Homework Answers
(a) Earning per share= Net income/no of shares outstanding
= 182,644/60,900
= 2.99 per share
(B)Return on common stockholders equity= net income/ average stockholders equity
= 182,644×100/(506,856+390,936)/2
=182,644×100/448,896
=40.69%
(C)Return on assets=Net income× 100/Average total assets
=182,644×100/(862,596+716,352)/2
=182,644×100/789,474
= 23.13%
(D)Current ratio = current assets/current liabilities
=317,436/170,940
=1.86:1
(E) account Recievable turnover= sales/(avegarge Accounts Receivable)
= 1,586,400/(98,952+86,352)/2
=1,586,400/92,652
=17.12 times
(F) Avegarge collection period= 365 × Avegarge accounts receivables/Sales
= 365×92,652/1,586,400
=21.32 days
(G) inventory turnover= COGS/Average inventory
= 887,000/(105,840+97,020)/2
=887,000/101,430
=8.74 times
(H) Days in inventory= 365 × average inventory/COGS
= 365×101,430/887,000
=41.74 DAYS
(I) Times interest earned= EBIT/ Interest Expenses
=279,400/18,480
=15.12 times
(J) Asset turnover= sales/ Avegarge total assets
=1,586,400/789,474
=2.01 times
(k) Debt to assets ratio= debt×100/total assets
=355,740×100/862,596
=41.24%
(L) free cash flow= Net cash provided by operating activities- capital expenditures- dividends
= 184,800- 114,240- 58,324
=12,236
Add Answer to:
36,540 35,280 170,940 184,800 157,416 168,000 355,740 325,416 Income taxes payable Total current liabilities Bonds payable...
Problem 13-02A The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For...
Problem 13-02A
The comparative statements of Cullumber Company are presented
here.
CULLUMBER COMPANY
Income Statements
For the Years Ended December 31
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
Balance Sheets
December 31
Assets...
Pro 1LOZA 10:54 The compartim ents of C her Company we presented CULLUMBER COMPANY In State...
Pro 1LOZA 10:54 The compartim ents of C her Company we presented CULLUMBER COMPANY In State For the Year Ended December 31 51, 5 00 $1,470.000 7.000 45.000 420.000 270.000 400350 32.00 Net sales Cost of goods sold Grow profit Selling and administrative expenses Income from aperations Other expenses and losses Internet expense Income before income taxes Income tax expense Net Income ISO 160930 100 2050 S12644 S 144.060 CULLUMBER COMPANY Balance Sheets December 31 Current assets 550 55 Debt...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years...
The comparative statements of Sheridan Company are presented
here.
SHERIDAN COMPANY
Income Statements
For the Years Ended December 31
2022
2021
Net sales
$1,734,400
$1,610,000
Cost of goods sold
967,000
925,520
Gross profit
767,400
684,480
Selling and administrative expenses
460,000
440,680
Income from operations
307,400
243,800
Other expenses and losses
Interest expense
20,240
18,400
Income before income taxes
287,160
225,400
Income tax expense
86,148
67,620
Net income
$ 201,012
$ 157,780
SHERIDAN COMPANY
Balance Sheets
December 31
Assets
2022
2021...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales Cost of goods sold $2,178,400 $2,030,000 1,207,000 1,187,080 971,400 842,920 Gross profit Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25.960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $177,870 SUNLAND COMPANY Balance Sheets December 31 Assets 2022 2021 Current...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years Ended December 31 2022 Net sales $1,734,400 Cost of goods sold 967,000 Gross profit 767,400 Selling and administrative expenses 460,000 Income from operations 307,400 Other expenses and losses Interest expense 20,240 Income before income taxes 287,160 Income tax expense 86,148 Net income $ 201,012 2021 $1,610,000 925,520 684,480 440,680 243,800 18,400 225,400 67.620 $ 157,780 2021 SHERIDAN COMPANY Balance Sheets December 31 Assets 2022...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales Cost of goods sold $2,178,400 $2,030,000 1,207,000 1,187,080 971,400 842,920 Gross profit Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25.960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $177,870 SUNLAND COMPANY Balance Sheets December 31 Assets 2022 2021 Current...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 24,100 22,100 Income before income taxes 298,800 234,300 Income tax expense 94,100 75,100 Net income $ 204,700 $ 159,200 SHERIDAN COMPANY Balance Sheets December 31 Assets 2017 2016...
Question 5 The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY ncome StatementS For...
Question 5 The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY ncome StatementS For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,240 $1,756,200 1,011,700 744,500 484,700 259,800 1,064,240 832,000 505,700 326,300 Interest expense Income before income taxes Income tax expense Net income 23,300 303,000 93,300 $209,700 21,300 238,500 74,300 $164,200 Balance Sheets December 31 Assets 2020 2019 Current assets...
Problem 13-2A The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For...
Problem 13-2A The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,893,340 $1,753,300 Cost of goods sold 1,061,340 1,008,800 Gross profit 832,000 744,500 Selling and administrative expenses 502,800 481,800 Income from operations 329,200 262,700 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 305,500 241,000 Income tax expense 93,700 74,700 Net income $ 211,800 $ 166,300 BLOSSOM COMPANY Balance Sheets December 31 Assets...
The comparative statements of Pharoah Company are presented here: PHAROAH COMPANY Income Statements For the Years...
The comparative statements of Pharoah Company are presented here: PHAROAH COMPANY Income Statements For the Years Ended December 31 2018 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 93,400 Income tax expense 74,400 $207,000 $161,500 Net income PHAROAH COMPANY Balance Sheets December 31 2018 2019 Assets Current assets...
Problem 13-02A
The comparative statements of Cullumber Company are presented
here.
CULLUMBER COMPANY
Income Statements
For the Years Ended December 31
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
Balance Sheets
December 31
Assets...
Pro 1LOZA 10:54 The compartim ents of C her Company we presented CULLUMBER COMPANY In State For the Year Ended December 31 51, 5 00 $1,470.000 7.000 45.000 420.000 270.000 400350 32.00 Net sales Cost of goods sold Grow profit Selling and administrative expenses Income from aperations Other expenses and losses Internet expense Income before income taxes Income tax expense Net Income ISO 160930 100 2050 S12644 S 144.060 CULLUMBER COMPANY Balance Sheets December 31 Current assets 550 55 Debt...
The comparative statements of Sheridan Company are presented
here.
SHERIDAN COMPANY
Income Statements
For the Years Ended December 31
2022
2021
Net sales
$1,734,400
$1,610,000
Cost of goods sold
967,000
925,520
Gross profit
767,400
684,480
Selling and administrative expenses
460,000
440,680
Income from operations
307,400
243,800
Other expenses and losses
Interest expense
20,240
18,400
Income before income taxes
287,160
225,400
Income tax expense
86,148
67,620
Net income
$ 201,012
$ 157,780
SHERIDAN COMPANY
Balance Sheets
December 31
Assets
2022
2021...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales Cost of goods sold $2,178,400 $2,030,000 1,207,000 1,187,080 971,400 842,920 Gross profit Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25.960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $177,870 SUNLAND COMPANY Balance Sheets December 31 Assets 2022 2021 Current...
The comparative statements of Sheridan Company are presented here. SHERIDAN COMPANY Income Statements For the Years Ended December 31 2022 Net sales $1,734,400 Cost of goods sold 967,000 Gross profit 767,400 Selling and administrative expenses 460,000 Income from operations 307,400 Other expenses and losses Interest expense 20,240 Income before income taxes 287,160 Income tax expense 86,148 Net income $ 201,012 2021 $1,610,000 925,520 684,480 440,680 243,800 18,400 225,400 67.620 $ 157,780 2021 SHERIDAN COMPANY Balance Sheets December 31 Assets 2022...
The comparative statements of Sunland Company are presented here. SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales Cost of goods sold $2,178,400 $2,030,000 1,207,000 1,187,080 971,400 842,920 Gross profit Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25.960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $177,870 SUNLAND COMPANY Balance Sheets December 31 Assets 2022 2021 Current...
Question 5 The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY ncome StatementS For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,240 $1,756,200 1,011,700 744,500 484,700 259,800 1,064,240 832,000 505,700 326,300 Interest expense Income before income taxes Income tax expense Net income 23,300 303,000 93,300 $209,700 21,300 238,500 74,300 $164,200 Balance Sheets December 31 Assets 2020 2019 Current assets...
The comparative statements of Pharoah Company are presented here: PHAROAH COMPANY Income Statements For the Years Ended December 31 2018 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 93,400 Income tax expense 74,400 $207,000 $161,500 Net income PHAROAH COMPANY Balance Sheets December 31 2018 2019 Assets Current assets...
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