The comparative statements of Wildhorse Company are presented here. [submitted previously and solution was incorrect] Liabilities and Stockholders' EquityCurrent liabilitiesAccounts payableIncome taxes payableTotal current liabilitiesBonds payableStockholders' equityCommon stock ($5 par)Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equity(a)(b)(c)(d)(e)Total liabilities(f)(g)(h)(1)(k)Earnings per shareReturn on assetsAll sales were on credit. Net cash provided by operating activities for 2022 was $228,000. Capital expenditures were $144,000, andcash dividends paid were $80,428.Current ratioCompute 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 turnoverAverage collection periodInventory turnoverDays in inventoryTimes interest earned$160.500Return on common stockholders' equityAsset turnover42,200Debt to assets ratio202,700220,000Free cash flow422,700278,000268,000546,000$968,700$144,700$42,600$187,300200,000387,300297,400164,300461,700$849,0003.31100000000000Se36.54 3620.26 %2.29 :115.4823.588.2744.14timesdaystimesdaystimestimes Net salesCost of goods soldGross profitSelling and administrative expensesIncome from operationsOther expenses and lossesInterest expenseIncome before income taxesWildhorse CompanyIncome StatementFor the Years Ended December 312022Income tax expenseNet incomeAssetsCurrent assetsCashDebt investments (short-term)Accounts receivable (net)InventoryTotal current assetsPlant assets (net)Total assetsLiabilities and Stockholders' EquityCurrent liabilitiesBonds payableAccounts payableIncome taxes payableTotal current liabilitiesTotal liabilities$1,814,5001,012,800801,700517,800283,90018,400Wildhorse CompanyBalance SheetsDecember 31265,50081,372$184,1282022$59,20069,000117,200122.500367.900600,800$968,700$160,50042.200202,700220,000422,7002021$1,750,100976,000774,100478,400295,70013,400282,30076,500$ 205,8002021$64,40049,300102,900115,300331,900517,100$849,000$144,70042,600187,300200,000387,300

The stakeholders can analyze financial characteristics including profitability, efficiency,…

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

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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