CULLUMBER COMPANY Balance Sheets December 31 2022 2021 Cash $ 15,600 $ 31,200 Accounts receivable...
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CULLUMBER COMPANY Balance Sheets December 31 2022 2021 Cash $ 15,600 $ 31,200 Accounts receivable (net) 72,800 62,400 Inventory 62,400 52,000 Plant assets (net) 208,000 187,200 $358,800 $332,800 Accounts payable $ 52,000 $ 62,400 Bonds payable (15%) 104,000 104,000 Common stock, $10 par 145,600 124,800 Retained earnings 57,200 41,600 $358,800 $332,800 1. Net income was $35,400. 2. Sales on account were $383,500. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $223,400. 4. Net cash provided by operating activities was $56,200. 5. Capital expenditures were $28,300, and cash dividends paid were $19,200. 6. The bonds payable are due in 2035. Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, e.g. 1.83. Round accounts receivable turnover, average collection period, inventory turnover and days in inventory to 1 decimal place, e.g. 1.8. Use 365 days for calculation. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) (a) Current ratio. 2.9 :1 (b) Accounts receivable turnover. times (c) Average collection period. days (d) Inventory turnover. times (e) Days in inventory. days (f) Free cash flow. $
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