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E18.9 (LO 3), AP Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 2021 $ 15,000 $30,000 70,000 60,000 60,000 50,000 200,000 180,000 $345,000 $320,000 $50,000 $60,000 100,000 140,000 55,000 40,000 $345,000 $320,000 Compute the following ratios at December 31, 2022. a. Current ratio. b. Accounts receivable turnover. 100,000 120,000 Additional information for 2022: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5. Capital expenditures were $25,000, and cash dividends paid were $10,000. 6. The bonds payable are due in 2035. Instructions

E18.9 (LO 3), AP Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 2021 $ 15,000 $30,000 70,000 60,000 60,000 50,000 200,000 180,000 $345,000 $320,000 $50,000 $60,000 100,000 140,000 55,000 40,000 $345,000 $320,000 Compute the following ratios at December 31, 2022. a. Current ratio. b. Accounts receivable turnover. 100,000 120,000 Additional information for 2022: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5. Capital expenditures were $25,000, and cash dividends paid were $10,000. 6. The bonds payable are due in 2035. Instructions

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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. competitivor E18.9 (LO 3), AP Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings Compute the following ratios at December 31, 2022. a. Current ratio. b. Accounts receivable turnover. 2022 2021 $ 15,000 $30,000 70,000 60,000 50,000 60,000 200,000 180,000 $345,000 $320,000 $50,000 $60,000 100,000 100,000 140,000 120,000 55,000 40,000 $345,000 $320,000 Additional information for 2022: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5. Capital expenditures were $25,000, and cash dividends paid were $10,000. 6. The bonds payable are due in 2035. Instructions
Transcribed Image Text:. competitivor E18.9 (LO 3), AP Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings Compute the following ratios at December 31, 2022. a. Current ratio. b. Accounts receivable turnover. 2022 2021 $ 15,000 $30,000 70,000 60,000 50,000 60,000 200,000 180,000 $345,000 $320,000 $50,000 $60,000 100,000 100,000 140,000 120,000 55,000 40,000 $345,000 $320,000 Additional information for 2022: 1. Net income was $25,000. 2. Sales on account were $375,000. Sales returns and allowances amounted to $25,000. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $48,000. 5. Capital expenditures were $25,000, and cash dividends paid were $10,000. 6. The bonds payable are due in 2035. Instructions
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