Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income...
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Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Crane Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings a. Working capital b. Current ratio c. Acid-test ratio $377,000 1,048,000 729,000 381,300 Total stockholders' equity Total liabilities and stockholders' equity $11,241,835 d. Accounts receivable turnover $417,400 776,450 681,100 247,100 2,535,300 2,122,050 8,706,535 $11,241,835 $10,562,095 8,440,045 Calculate the following liquidity ratios for 2016. (If working capita 2016 $3,181,000 $2,846,100 3,702,700 3,892,650 6,883,700 6,738,750 59,000 104,650 59,000 103,900 3,660,445 4,194,485 4,358,135 3,823,345 $10,562,095 -645700 .80 2015 .57 11.16 times Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Average collection period Calculate the following liquidity ratios for 2016. (Round ave b. Inventory turnover 2016 $10,177,200 2015 $9,613,900 5,612,450 5,298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,724,500 1,681,000 300,300 308,650 1,424,200 1,372,350 427,260 411,705 $996,940 $960,645 X 29,500 433,400 462,900 534,040 3,660,445 $4,194,485 days times Your answer is incorrect. Try again. Calculate average days to sell inventory for 2016. (Round a Average days to sell inventory days Click if you would like to Show Work for this question: 29,500 413,050 442,550 518,095 3,142,350 $3,660,445 Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Crane Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings a. Working capital b. Current ratio c. Acid-test ratio $377,000 1,048,000 729,000 381,300 Total stockholders' equity Total liabilities and stockholders' equity $11,241,835 d. Accounts receivable turnover $417,400 776,450 681,100 247,100 2,535,300 2,122,050 8,706,535 $11,241,835 $10,562,095 8,440,045 Calculate the following liquidity ratios for 2016. (If working capita 2016 $3,181,000 $2,846,100 3,702,700 3,892,650 6,883,700 6,738,750 59,000 104,650 59,000 103,900 3,660,445 4,194,485 4,358,135 3,823,345 $10,562,095 -645700 .80 2015 .57 11.16 times Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year a. Average collection period Calculate the following liquidity ratios for 2016. (Round ave b. Inventory turnover 2016 $10,177,200 2015 $9,613,900 5,612,450 5,298,750 4,564,750 4,315,150 2,840,250 2,634,150 1,724,500 1,681,000 300,300 308,650 1,424,200 1,372,350 427,260 411,705 $996,940 $960,645 X 29,500 433,400 462,900 534,040 3,660,445 $4,194,485 days times Your answer is incorrect. Try again. Calculate average days to sell inventory for 2016. (Round a Average days to sell inventory days Click if you would like to Show Work for this question: 29,500 413,050 442,550 518,095 3,142,350 $3,660,445
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