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a. Assets Current assets Cash b. Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid. Net income retained 2016 Retained earnings, beginning of year Retained earnings, end of year $377,000 1,048,000 729,000 381.300 Average days to sell inventory $3,181,000 3,702,700 Total liabilities 6,883,700 Preferred stock, $5 par value 59,000 Common stock, $0.25 par value 104,650 Retained earnings 4,194,485 Total stockholders' equity 4,358,135 3,823,345 Total liabilities and stockholders' equity $11,241,835 $10,562,095 2015 2,535,300 2,122,050. 8,706,535 8,440,045 $11,241,835 $10,562,095 Crane Medical Comparative Income Statement and Statement of Retained Earning For the Year $417,400 776,450 681,100 247,100 2016 $10,177,200 $2,846,100 3,892,650 6,738,750 59,000 103,900 3,660,445 2015 $9,613,900 5,612,450 5,298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,724,500 1,681,000 300,300 308,650 1,424,200 1,372,350 427,260 411,705 $996,940 $960,645 Inventory turnover Calculate the following liquidity ratios for 2016. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) Average collection period days 29,500 433,400 462,900 534,040 518,095 3,660,445 3,142,350 $4,194,485 $3,660,445 29,500 413,050 442.550 days times

a. Assets Current assets Cash b. Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid. Net income retained 2016 Retained earnings, beginning of year Retained earnings, end of year $377,000 1,048,000 729,000 381.300 Average days to sell inventory $3,181,000 3,702,700 Total liabilities 6,883,700 Preferred stock, $5 par value 59,000 Common stock, $0.25 par value 104,650 Retained earnings 4,194,485 Total stockholders' equity 4,358,135 3,823,345 Total liabilities and stockholders' equity $11,241,835 $10,562,095 2015 2,535,300 2,122,050. 8,706,535 8,440,045 $11,241,835 $10,562,095 Crane Medical Comparative Income Statement and Statement of Retained Earning For the Year $417,400 776,450 681,100 247,100 2016 $10,177,200 $2,846,100 3,892,650 6,738,750 59,000 103,900 3,660,445 2015 $9,613,900 5,612,450 5,298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,724,500 1,681,000 300,300 308,650 1,424,200 1,372,350 427,260 411,705 $996,940 $960,645 Inventory turnover Calculate the following liquidity ratios for 2016. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) Average collection period days 29,500 433,400 462,900 534,040 518,095 3,660,445 3,142,350 $4,194,485 $3,660,445 29,500 413,050 442.550 days times

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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a. Assets Current assets Cash b. Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 2016 Dividends paid Preferred dividends Common dividends Total dividends paid. Net income retained Retained earnings, beginning of year Retained earnings, end of year $377,000 1,048,000 729,000 381,300 $3,181,000 $2,846,100 3,702,700 3,892,650 6,883,700 6,738,750 59,000 59,000 104,650 103,900 Retained earnings 4,194,485 3,660,445 Total stockholders' equity 4,358,135 3,823,345 Total liabilities and stockholders' equity $11,241,835 $10,562,095 Crane Medical Comparative Income Statement and Statement of Retained Earning For the Year Average days to sell inventory 2,535,300 2,122,050 8,706,535 8,440,045 $11,241,835 $10,562,095 2015 1,724,500 300,300 $417,400 776,450 681,100 247,100 2016 $10,177,200 5,612,450 5.298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,681,000 308,650 1,372,350 411,705 $960,645 1,424,200 427,260 $996,940 29,500 433,400 Calculate the following liquidity ratios for 2016. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) Average collection period Inventory turnover 2015 $9,613,900 29,500 413,050 462,900 442,550 534,040 518,095 3,660,445 3,142,350 $4,194,485 $3,660,445 days days. times
Transcribed Image Text:a. Assets Current assets Cash b. Crane Medical Comparative Balance Sheet As of December 31 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 2016 Dividends paid Preferred dividends Common dividends Total dividends paid. Net income retained Retained earnings, beginning of year Retained earnings, end of year $377,000 1,048,000 729,000 381,300 $3,181,000 $2,846,100 3,702,700 3,892,650 6,883,700 6,738,750 59,000 59,000 104,650 103,900 Retained earnings 4,194,485 3,660,445 Total stockholders' equity 4,358,135 3,823,345 Total liabilities and stockholders' equity $11,241,835 $10,562,095 Crane Medical Comparative Income Statement and Statement of Retained Earning For the Year Average days to sell inventory 2,535,300 2,122,050 8,706,535 8,440,045 $11,241,835 $10,562,095 2015 1,724,500 300,300 $417,400 776,450 681,100 247,100 2016 $10,177,200 5,612,450 5.298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,681,000 308,650 1,372,350 411,705 $960,645 1,424,200 427,260 $996,940 29,500 433,400 Calculate the following liquidity ratios for 2016. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) Average collection period Inventory turnover 2015 $9,613,900 29,500 413,050 462,900 442,550 534,040 518,095 3,660,445 3,142,350 $4,194,485 $3,660,445 days days. times
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