Problem 9-2 The comparative statements of Cullumber Company are presented here. CULLUMBER COMPANY Income Statements For the Years Ended December 31 2017 Net sales $1,895,740 Cost of goods sold 1,063,740 Gross profit 832,000 Selling and administrative expenses 505,200 Income from operations 326,800 Other expenses and losses Interest expense 23,500 Income before income taxes 303,300 Income tax expense 93,500 Net income $ 209,800 2016 $1,755,700 1,011,200 744,500 484,200 260,300 21,500 238,800 74,500 $164,300 CULLUMBER COMPANY Balance Sheets December 31 2017 2016 Assets Current assets Cash 500,100 74 $ 64,200 akt Ennnn License Agreement Pracy Policy 2000-2020 John Wiley Sensins. All Rights Reserved. A Division of John Wiley & Sons Inc Balance Sheets December 31 Assets 2017 2016 Current assets $ 60,100 74,000 123,000 127,500 384,600 661,000 $1,045,600 $ 64,200 50,000 108,000 117,000 339,200 532,300 $871,500 Cash Debt investments (short-term) Accounts receivable Inventory Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings $150,600 43,500 $ 165,200 45,000 210,200 232,000 194,100 212,000 406,100 442,200 290,000 313,400 300,000 165,400 Total stockholders' equity 603,400 465,400 Total liabilities and stockholders' equity $1,045,600 $871,500 Al sales were on account. Net cash provided by operating activities for 2017 was $243,000. Capital expenditures were $137,000, and cash dividends were $51,00 Compute the following ratios for 2017. (Round current ratio, earrings por share and asset tumover to 2 decimal places, c. 1.3 and all other answers to I decimal place, .. 1.8 or 2.5%. Use 365 days in calculation.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets 9 (d) Current ratio :1 (e) Accounts receivable turnover times (1) Average collection period days (0) Inventory turnover times (h) Days in Inventory days (1) Times interest earned times Asset turnover times (K) Debt to assets ratio () Free cash flow Fark If you would like to show Work for this question: een Show Work