SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 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 assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742 $1,006,304 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 188,800 $171,572 Income taxes payable 51,330 49,560 Total current liabilities 240,130 221,132 Bonds payable 259,600 236,000 Total liabilities 499,730 457,132 Stockholders’ equity Common stock ($5 par) 342,200 354,000 Retained earnings 369,812 195,172 Total stockholders’ equity 712,012 549,172 Total liabilities and stockholders’ equity $1,211,742 $1,006,304 All sales were on account. Net cash provided by operating activities for 2022 was $259,600. Capital expenditures were $160,480, and cash dividends were $74,168. Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share $enter earnings per share in dollars (b) Return on common stockholders’ equity enter return on common stockholders’ equity in percentages % (c) Return on assets enter return on assets in percentages % (d) Current ratio enter current ratio :1 (e) Accounts receivable turnover enter accounts receivable turnover in times times (f) Average collection period enter average collection period in days days (g) Inventory turnover enter inventory turnover in times times (h) Days in inventory enter days in inventory days (i) Times interest earned enter times interest earned times (j) Asset turnover enter asset turnover in times times (k) Debt to assets ratio enter debt to assets ratio in percentages % (l) Free cash flow $enter free cash flow in dollars

SUNLAND COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 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 assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742 $1,006,304 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 188,800 $171,572 Income taxes payable 51,330 49,560 Total current liabilities 240,130 221,132 Bonds payable 259,600 236,000 Total liabilities 499,730 457,132 Stockholders’ equity Common stock ($5 par) 342,200 354,000 Retained earnings 369,812 195,172 Total stockholders’ equity 712,012 549,172 Total liabilities and stockholders’ equity $1,211,742 $1,006,304 All sales were on account. Net cash provided by operating activities for 2022 was $259,600. Capital expenditures were $160,480, and cash dividends were $74,168. Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share $enter earnings per share in dollars (b) Return on common stockholders’ equity enter return on common stockholders’ equity in percentages % (c) Return on assets enter return on assets in percentages % (d) Current ratio enter current ratio :1 (e) Accounts receivable turnover enter accounts receivable turnover in times times (f) Average collection period enter average collection period in days days (g) Inventory turnover enter inventory turnover in times times (h) Days in inventory enter days in inventory days (i) Times interest earned enter times interest earned times (j) Asset turnover enter asset turnover in times times (k) Debt to assets ratio enter debt to assets ratio in percentages % (l) Free cash flow $enter free cash flow in dollars

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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SUNLAND COMPANY Income Statements For the Years Ended December 31
	2022	2021
Net sales	$2,178,400	$2,030,000
Cost of goods sold	1,207,000	1,187,080
Gross profit	971,400	842,920
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 assets
Cash	$ 70,918	$ 75,756
Debt investments (short-term)	87,320	59,000
Accounts receivable	139,004	121,304
Inventory	148,680	136,290
Total current assets	445,922	392,350
Plant assets (net)	765,820	613,954
Total assets	$1,211,742	$1,006,304
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$ 188,800	$171,572
Income taxes payable	51,330	49,560
Total current liabilities	240,130	221,132
Bonds payable	259,600	236,000
Total liabilities	499,730	457,132
Stockholders’ equity
Common stock ($5 par)	342,200	354,000
Retained earnings	369,812	195,172
Total stockholders’ equity	712,012	549,172
Total liabilities and stockholders’ equity	$1,211,742	$1,006,304

All sales were on account. Net cash provided by operating activities for 2022 was $259,600. Capital expenditures were $160,480, and cash dividends were $74,168.

Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.)

(a)	Earnings per share	$enter earnings per share in dollars
(b)	Return on common stockholders’ equity	enter return on common stockholders’ equity in percentages	%
(c)	Return on assets	enter return on assets in percentages	%
(d)	Current ratio	enter current ratio	:1
(e)	Accounts receivable turnover	enter accounts receivable turnover in times	times
(f)	Average collection period	enter average collection period in days	days
(g)	Inventory turnover	enter inventory turnover in times	times
(h)	Days in inventory	enter days in inventory	days
(i)	Times interest earned	enter times interest earned	times
(j)	Asset turnover	enter asset turnover in times	times
(k)	Debt to assets ratio	enter debt to assets ratio in percentages	%
(l)	Free cash flow	$enter free cash flow in dollars

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