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All sales were on account. Net cash for 2020 was $220,000. Expenditure were $136,000 and cash dividend $70,000 Having trouble figuring out the earnings per share ...I keep coming up with $3.65  and Days in inventory...my calculations said 43.45

All sales were on account. Net cash for 2020 was $220,000. Expenditure were $136,000 and cash dividend $70,000 Having trouble figuring out the earnings per share ...I keep coming up with $3.65  and Days in inventory...my calculations said 43.45

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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All sales were on account. Net cash for 2020 was $220,000. Expenditure were $136,000 and cash dividend $70,000


Having trouble figuring out the earnings per share ...I keep coming up with $3.65 

and Days in inventory...my calculations said 43.45

$1,890,540 $1,750,500 Net sales 1,058,540 1,006,000 Cost of goods sold 832,000 744,500 Gross profit 500,000 479,000 Selling and administrative expenses 332,000 265,500 Income from operations Other expenses and losses 22,000 20,000 Interest expense 310,000 245,500 Income before income taxes 92,000 73,000 Income tax expense $218,000 $172,500 Net income Wahlberg Company Balance Sheets December 31 2020 2019 Assets Current assets $60,100 $64,200 Cash 74,000 50,000 Debt investments (short-term) 117,800 102,800 Accounts receivable 126,000 115,500 Inventory 377,900 332,500 Total current assets 649,000 520,300 Plant assets (net) $1,026,900 $852,800 Total assets Liabilities and Stockholders' Equity Current liabilities $160,000 $145,400 Accounts payable 43,500 42,000 Income taxes payable Total current liabilities 203,500 187,400 220,000 200,000 Bonds payable 423,500 387,400 Total liabilities Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders' equity 603,400 465,400 $1,026,900 $852,800 Total liabilities and stockholders' equity
Transcribed Image Text:$1,890,540 $1,750,500 Net sales 1,058,540 1,006,000 Cost of goods sold 832,000 744,500 Gross profit 500,000 479,000 Selling and administrative expenses 332,000 265,500 Income from operations Other expenses and losses 22,000 20,000 Interest expense 310,000 245,500 Income before income taxes 92,000 73,000 Income tax expense $218,000 $172,500 Net income Wahlberg Company Balance Sheets December 31 2020 2019 Assets Current assets $60,100 $64,200 Cash 74,000 50,000 Debt investments (short-term) 117,800 102,800 Accounts receivable 126,000 115,500 Inventory 377,900 332,500 Total current assets 649,000 520,300 Plant assets (net) $1,026,900 $852,800 Total assets Liabilities and Stockholders' Equity Current liabilities $160,000 $145,400 Accounts payable 43,500 42,000 Income taxes payable Total current liabilities 203,500 187,400 220,000 200,000 Bonds payable 423,500 387,400 Total liabilities Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders' equity 603,400 465,400 $1,026,900 $852,800 Total liabilities and stockholders' equity
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