Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Company Income Statement For the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross

image text in transcribed

Carla Vista Company Income Statement For the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78.640 77,600 Net income $196,860 $ 192,500 Carla Vista Company Balance Sheets December 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400 330,400 Plant assets (net) 601,300 516,700 Total assets $969,700 $847,100 Liabilities and Stockholders' Equity Current liabilities Accounts payable $160,500 $145,700 Income taxes payable 43,100 41,800 Total current liabilities 203,600 187,500 Bonds payable 220,000 200,000 Total liabilities 423,600 387,500 Stockholders' equity Common stock ($5 par) 282,500 296,500 Retained earnings 263,600 163,100 Total stockholders' equity 546,100 459,600 Total liabilities and stockholders' equity $969,700 $847,100 All sales were on credit. Net cash provided by operating activities for 2022 was $246,000. Capital expenditures were $142,000, and cash dividends paid were $96,360. Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2 decimal places, e.g. 1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%. Use 365 days for calculation.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio $ 3.48 39.1 % 21.7 % 1.81 :1 (e) Accounts receivable turnover 16.6 times (f) Average collection period 22 days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned (j) Asset turnover (k) Debt to assets ratio (1) Free cash flow $ times times %

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

College Accounting Chapters 1-27

Authors: James A. Heintz, Robert W. Parry

22nd Edition

130566616X, 978-1305666160

More Books

Students also viewed these Accounting questions

Question

Identify and explain the steps in the loss adjustment process?

Answered: 1 week ago

Question

List several reasons for which a claim might be completely denied.

Answered: 1 week ago

Question

Distinguish between an independent adjuster and a public adjuster.

Answered: 1 week ago