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vaugnn Cash mpany has these comparative balance sheet data! Inventory Accounts receivable (net) Vaughn Company Balance Sheets December 31 Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 $ 15,000 70,000 59,000 205,000 $349,000 $50,000 109,500 135,500 54,000 $349,000 2021 $ 30,000 61,000 50,000 177,000 $318,000 $61,000 109,500 120,000 27,500 $318,000

vaugnn Cash mpany has these comparative balance sheet data! Inventory Accounts receivable (net) Vaughn Company Balance Sheets December 31 Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 $ 15,000 70,000 59,000 205,000 $349,000 $50,000 109,500 135,500 54,000 $349,000 2021 $ 30,000 61,000 50,000 177,000 $318,000 $61,000 109,500 120,000 27,500 $318,000

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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Vaughn Company has these comparative balance sheet data: Cash Vaughn Company Balance Sheets December 31 Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 $ 15,000 70,000 59,000 205,000 $349,000 $50,000 109,500 135,500 54,000 $349,000 2021 $ 30,000 61,000 50,000 177,000 $318,000 $61,000 109,500 120,000 27,500 $318,000
Transcribed Image Text:Vaughn Company has these comparative balance sheet data: Cash Vaughn Company Balance Sheets December 31 Accounts receivable (net) Inventory Plant assets (net) Accounts payable Bonds payable (15%) Common stock, $10 par Retained earnings 2022 $ 15,000 70,000 59,000 205,000 $349,000 $50,000 109,500 135,500 54,000 $349,000 2021 $ 30,000 61,000 50,000 177,000 $318,000 $61,000 109,500 120,000 27,500 $318,000
Additional information for 2022: 1. 2. 3. 4. 5. 6. Net income was $25,000. Sales on account were $413,400. Sales returns and allowances amounted to $25,000. Cost of goods sold was $196,200. Net cash provided by operating activities was $44,900. Capital expenditures were $25,200, and cash dividends paid were $9,400. The bonds payable are due in 2035. 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.) T Inventory turnover Days in inventory Free cash flow $ times days
Transcribed Image Text:Additional information for 2022: 1. 2. 3. 4. 5. 6. Net income was $25,000. Sales on account were $413,400. Sales returns and allowances amounted to $25,000. Cost of goods sold was $196,200. Net cash provided by operating activities was $44,900. Capital expenditures were $25,200, and cash dividends paid were $9,400. The bonds payable are due in 2035. 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.) T Inventory turnover Days in inventory Free cash flow $ times days
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