Carla Vista Co. has these comparative balance sheet data: CARLA VISTA CO. Balance Sheets December 31     2022   2021 Cash   $ 16,140   $ 32,280 Accounts receivable (net)   75,320   64,560 Inventory   64,560   53,800 Plant assets (net)   215,200   193,680     $371,220   $344,320 Accounts payable   $ 53,800   $ 64,560 Mortgage payable (15%)   107,600   107,600 Common stock, $10 par   150,640   129,120 Retained earnings   59,180   43,040     $371,220   $344,320 Additional information for 2022: 1.   Net income was $32,500. 2.   Sales on account were $392,900. Sales returns and allowances amounted to $27,300. 3.   Cost of goods sold was $217,300. 4.   Net cash provided by operating activities was $57,200. 5.   Capital expenditures were $30,000, and cash dividends were $19,000. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a)   Current ratio.   enter current ratio rounded to 2 decimal places  :1 (b)   Accounts receivable turnover.   enter accounts receivable turnover in times rounded to 1 decimal place  times (c)   Average collection period.   enter average collection period in days rounded to 1 decimal place  days (d)   Inventory turnover.   enter inventory turnover in times rounded to 2 decimal places  times (e)   Days in inventory.   enter days in inventory rounded to 1 decimal place  days (f)   Free cash flow.   $enter free cash flow in dollars rounded to 1 decimal place

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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Carla Vista Co. has these comparative balance sheet data:

CARLA VISTA CO.
Balance Sheets
December 31
   
2022
 
2021
Cash
 
$ 16,140
 
$ 32,280
Accounts receivable (net)
 
75,320
 
64,560
Inventory
 
64,560
 
53,800
Plant assets (net)
 
215,200
 
193,680
   
$371,220
 
$344,320
Accounts payable
 
$ 53,800
 
$ 64,560
Mortgage payable (15%)
 
107,600
 
107,600
Common stock, $10 par
 
150,640
 
129,120
Retained earnings
 
59,180
 
43,040
   
$371,220
 
$344,320


Additional information for 2022:

1.   Net income was $32,500.
2.   Sales on account were $392,900. Sales returns and allowances amounted to $27,300.
3.   Cost of goods sold was $217,300.
4.   Net cash provided by operating activities was $57,200.
5.   Capital expenditures were $30,000, and cash dividends were $19,000.


Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.)

(a)   Current ratio.  
enter current ratio rounded to 2 decimal places
 :1
(b)   Accounts receivable turnover.  
enter accounts receivable turnover in times rounded to 1 decimal place
 times
(c)   Average collection period.  
enter average collection period in days rounded to 1 decimal place
 days
(d)   Inventory turnover.  
enter inventory turnover in times rounded to 2 decimal places
 times
(e)   Days in inventory.  
enter days in inventory rounded to 1 decimal place
 days
(f)   Free cash flow.  
$enter free cash flow in dollars rounded to 1 decimal place 
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