Problem 13-02A
The comparative statements of Cullumber Company are presented here.
CULLUMBER COMPANY |
||||
---|---|---|---|---|
2022 |
2021 |
|||
Net sales |
$1,586,400 |
$1,470,000 |
||
Cost of goods sold |
887,000 |
845,040 |
||
Gross profit |
699,400 |
624,960 |
||
Selling and administrative expenses |
420,000 |
402,360 |
||
Income from operations |
279,400 |
222,600 |
||
Other expenses and losses |
||||
Interest expense |
18,480 |
16,800 |
||
Income before income taxes |
260,920 |
205,800 |
||
Income tax expense |
78,276 |
61,740 |
||
Net income |
$ 182,644 |
$ 144,060 |
CULLUMBER COMPANY |
||||
---|---|---|---|---|
Assets |
2022 |
2021 |
||
Current assets |
||||
Cash |
$ 50,484 |
$ 53,928 |
||
Debt investments (short-term) |
62,160 |
42,000 |
||
Accounts receivable |
98,952 |
86,352 |
||
Inventory |
105,840 |
97,020 |
||
Total current assets |
317,436 |
279,300 |
||
Plant assets (net) |
545,160 |
437,052 |
||
Total assets |
$862,596 |
$716,352 |
||
Liabilities and Stockholders’ Equity |
||||
Current liabilities |
||||
Accounts payable |
$ 134,400 |
$122,136 |
||
Income taxes payable |
36,540 |
35,280 |
||
Total current liabilities |
170,940 |
157,416 |
||
Bonds payable |
184,800 |
168,000 |
||
Total liabilities |
355,740 |
325,416 |
||
Stockholders’ equity |
||||
Common stock ($4 par) |
243,600 |
252,000 |
||
Retained earnings |
263,256 |
138,936 |
||
Total stockholders’ equity |
506,856 |
390,936 |
||
Total liabilities and stockholders’ equity |
$862,596 |
$716,352 |
All sales were on account. Net cash provided by operating
activities for 2022 was $184,800. Capital expenditures were
$114,240, and cash dividends were $58,324.
Compute the following ratios for 2022. (Round all
answers to 2 decimal places, e.g. 1.83 or 1.83%.)
(a) | Earnings per share | $enter earnings per share in dollars | |||
(b) | Return on common stockholders’ equity | enter return on common stockholders’ equity in percentages | % | ||
(c) | Return on assets | enter return on assets in percentages | % | ||
(d) | Current ratio | enter current ratio | :1 | ||
(e) | Accounts receivable turnover | enter accounts receivable turnover in times | times | ||
(f) | Average collection period | enter average collection period in days | days | ||
(g) | Inventory turnover | enter inventory turnover in times | times | ||
(h) | Days in inventory | enter days in inventory | days | ||
(i) | Times interest earned | enter times interest earned | times | ||
(j) | Asset turnover | enter asset turnover in times | times | ||
(k) | Debt to assets ratio | enter debt to assets ratio in percentages | % | ||
(l) | Free cash flow | $enter free cash flow in dollars |
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