Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 Cash $ 16,000 $ 31,000 Accounts receivable (net) 69,000 60,000 Inventory 59,000 51,000 Plant assets (net) 198,000 179,000 $342,000 $321,000 Accounts payable $50,000 $60,700 Mortgage payable (15%) 107,500 107,500 Common stock, $10 par 136,500 121,000 Retained earnings 48,000 31,800 $342,000 $321,000 Additional information for 2020: 1. Net income was $24,700. 2. Sales on account were $414,050. Sales returns and allowances amounted to $20,600. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $44,300. 5. Capital expenditures were $26,400, and cash dividends were $8,800. Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.)
Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 Cash $ 16,000 $ 31,000 Accounts receivable (net) 69,000 60,000 Inventory 59,000 51,000 Plant assets (net) 198,000 179,000 $342,000 $321,000 Accounts payable $50,000 $60,700 Mortgage payable (15%) 107,500 107,500 Common stock, $10 par 136,500 121,000 Retained earnings 48,000 31,800 $342,000 $321,000 Additional information for 2020: 1. Net income was $24,700. 2. Sales on account were $414,050. Sales returns and allowances amounted to $20,600. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $44,300. 5. Capital expenditures were $26,400, and cash dividends were $8,800. Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...
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Lendell Company has these comparative
Lendell Company
Balance Sheets December 31 |
||||||
---|---|---|---|---|---|---|
2020
|
2019
|
|||||
Cash
|
$ 16,000 | $ 31,000 | ||||
|
69,000 | 60,000 | ||||
Inventory
|
59,000 | 51,000 | ||||
Plant assets (net)
|
198,000 | 179,000 | ||||
|
$342,000 | $321,000 | ||||
Accounts payable
|
$50,000 | $60,700 | ||||
Mortgage payable (15%)
|
107,500 | 107,500 | ||||
Common stock, $10 par
|
136,500 | 121,000 | ||||
|
48,000 | 31,800 | ||||
$342,000 | $321,000 |
Additional information for 2020:
1. | Net income was $24,700. | |
2. | Sales on account were $414,050. Sales returns and allowances amounted to $20,600. | |
3. | Cost of goods sold was $198,000. | |
4. | Net cash provided by operating activities was $44,300. | |
5. | Capital expenditures were $26,400, and cash dividends were $8,800. |
Compute the following ratios at December 31, 2020. (Round
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