Wildhorse Company Income Statement For the Years Ended December 31 2022 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income Assets Current assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Bonds payable Accounts payable Income taxes payable Total current liabilities Total liabilities $1,814,500 1,012.800 Wildhorse Company Balance Sheets December 31 801,700 517,800 283,900 18,400 265,500 81,372 $ 184,128 2022 $59,200 69,000 117,200 122,500 367,900 600,800 $968.700 $160.500 42.200 202.700 220,000 422,700 2021 $1,750,100 976,000 774,100 478,400 295,700 13,400 282,300 76,500 $ 205,800 2021 $64,400 49,300 102,900 115,300 331,900 517.100 $849,000 $144,700 42,600 187,300 200,000 387,300

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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The comparative statements of Wildhorse Company are presented here.                          [submitted previously and solution was incorrect]

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Income taxes payable
Total current liabilities
Bonds payable
Stockholders' equity
Common stock ($5 par)
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
(a)
(b)
(c)
(d)
(e)
Total liabilities
(f)
(g)
(h)
(1)
(k)
Earnings per share
Return on assets
All sales were on credit. Net cash provided by operating activities for 2022 was $228,000. Capital expenditures were $144,000, and
cash dividends paid were $80,428.
Current ratio
Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2 decimal places, e.g. 1.65 or 1.65:1,
and all other answers to 1 decimal place, e.g. 6.8 or 6.8%. Use 365 days for calculation.)
Accounts receivable turnover
Average collection period
Inventory turnover
Days in inventory
Times interest earned
$160.500
Return on common stockholders' equity
Asset turnover
42,200
Debt to assets ratio
202,700
220,000
Free cash flow
422,700
278,000
268,000
546,000
$968,700
$144,700
$
42,600
$
187,300
200,000
387,300
297,400
164,300
461,700
$849,000
3.31
100000000000
Se
36.54 36
20.26 %
2.29 :1
15.48
23.58
8.27
44.14
times
days
times
days
times
times
Transcribed Image Text:Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity (a) (b) (c) (d) (e) Total liabilities (f) (g) (h) (1) (k) Earnings per share Return on assets All sales were on credit. Net cash provided by operating activities for 2022 was $228,000. Capital expenditures were $144,000, and cash dividends paid were $80,428. Current ratio Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2 decimal places, e.g. 1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%. Use 365 days for calculation.) Accounts receivable turnover Average collection period Inventory turnover Days in inventory Times interest earned $160.500 Return on common stockholders' equity Asset turnover 42,200 Debt to assets ratio 202,700 220,000 Free cash flow 422,700 278,000 268,000 546,000 $968,700 $144,700 $ 42,600 $ 187,300 200,000 387,300 297,400 164,300 461,700 $849,000 3.31 100000000000 Se 36.54 36 20.26 % 2.29 :1 15.48 23.58 8.27 44.14 times days times days times times
Net sales
Cost of goods sold
Gross profit
Selling and administrative expenses
Income from operations
Other expenses and losses
Interest expense
Income before income taxes
Wildhorse Company
Income Statement
For the Years Ended December 31
2022
Income tax expense
Net income
Assets
Current assets
Cash
Debt investments (short-term)
Accounts receivable (net)
Inventory
Total current assets
Plant assets (net)
Total assets
Liabilities and Stockholders' Equity
Current liabilities
Bonds payable
Accounts payable
Income taxes payable
Total current liabilities
Total liabilities
$1,814,500
1,012,800
801,700
517,800
283,900
18,400
Wildhorse Company
Balance Sheets
December 31
265,500
81,372
$184,128
2022
$59,200
69,000
117,200
122.500
367.900
600,800
$968,700
$160,500
42.200
202,700
220,000
422,700
2021
$1,750,100
976,000
774,100
478,400
295,700
13,400
282,300
76,500
$ 205,800
2021
$64,400
49,300
102,900
115,300
331,900
517,100
$849,000
$144,700
42,600
187,300
200,000
387,300
Transcribed Image Text:Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Wildhorse Company Income Statement For the Years Ended December 31 2022 Income tax expense Net income Assets Current assets Cash Debt investments (short-term) Accounts receivable (net) Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Bonds payable Accounts payable Income taxes payable Total current liabilities Total liabilities $1,814,500 1,012,800 801,700 517,800 283,900 18,400 Wildhorse Company Balance Sheets December 31 265,500 81,372 $184,128 2022 $59,200 69,000 117,200 122.500 367.900 600,800 $968,700 $160,500 42.200 202,700 220,000 422,700 2021 $1,750,100 976,000 774,100 478,400 295,700 13,400 282,300 76,500 $ 205,800 2021 $64,400 49,300 102,900 115,300 331,900 517,100 $849,000 $144,700 42,600 187,300 200,000 387,300
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