Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total (a) (b) (c) (d) (e) FLOUNDER CORPORATION Balance Sheets December 31 (f) (h) (i) (₁) Current ratio Inventory turnover Flounder's 2022 income statement included net sales of $117,000, cost of goods sold of $77,000, and net income of $28,500. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, eg 1.8 and all percentage and days answers to 0 decimal places, eg 18 or 25% and all other answers to 2 decimal places, e.g. 1.83. Use 365 days for calculation.) Days in inventory Average collection period Profit margin Asset turnover Return on assets 2022 $12,000 Accounts receivables turnover Earnings per share Payout ratio 17,900 Debt to total assets ratio 19,000 12,700 33,700 29,700 75,700 75,700 (16,700) (13,700) 135,300 133,100 73,500 42,800 135,300 Return on common stockholders' equity 2021 $5,600 26,100 9,700 32,800 73,500 26,800 133,100 $ 2.24 5.32 69 6.88 53 24 0.86 21 25 1.9 44 I days days % % % % %

Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total (a) (b) (c) (d) (e) FLOUNDER CORPORATION Balance Sheets December 31 (f) (h) (i) (₁) Current ratio Inventory turnover Flounder's 2022 income statement included net sales of $117,000, cost of goods sold of $77,000, and net income of $28,500. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, eg 1.8 and all percentage and days answers to 0 decimal places, eg 18 or 25% and all other answers to 2 decimal places, e.g. 1.83. Use 365 days for calculation.) Days in inventory Average collection period Profit margin Asset turnover Return on assets 2022 $12,000 Accounts receivables turnover Earnings per share Payout ratio 17,900 Debt to total assets ratio 19,000 12,700 33,700 29,700 75,700 75,700 (16,700) (13,700) 135,300 133,100 73,500 42,800 135,300 Return on common stockholders' equity 2021 $5,600 26,100 9,700 32,800 73,500 26,800 133,100 $ 2.24 5.32 69 6.88 53 24 0.86 21 25 1.9 44 I days days % % % % %

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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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

Cash
Accounts receivable
Inventory
Land
Building
Accumulated depreciation
Total
Accounts payable
Common stock ($5 par)
Retained earnings
Total
(a)
(b)
(c)
(d)
(e)
FLOUNDER CORPORATION
Balance Sheets
December 31
(f)
(h)
(i)
(1)
Current ratio
Inventory turnover
Days in inventory
Profit margin
Average collection period
Asset turnover
Return on assets
2022
$12,000
Flounder's 2022 income statement included net sales of $117,000, cost of goods sold of $77,000, and net income of $28,500.
Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to O
decimal places, eg 18 or 25% and all other answers to 2 decimal places, e.g. 1.83. Use 365 days for calculation.)
Earnings per share
Accounts receivables turnover
Payout ratio
17,900
12,700
33,700
75,700
(16,700)
Debt to total assets ratio
135,300
19.000
73,500
42,800
135,300
Return on common stockholders' equity
2021
$5,600
26,100
9,700
29,700
75,700
(13,700)
133,100
32,800
73,500
26,800
133,100
2.24
5.32
69
6.88
53
24
0.86
21
25
1.9
44
days
days
%
%
%
%
%

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