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The following information comes from the accounting records of Crane Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income 2022 $34,400 100,900 165,000 648,000 347,000 $1,295,300 2023 52,300 $31,000 120,000 197,000 672,000 313,000 $1,333,000 $150,000 $171.000 301,000 792,000 326,000 792,000 44,000 $1,295,300 $1,333,000 2024 $37,000 167,000 189,000 757,000 404,000 $1,554,000 $189,000 517,000 792,000 56,000 $1,554,000 Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income $150,000 301,000 792,000 52,300 $1,295,300 31,290 17,000 $171,000 $14,290 $189,000 517,000 792,000 56,000 $1,333,000 $1,554,000 $1,043,000 $1,198,000 750,960 850,580.0 260,750 275,540 326,000 792,000 44,000 71.880 17,970 $53,910 $1,351,000 945,700 324,240 81,060 24,318 $56,742

The following information comes from the accounting records of Crane Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income 2022 $34,400 100,900 165,000 648,000 347,000 $1,295,300 2023 52,300 $31,000 120,000 197,000 672,000 313,000 $1,333,000 $150,000 $171.000 301,000 792,000 326,000 792,000 44,000 $1,295,300 $1,333,000 2024 $37,000 167,000 189,000 757,000 404,000 $1,554,000 $189,000 517,000 792,000 56,000 $1,554,000 Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income $150,000 301,000 792,000 52,300 $1,295,300 31,290 17,000 $171,000 $14,290 $189,000 517,000 792,000 56,000 $1,333,000 $1,554,000 $1,043,000 $1,198,000 750,960 850,580.0 260,750 275,540 326,000 792,000 44,000 71.880 17,970 $53,910 $1,351,000 945,700 324,240 81,060 24,318 $56,742

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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Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, e.g. 13.5% or 13.5.) Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory 2022 % % % % % % 2022 :1 :1 times days times days 2023 % % * % % % 2023 :1 2024 times days times days % % X % % 201
Transcribed Image Text:Based on the above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2022 to 2024. (Round answers to 1 decimal place, e.g. 13.5% or 13.5.) Sales Cost of goods sold Gross margin Other expenses Income taxes Net income Current ratio Quick ratio A/R turnover Average collection period Inventory turnover Days to sell inventory 2022 % % % % % % 2022 :1 :1 times days times days 2023 % % * % % % 2023 :1 2024 times days times days % % X % % 201
The following information comes from the accounting records of Crane Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income 2022 $34,400 100,900 165,000 648,000 347,000 $150,000 301,000 792,000 2023 52,300 $31,000 120,000 672,000 313,000 $1,295,300 $1,333,000 197,000 $171,000 326,000 792,000 44,000 $1,295,300 $1,333,000 2024 $37,000 167,000 189,000 757,000 404,000 $1,554,000 $189,000 517,000 792,000 56,000 $1,554,000 Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income $150,000 301,000 792,000 52,300 $1,043,000 750,960 260,750 31,290 $171,000 17,000 $14,290 326,000 792,000 44,000 $1,295,300 $1,333,000 $1,554,000 275,540 71,880 $189,000 $1,198,000 $1,351,000 850,580.0 945,700 17,970 517,000 $53,910 792,000 56,000 324,240 81,060 24,318 $56,742
Transcribed Image Text:The following information comes from the accounting records of Crane Ltd.: Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income 2022 $34,400 100,900 165,000 648,000 347,000 $150,000 301,000 792,000 2023 52,300 $31,000 120,000 672,000 313,000 $1,295,300 $1,333,000 197,000 $171,000 326,000 792,000 44,000 $1,295,300 $1,333,000 2024 $37,000 167,000 189,000 757,000 404,000 $1,554,000 $189,000 517,000 792,000 56,000 $1,554,000 Liabilities and shareholders' equity Accounts payable Long-term debt Common shares Retained earnings Statement of Income Sales Cost of goods sold Other expenses Income tax Net income $150,000 301,000 792,000 52,300 $1,043,000 750,960 260,750 31,290 $171,000 17,000 $14,290 326,000 792,000 44,000 $1,295,300 $1,333,000 $1,554,000 275,540 71,880 $189,000 $1,198,000 $1,351,000 850,580.0 945,700 17,970 517,000 $53,910 792,000 56,000 324,240 81,060 24,318 $56,742
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