Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANY Balance Sheets December 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. (d) Inventory turnover. enter inventory turnover in times rounded to 2 decimal places times (e) Days in inventory. enter days in inventory rounded to 1 decimal place days (f) Free cash flow.
Cullumber Company has these comparative balance sheet data: CULLUMBER COMPANY Balance Sheets December 31 2022 2021 Cash $ 16,350 $ 32,700 Accounts receivable (net) 76,300 65,400 Inventory 65,400 54,500 Plant assets (net) 218,000 196,200 $376,050 $348,800 Accounts payable $ 54,500 $ 65,400 Mortgage payable (15%) 109,000 109,000 Common stock, $10 par 152,600 130,800 Retained earnings 59,950 43,600 $376,050 $348,800 Additional information for 2022: 1. Net income was $34,000. 2. Sales on account were $383,300. Sales returns and allowances amounted to $26,600. 3. Cost of goods sold was $200,600. 4. Net cash provided by operating activities was $59,000. 5. Capital expenditures were $26,400, and cash dividends were $16,500. (d) Inventory turnover. enter inventory turnover in times rounded to 2 decimal places times (e) Days in inventory. enter days in inventory rounded to 1 decimal place days (f) Free cash flow.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.4C
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Question
Cullumber Company has these comparative balance sheet data:
CULLUMBER COMPANY
Balance Sheets December 31 |
||||
---|---|---|---|---|
2022
|
2021
|
|||
Cash
|
$ 16,350
|
$ 32,700
|
||
|
76,300
|
65,400
|
||
Inventory
|
65,400
|
54,500
|
||
Plant assets (net)
|
218,000
|
196,200
|
||
$376,050
|
$348,800
|
|||
Accounts payable
|
$ 54,500
|
$ 65,400
|
||
Mortgage payable (15%)
|
109,000
|
109,000
|
||
Common stock, $10 par
|
152,600
|
130,800
|
||
|
59,950
|
43,600
|
||
$376,050
|
$348,800
|
Additional information for 2022:
1. | Net income was $34,000. | |
2. | Sales on account were $383,300. Sales returns and allowances amounted to $26,600. | |
3. | Cost of goods sold was $200,600. | |
4. | Net cash provided by operating activities was $59,000. | |
5. | Capital expenditures were $26,400, and cash dividends were $16,500. |
(d) | Inventory turnover. |
enter inventory turnover in times rounded to 2 decimal places
|
times | ||
(e) | Days in inventory. |
enter days in inventory rounded to 1 decimal place
|
days | ||
(f) |
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