Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 Cash Accounts...
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Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Mortgage payable (15%) Common stock. $10 par Retained earnings 1. 2022 $27,645 129,010 110,580 368,600 $635,835 $92,150 184,300 258,020 101,365 $635,835 Additional information for 2022: Net income was $26,900. 2021 $55,290 110,580 92,150 331.740 $589,760 $110,580 184,300 221.160 73.720 $589,760 Additional information for 2022: 1. 2. 3. 4. 5. Net income was $26,900. Sales on account were $392,300. Sales returns and allowances amounted to $27,000. Cost of goods sold was $217,600. Net cash provided by operating activities was $59,800. Capital expenditures were $26,800, and cash dividends were $12,300. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. (b) (c) (d) (e) (f) Accounts receivable turnover. Average collection period. Inventory turnover. Days in inventory. Free cash flow. :1 times days times days Operating data for Carla Vista Land Corporation are presented below: Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales revenue Cost of goods sold December 31, 2021 $845,000 488,410 126,750 Gross profit 89,570 33,800 Prepare a schedule showing a vertical analysis for 2021 and 2020. (Round percentages to 1 decimal place, e.g. 12.1%) CARLA VISTALAND COMPANY Condensed Income Statement For the Years Ended December 31 2021 106,470 Amount $845.000 488,410 December 31, 2020 $645,000 398,610 87,720 63,210 34,830 60.630 356,590 Percentage % Amount $645,000 398,610 246,390 2020 Percentage Prepare a schedule showing a vertical analysis for 2021 and 2020. (Round percentages to 1 decimal place, e.g. 12.1%) CARLA VISTALAND COMPANY Condensed Income Statement For the Years Ended December 31 2021 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $845,000 488,410 356,590 126,750 89,570 216,320 140,270 33,800 $106,470 Percentage % % % % % % % % % Amount $645,000 398.610 246,390 87,720 63,210 150,930 95,460 34,830 $60,630 2020 Percentage % % % % % Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 Cash Accounts receivable (net) Inventory Plant assets (net) Accounts payable Mortgage payable (15%) Common stock. $10 par Retained earnings 1. 2022 $27,645 129,010 110,580 368,600 $635,835 $92,150 184,300 258,020 101,365 $635,835 Additional information for 2022: Net income was $26,900. 2021 $55,290 110,580 92,150 331.740 $589,760 $110,580 184,300 221.160 73.720 $589,760 Additional information for 2022: 1. 2. 3. 4. 5. Net income was $26,900. Sales on account were $392,300. Sales returns and allowances amounted to $27,000. Cost of goods sold was $217,600. Net cash provided by operating activities was $59,800. Capital expenditures were $26,800, and cash dividends were $12,300. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. (b) (c) (d) (e) (f) Accounts receivable turnover. Average collection period. Inventory turnover. Days in inventory. Free cash flow. :1 times days times days Operating data for Carla Vista Land Corporation are presented below: Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales revenue Cost of goods sold December 31, 2021 $845,000 488,410 126,750 Gross profit 89,570 33,800 Prepare a schedule showing a vertical analysis for 2021 and 2020. (Round percentages to 1 decimal place, e.g. 12.1%) CARLA VISTALAND COMPANY Condensed Income Statement For the Years Ended December 31 2021 106,470 Amount $845.000 488,410 December 31, 2020 $645,000 398,610 87,720 63,210 34,830 60.630 356,590 Percentage % Amount $645,000 398,610 246,390 2020 Percentage Prepare a schedule showing a vertical analysis for 2021 and 2020. (Round percentages to 1 decimal place, e.g. 12.1%) CARLA VISTALAND COMPANY Condensed Income Statement For the Years Ended December 31 2021 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $845,000 488,410 356,590 126,750 89,570 216,320 140,270 33,800 $106,470 Percentage % % % % % % % % % Amount $645,000 398.610 246,390 87,720 63,210 150,930 95,460 34,830 $60,630 2020 Percentage % % % % %
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Answer rating: 100% (QA)
SOLUTION a Current ratio Current ratio Current assets Current liabilities Current assets at December 31 2022 Cash 27645 Accounts receivable net 129010 ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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