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Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable $ 16,000 70,000 61,000 201,000 $348,000 $50,000 $ 31,000 61,000 51,000 182,000 $325,000 $60,500

Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable $ 16,000 70,000 61,000 201,000 $348,000 $50,000 $ 31,000 61,000 51,000 182,000 $325,000 $60,500

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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Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 1. 2. 3. 4. 5. Additional information for 2022: 6. Current ratio $ 16,000 70,000 Inventory turnover 61,000 201,000 Days in inventory $348,000 Free cash flow $50,000 100,500 136,000 61,500 $348,000 Accounts receivable turnover Average collection period $ 31,000 61,000 51,000 Net income was $25,700. Sales on account were $406,450. Sales returns and allowances amounted to $20,000. Cost of goods sold was $201,600. Net cash provided by operating activities was $44,200. Capital expenditures were $26,600, and cash dividends paid were $8,700. The bonds payable are due in 2035. 182,000 Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.) $325,000 $60,500 100,500 120,500 43,500 $325,000 :1 times. days. times days
Transcribed Image Text:Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 1. 2. 3. 4. 5. Additional information for 2022: 6. Current ratio $ 16,000 70,000 Inventory turnover 61,000 201,000 Days in inventory $348,000 Free cash flow $50,000 100,500 136,000 61,500 $348,000 Accounts receivable turnover Average collection period $ 31,000 61,000 51,000 Net income was $25,700. Sales on account were $406,450. Sales returns and allowances amounted to $20,000. Cost of goods sold was $201,600. Net cash provided by operating activities was $44,200. Capital expenditures were $26,600, and cash dividends paid were $8,700. The bonds payable are due in 2035. 182,000 Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.) $325,000 $60,500 100,500 120,500 43,500 $325,000 :1 times. days. times days
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