Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bonita Company has these comparative balance sheet data: Bonita Company Balance Sheets December 31 2022 2021 Cash $16,000 $31,000 Accounts receivable (net) 71,000 59,000 Inventory

Bonita Company has these comparative balance sheet data: Bonita Company Balance Sheets December 31 2022 2021 Cash $16,000 $31,000 Accounts receivable (net) 71,000 59,000 Inventory 61,000 49,000 Plant assets (net) 204,000 181,000 $352,000 $320,000 Accounts payable $50,000 $59,100 Bonds payable (15% ) 105,000 105,000 Common stock, $10 par 144,000 122,000 Retained earnings 53,000 33,900 $352,000 $320,000 Additional information for 2022: 1. Net income was $24,100. 2. Sales on account were $410,200. Sales returns and allowances amounted to $24,100. 3. Cost of goods sold was $198,000. 4. Net cash provided by operating activities was $45,800. 5. Capital expenditures were $23,400, and cash dividends paid were $10,300. 6. The bonds payable are due in 2035. Additional information for 2022: 1. Net income was $24,100. 2. Sales on account were $410,200. Sales returns and allowances amounted to $24,100. 3. Cost of goods sold was $198,000. 4 Net cash provided by operating activities was $45,800. 5. Capital expenditures were $23,400, and cash dividends paid were $10,300. 6. The bonds payable are due in 2035. Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, eg. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in Inventory to 1 decimal place, eg 1.6.) (a) Current ratio (b) Accounts receivable turnover (c) Average collection period (d) Inventory turnover (e) Days in inventory (f) Free cash flow Save for Later times days times days Attempts: 0 of 1 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Powerpoint Notes For Use With Managerial Accounting

Authors: Ronald W Hilton

6th Edition

0072866268, 978-0072866261

More Books

Students also viewed these Accounting questions

Question

9. Power and politics can be destructive forces in organizations.

Answered: 1 week ago