other operating expenses

2017 ($)

Inventories write down expense

              4,000

Directors’ fees

            22,000

Payment to auditor's (refer note below)

            55,000

Insurance

            12,000

Freight outwards

              4,000

Donations paid

              3,000

Bad and doubtful debt expense

              8,250

Loss on sale of party equipment

            15,000

Total

          123,250

Payment to auditor's comprises:

 

Audit fee

            30,000

Advisory services

            25,000

Payment to auditor's

            55,000

2.4     Finance costs

2017 ($)

Interest paid - mortgage

            33,600

Interest paid - overdraft

              4,600

Dividends paid on preference shares

              8,000

Total

            46,200


Charlie’s Toys and Equipment Limited

Notes to the Financial Statements

For the year ended on 31 March, 2017

2.5     Property, plant and equipment

       

Cost

Land

Warehouse

Party equipment for hire

Total

Value as on 1 April, 2015

100,000

320,000

520,000

940,000

Additions/(Disposals)

-

-

-

-

Closing value as on 31 March, 2016

100,000

320,000

520,000

940,000

Additions *

300,000

-

120,000

420,000

Disposals

   

(90,000)

(90,000)

Closing value as on 31 March, 2017

400,000

320,000

550,000

1,270,000

Accumulated Depreciation

Land

Warehouse

Party equipment for hire

Total

Closing value as on 31 March, 2016

-

120,000

270,000

390,000

Charge for the year

 

6,400

110,000

116,400

Disposal

 

-

(35,000)

(35,000)

Closing value as on 31 March, 2017

-

126,400

345,000

471,400

Net block as on 31 March, 2016

100,000

200,000

250,000

550,000

Net block as on 31 March, 2017

400,000

193,600

205,000

798,600


* Includes $100,000 on account of revaluation of Land as on 31 March, 2017.

2.6     Non-current financial assets

2017 ($)

2016 ($)

Shares in New Zealand Company

50,000

-

Total

50,000

-

2.7     Trade and other receivables

2017 ($)

2016 ($)

Accounts receivable

105,000

80,000

Allowance for doubtful debts

(5,250)

(2,000)

Total

99,750

78,000

 

 

 

Charlie’s Toys and Equipment Limited

Notes to the Financial Statements

For the year ended on 31 March, 2017

   

2.8     Cash and cash equivalents

2017 ($)

2016 ($)

Cash at bank

-

25,000

Cash on hand

3,000

5,000

Total

              3,000

                   30,000

2.9     Issued ordinary share capital

Numbers

Amount ($)

Shares as at 1 April, 2016 *

          120,000

                 240,000

Add: Issued during the year

            50,000

                 100,000

Shares as at 31 March, 2017

          170,000

                 340,000


* The ordinary share capital on 1 April 2016 comprised of 120,000 ordinary shares issued at a value of $2.00 each

2.10     Preference share capital

Numbers

Amount ($)

Shares as at 1 April, 2016 *

100,000

100,000

Add: Issued during the year

-

-

Shares as at 31 March, 2017

100,000

100,000


* The preference share capital comprises of 100,000 redeemable preference shares which were issued for $1 each and are redeemable at par on 30 September 2021. The coupon rate of these shares is 8% p.a.

2.11     Loan secured by mortgage

2017 ($)

2016 ($)

Loan secured by mortgage *

240,000

280,000

Current maturities

(48,000)

(45,000)

Total

192,000

235,000


* The new mortgage is secured over the warehouse, is fixed at 8% per annum. The old mortgage of $280,000 has been repaid on 1 April, 2016.

 

Dividends on Ordinary Shares

The directors have recommend a final dividend of 10 cents per ordinary share at the annual general meeting to be held on 20 May 2017 subject to shareholder’s approval.

Donations

In accordance with section 211(1)(h) of the Companies Act 1993, the company records that it donated $3,000 to various charities during the year. In line with Board policy, no political contributions were made in FY17.

Charlie’s Toys and Equipment Limited

Notes to the Financial Statements

For the year ended on 31 March, 2017

2.14  Reconciliation of net operating cash flow to profit or loss

 

Particulars

 2017 ($)

Profit before tax from continuing operations

       247,650

Loss before tax from discontinued operations

        (30,000)

Prior period items

          (6,500)

Add: Non-cash expenses

 

Depreciation and amortization

       116,400

Bad and doubtful debt expense

            8,250

Add: Expenses relating to other activities

 

Loss on sale of party equipment

          15,000

Finance costs

          46,200

Less: Gain on investment property

(30,000)

Add/(less): Changes in working capital

 

Increase in inventories

        (70,250)

Increase in trade receivables

        (21,750)

Increase in prepayments

          (1,000)

Increase in trade payables

            7,000

Total

       311,000

Directors Remunerations

During the year, the following amounts have been paid to the directors.

Name of Director

Amount ($)

John Black (managing director)

7,000

Jane Red

3,000

Carol Green

3,000

Andrew Silver

3,000

Ann Gold

3,000

Chris Brown

3,000

Earnings per share

Earnings per share = Net income / Weighted average number of ordinary shares

  Earnings per share = 269,908 / (120000 + (50000/12*6))

  Earnings per share = 269,908/145,000

  Earnings per share = $1.86

Ratio Calculation:

The ratio calculation of Charlie’s Toy and Equipment Limited are as below:

Sr. No.

Ratio

Formula

2017

i.

Current ratio

Current Assets/Current Liabilities

1.00

ii.

Debt to equity ratio

Liabilities / Equity

0.46

iii.

Times interest earned

EBIT/Interest expense

7.01

iv.

Average receivable collection period

(Days * Average accounts receivable)/credit sales

17.29

v.

Return on equity ratio

Net income / shareholder's equity

28.22%

vi.

Price earnings ratio (based on CTEL market price of $5.37 per ordinary share as at 31 March 2017).

MPS/EPS

2.89

vii.

Dividend yield on ordinary shares (assume no final dividend is paid for the current year).

DPS/MPS

3.51%

Ratio Analysis:

The ratio analysis is yet another important tool under management accounting. It deals with various aspects of financial accounting and helps in analyzing the financial information giving the bird’s eye view of information present in financials. Thus, it helps in making financial comparison and year on year analysis of the statements. Hence, it is an important analyzing tool for the management and potential investors. With the help of ratio analysis, the potential investors compare the various companies and companies performance and on the basis of this comparison, they decides as to they should invest in a particular company or not and if they are already invested, then it helps them in analyzing whether they should remain invested in this company or should they move on their investments. For not only potential or current investors but also for the management ratio analysis plays a vital role. As it helps in managing finances and liquidity, profitability and solvency position of the company.

Let’s understand some of the important ratios as per the table below and their comparison with Charlie’s Toy and Equipment Limited and Betty’s Toys Limited.

 

The interpretation of the above ratios is as below:

Current Ratio – Current ratio is the main liquidity ratio and shows the relationship between current assets and current liabilities. It shows the ability or efficiency of the company to utilize its current assets. It is calculated as current assets divided by current liabilities. Current assets are the assets that are realizable within a period of 12 months from the reporting date and similarly the current liabilities are those obligations which are required to be settled with in a period of 12 months from the reporting date.

The ideal current ratio is 2:1 which means that the current assets should be twice of its current liabilities. A ratio lower than 1:1 is a red signal for the company and means that the company’s current assets have fallen below than the company’s current liabilities. It reflects that the company’s liquidity position is not good and there are strong chances that the company may face liquidity issues in the upcoming time. Similarly, a ratio of higher than 3:1 means that the company’s current assets are 3 times of its current liabilities and shows that the company is not utilizing its current assets effectively.

In the current case, the current ratio of CTEL is 1:1 and the current ratio of BTL is 2.53:1. This means that the current assets of CTEL are just equal to its current liabilities whereas the BTL has sufficient current assets to pay off its current liabilities. So, the CTEL is quite low in its current ratio and it is advised to the company to increase its current assets.

Debt to Equity Ratio – This is yet another important capital structure ratio and it defines the debt and equity structure of the company. It is calculated as debt or total liabilities divided by stockholder’s equity of the company. Hence, it shows the proportion of debt and equity of the company. It is also knows as leverage ratio. Ideally a lower debt to equity ratio is preferred as it shows that the external parties have lower stake in the company and the stakeholder’s stake is higher ("Debt to equity ratio - explanation, formula, example and interpretation | Accounting for Management", 2018).

In the current case, the debt to equity ratio of CTEL is 0.46 whereas in BTL is 1.42. This means that in CTEL 46% stake belongs to creditors and remaining 54% stake belongs to stockholders. On the other side, in BTL the stake of outsiders or creditors is 142% as compared to its equity stockholders. So, CTEL is performing well in this ratio as this ratio is better if lower.

Times Interest earned – It shows the amount of income available for payment of interest expenses and thus is calculated by dividing earnings before interest and tax or operating profits with interest cost. It is a major solvency ratio and reflects the company’s ability to pay off the interest expenses. Or in other words, it shows that how many times a company can pay off its interest on debt from available operating profit. It is a major investor ratio as it helps in evaluating the company’s solvency position. This ratio is higher the better and higher ratio shows that the company’s solvency position is less riskier.

In the current case, the times interest earned ratio of CTEL is 7.01 whereas the times interest earned ratio of BTL is 2.67. This means that CTEL interest expenses can be paid 7 times from its operating profits and similarly BTL interest expense can be paid 2.67 times from its operating profits. Hence, this ratio is in favor of CTEL.

Average Receivable collection period – This ratio shows the number of days within which company can convert its accounts receivable in cash or the time frame within which the company’s credit sale will be converted in cash. It is calculated by dividing the accounts receivable turnover ratio with 365 and the accounts receivable turnover ratio is credit sales divided by average accounts receivable. This ratio is as lower as better since lower ratio indicates that the company can convert its accounts receivable earlier in cash (Bragg, 2018).

In the current case, the average receivable collection ratio of CTEL is 17.29 days and for BTL is 48.5 days. This means that CTEL can collect its accounts receivable in 17.29 days and the BTL will take 48.5 days to collect its accounts receivable. So, this ratio is again in the favor of CTEL.

Return on equity ratio – This ratio shows the return on their investment earned by the equity shareholders and is calculated by dividing net income with shareholder’s equity. This ratio is an important ratio for equity investors as they will choose the company which have higher return on equity. As it indicates that they are earning more on their investment. This ratio is as higher as better.

In the current case, the return on equity ratio of CTEL is 28.22% whereas for BTL is 6.17%. This means that the investors who have invested their money in CTEL are receiving $28.22 on their investments of $100 whereas the investors who have invested in BTL are receiving $6.17 against their investment of $100 and hence this ratio is in favor of CTEL.

Price earnings ratio – This ratio values the company against its market price and is calculated by dividing the market price per share with earnings per share. This ratio is also knows as price multiple ratio as it indicates that how much dollar an investor should invest in a company to earn its earnings of $1. A low PE ratio indicates that the company’s shares are undervalued (Staff, 2018).

In the current case, the PE ratio of CTEL is 2.89 whereas for BTL this ratio is 7.36 times. It means that the investors of BTL are expecting higher return or earnings as compared to the investors of CTEL. Hence, this ratio favors BTL.

Dividend Yield on ordinary shares – This ratio indicates that how much the company is paying as dividends to its investors as compared to its earnings and is calculated by dividing the dividend per share with earnings per share. There is no ideal ratio for this as it depends upon the company policy for paying the profits as dividend or retaining them for future expansion ("Dividend Yield", 2018).

In the given case, the dividend yield ratio for CTEL is 3.51% and for BTL is 8.3%. It means that CTEL is paying 3.51% of its profits as dividend whereas the BTL is paying 8.3% of its profits as dividend.

 

References:

Debt to equity ratio - explanation, formula, example and interpretation | Accounting for Management. (2018). Retrieved from https://www.accountingformanagement.org/debt-to-equity-ratio/

Dividend Yield. (2018). Retrieved from https://www.investopedia.com/terms/d/dividendyield.asp

Staff, I. (2018). Price-Earnings Ratio - P/E Ratio. Retrieved from https://www.investopedia.com/terms/p/price-earningsratio.asp

Bragg, S. (2018). Accounts receivable collection period | Days sales outstanding. Retrieved from https://www.accountingtools.com/articles/2017/5/13/accounts-receivable-collection-period-days-sales-outstanding

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