INTERMEDIATE ACCOUNTING

Assignment > Open Assignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-16 (Part Level Submission) A comparative balance sheet for Sheffield Corporation is presented as follows. ASSIGNMENT RESOURCES Chapter 5 Homework Exercise 5-1 Exercise 5-2 Exercise 5-3 Exercise 5-4 Exercise 5-7 Exercise 5-13 Exercise 5-14 Exercise 5-15 (Part Level Submission) Exercise 5-16 (Part Level Submission) Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,780 $ 22,000 83,570 67,790 181,570 190,790 72,570 111,790 261,570 201,790 (70,570) (43,790) $601,490 $550,370 Review Score Review Results by Study Objective $ 35,570 150,000 214,000 201,920 $601,490 $ 48,790 200,000 164,000 137,580 $550,370 Additional information: 1. Net income for 2020 was $128,140. No gains or losses were recorded in 2020. 2. Cash dividends of $63,800 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. (b) Your answer is partially correct. Try again. Determine Sheffield Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current cash debt coverage and cash debt coverage to 2 decimal places, e.g. 0.67.) Current cash debt coverage Cash debt coverage .622:1 Free cash flow 11560 Comment on its liquidity and financial flexibility. P iani a good a excellent good Sheffield has J liquidity. Its financial flexibility is Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 3 used