Brief Exercise 13-11 a-bi (Part Level Submission) The following data are taken from the financial statements of Carla Vista Company. 2022 Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 $ 550,300 4,675,000 2021 $ 545,000 3,923,000 (a) Your answer is correct. Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable was $535,000. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Accounts receivable turnover 8.6 times 7.3 times Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2022 2021 Average collection period days days The following data were taken from the income statements of Crane Company. 2022 2021 Sales revenue Beginning inventory $6,420,000 968,100 4,706,000 1,118,000 $6,140,000 810,700 4,687,000 968,100 Purchases Ending inventory (a) Your answer is correct. Compute the inventory turnover for each year. (Round answers to 1 decimal place, e.g. 12.5.) 2022 2021 Inventory turnover 4.4 times 5.1 times Compute days in inventory for each year. (Round answers to 0 decimal places, e.g. 124. Use 365 days for calculation.) 2022 2021 Days in inventory days days Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 2022 2021 Cash Accounts receivable (net) Inventory Plant assets (net) $ 27,105 126,490 108,420 361,400 $ 54,210 108,420 90,350 325,260 $578,240 $623,415 Accounts payable Mortgage payable (15%) Common stock, $10 par Retained earnings $ 90,350 180,700 252,980 99,385 $ 108,420 180,700 216,840 72,280 $623,415 $578,240 Additional information for 2022: 1. Net income was $27,900. 2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000. 3. Cost of goods sold was $207,500. 3. Cost of goods sold was $207,500. 4. Net cash provided by operating activities was $57,000. 5. Capital expenditures were $28,900, and cash dividends were $17,900. Compute the following ratios at December 31, 2022. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) (a) Current ratio. 2.9 :1 (b) Accounts receivable turnover. 3 times (c) Average collection period. 121.7 days (d) Inventory turnover. 2.09 times (e) Days in inventory. .467|| days X (f) Free cash flow. 10900 Click if you would like to Show Work for this question: Open Show Work