Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.:

WIPER, INC.
Condensed Balance Sheets
December 31, 2014, 2013, 2012
(in millions)

2014

2013

2012

  Current assets

$

771

$

991

$

853

  Other assets

2,425

1,932

1,731

$

3,196

$

2,923

$

2,584

  Current liabilities

$

589

$

842

$

735

  Long-term liabilities

1,588

1,043

919

  Owners' equity

1,019

1,038

930

$

3,196

$

2,923

$

2,584

WIPER, INC
Selected Income Statement and Other Data
For the year Ended December 31, 2014 and 2013
(in millions)

2014

2013

  Income statement data:

       Sales

$

3,062

$

2,925

       Operating income (EBIT)

308

322

       Interest expense

96

77

       Net income

227

222

  Other data:

       Average number of common shares outstanding

42.5

47.9

       Total dividends paid

$

62.0

$

53.5

Required:

a.

Calculate return on investment, based on net income and average total assets, for 2014 and 2013. (Round your answers to 1 decimal place.)

b.

Calculate return on equity for 2014 and 2013. (Round your answers to 1 decimal place.)

c.

Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round current ratio to 1 decimal place.)

d.

Calculate earnings per share for 2014 and 2013. (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round your answers to 2 decimal places.)

e.

If Wiper's stock had a price/earnings ratio of 13 at the end of 2014, what was the market price of the stock? (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Do not round your intermediate calculations and round your final answer to 2 decimal places.)

f.

Calculate the cash dividend per share for 2014 and the dividend yield based on the market price calculated in part e . (Enter your answers in millions. (i.e., 5,000,000 should be entered as 5). Round your "Cash dividends per share" to 2 decimal places and round your "Dividend Yield" to the nearest whole percent.)

g.

Calculate the dividend payout ratio for 2014. (Do not round your intermediate calculations. Round your final answer to nearest whole percentage.)

h.

Assume that accounts receivable at December 31, 2014, totaled $321 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round your intermediate calculations and round final answer to nearest whole number.)

i.

Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2014 and 2013. (Round your "Debt ratio" to 1 decimal place and round your "Debt/equity ratio" to the nearest whole percent.)

j.

Calculate the times interest earned ratio for 2014 and 2013. (Round your answers to 1 decimal place.)