Compute the following ratios for 2022. (Round earnings per share, current ratio and asset turnover to 2 decimal places, e.g. 1.83. Round return on common stockholders’ equity, return on assets, accounts receivable turnover, average collection period, inventory turnover, days in inventory, times interest earned and debt to assets ratio to 1 decimal place, e.g. 1.8 or 1.8%. Use 365 days for calculation.) (a) Earnings per share $enter Earnings per share in dollars rounded to 2 decimal places (b) Return on common stockholders’ equity enter Return on common stockholders’ equity in percentages rounded to 1 decimal place % (c) Return on assets enter Return on assets in percentages rounded to 1 decimal place % (d) Current ratio enter a number for current ratio rounded to 2 decimal places :1 (e) Accounts receivable turnover enter a number for accounts receivable turnover in times rounded to 1 decimal place times (f) Average collection period enter a number for Average collection period in days rounded to 0 decimal places days (g) Inventory turnover enter a number for inventory turnover in times rounded to 1 decimal place times (h) Days in inventory enter a number of days in inventory rounded to 0 decimal places days (i) Times interest earned enter a number for times interest earned rounded to 1 decimal place times (j) Asset turnover enter a number for asset turnover in times rounded to 2 decimal places times (k) Debt to assets ratio enter Debt to assets ratio in percentages rounded to 1 decimal place % (l) Free cash flow $enter free cash flow in dollars rounded to 0 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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Question

The comparative statements of Oriole Company are presented here:

ORIOLE COMPANY Income Statements For the Years Ended December 31
	2022	2021
Net sales	$1,895,640	$1,755,600
Cost of goods sold	1,063,640	1,011,100
Gross profit	832,000	744,500
Selling and administrative expenses	505,100	484,100
Income from operations	326,900	260,400
Other expenses and losses
Interest expense	23,600	21,600
Income before income taxes	303,300	238,800
Income tax expense	93,600	74,600
Net income	$209,700	$164,200

ORIOLE COMPANY Balance Sheets December 31
Assets	2022	2021
Current assets
Cash	$60,100	$64,200
Debt investments (short-term)	74,000	50,000
Accounts receivable (net)	122,900	107,900
Inventory	127,600	117,100
Total current assets	384,600	339,200
Plant assets (net)	659,000	530,300
Total assets	$1,043,600	$869,500
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$165,100	$150,500
Income taxes payable	45,100	43,600
Total current liabilities	210,200	194,100
Bonds payable	230,000	210,000
Total liabilities	440,200	404,100
Stockholders’ equity
Common stock ($5 par)	290,000	300,000
Retained earnings	313,400	165,400
Total stockholders’ equity	603,400	465,400
Total liabilities and stockholders’ equity	$1,043,600	$869,500

All sales were on credit. Net cash provided by operating activities for 2022 was $242,000. Capital expenditures were $136,000, and cash dividends paid were $61,700.

Compute the following ratios for 2022. (Round earnings per share, current ratio and asset turnover to 2 decimal places, e.g. 1.83. Round return on common stockholders’ equity, return on assets, accounts receivable turnover, average collection period, inventory turnover, days in inventory, times interest earned and debt to assets ratio to 1 decimal place, e.g. 1.8 or 1.8%. Use 365 days for calculation.)

(a)	Earnings per share	$enter Earnings per share in dollars rounded to 2 decimal places
(b)	Return on common stockholders’ equity	enter Return on common stockholders’ equity in percentages rounded to 1 decimal place	%
(c)	Return on assets	enter Return on assets in percentages rounded to 1 decimal place	%
(d)	Current ratio	enter a number for current ratio rounded to 2 decimal places	:1
(e)	Accounts receivable turnover	enter a number for accounts receivable turnover in times rounded to 1 decimal place	times
(f)	Average collection period	enter a number for Average collection period in days rounded to 0 decimal places	days
(g)	Inventory turnover	enter a number for inventory turnover in times rounded to 1 decimal place	times
(h)	Days in inventory	enter a number of days in inventory rounded to 0 decimal places	days
(i)	Times interest earned	enter a number for times interest earned rounded to 1 decimal place	times
(j)	Asset turnover	enter a number for asset turnover in times rounded to 2 decimal places	times
(k)	Debt to assets ratio	enter Debt to assets ratio in percentages rounded to 1 decimal place	%
(l)	Free cash flow	$enter free cash flow in dollars rounded to 0 decimal place

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