Question: I will thumbs up the answer ht Attempt in Progress The condensed financial statements of Cullumber Company for the years 2021 and 2022 are as

I will thumbs up the answer  I will thumbs up the answer ht Attempt in Progress The
condensed financial statements of Cullumber Company for the years 2021 and 2022
are as follows. CULLUMBER COMPANY Balance Sheets December 31 (in thousands) 2022

ht Attempt in Progress The condensed financial statements of Cullumber Company for the years 2021 and 2022 are as follows. CULLUMBER COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents $347 $362 Accounts receivable (net) 560 490 Inventory 510 440 Prepaid expenses 130 160 Total current assets 1.547 1,452 Investments 100 100 393 380 Property, plant, and equipment (net) 530 508 Intangibles and other assets Total assets $2,570 $2,440 Current liabilities $910 $880 530 430 Long-term liabilities 1,130 1,130 Stockholders' equity-common Total liabilities and stockholders' equity $2,570 $2,440 CULLUMBER COMPANY Income Statements For the Year Ended December 31 (in thousands) 2022 2021 Sales revenue $3,850 $3,510 Costs and expenses Cost of goods sold 1,045 989 Selling & administrative expenses 2.400 2,330 Interest expense 10 20 3,455 3,339 Total costs and expenses Income before income taxes 395 171 158 68 Income tax expense Net income $ 237 $ 103 Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, eg 1.83 and all other answers to 1 decimal place, c.g. 1.8 or 12.6%) (a) Current ratio (b) (0) Inventory turnover (Inventory on December 31, 2020, was $420.) Profit margin Return on assets. (Assets on December 31, 2020, were $1,980.) Return on common stockholders' equity. (Equity on December 31, 2020, was $970.) (d) le) (6) Debt to assets ratio. Times interest earned 2022 2021 -1 -1 Current ratio. Inventory turnover 96 % Profit margin % % Return on assets. % % Return on common stockholders' equity, % % Debt to assets ratio times times Times interest earned

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!