Cullumber Company has these comparative balance sheet data:CULLUMBER COMPANYBalance SheetsDecember 31 2022 2021Cash $ 16,350 $ 32,700Accounts receivable (net) 76,300 65,400Inventory 65,400 54,500Plant assets (net) 218,000 196,200 $376,050 $348,800Accounts payable $ 54,500 $ 65,400Mortgage payable (15%) 109,000 109,000Common stock, $10 par 152,600 130,800Retained earnings 59,950 43,600 $376,050 $348,800Additional information for 2022:1. Net income was $34,000.2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600.3. Cost of goods sold was $200,600.4. Net cash provided by operating activities was $59,000.5. Capital expenditures were $26,400, and cash dividends were $16,500.(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.

Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

Answered: Cullumber Company has these comparative…

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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Cullumber Company has these comparative balance sheet data:

CULLUMBER COMPANY Balance Sheets December 31
	2022	2021
Cash	$ 16,350	$ 32,700
Accounts receivable (net)	76,300	65,400
Inventory	65,400	54,500
Plant assets (net)	218,000	196,200
	$376,050	$348,800
Accounts payable	$ 54,500	$ 65,400
Mortgage payable (15%)	109,000	109,000
Common stock, $10 par	152,600	130,800
Retained earnings	59,950	43,600
	$376,050	$348,800

Additional information for 2022:

1.		Net income was $34,000.
2.		Sales on account were $383,300. Sales returns and allowances amounted to $26,600.
3.		Cost of goods sold was $200,600.
4.		Net cash provided by operating activities was $59,000.
5.		Capital expenditures were $26,400, and cash dividends were $16,500.

(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.

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