Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

com/courses/36345/assignments/3827682?module_item_id=12206811 The comparative statements or Crane Company are presented nere. CRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 $1,956,400 $1,820,000 Net

image text in transcribed
image text in transcribed
image text in transcribed
com/courses/36345/assignments/3827682?module_item_id=12206811 The comparative statements or Crane Company are presented nere. CRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 $1,956,400 $1,820,000 Net sales Cost of goods sold 1,087,000 1,066,360 Gross profit 869,400 753,640 Selling and administrative expenses 530,000 507,740 Income from operations 339,400 245,900 Other expenses and losses Interest expense 23.320 Income before income taxes 21,200 224,700 67,410 $ 157,290 316,080 94,824 $ 221,256 Income tax expense Net income CRANE COMPANY Balance Sheets December 31 Assets 2022 2021 Current assets cash $63,706 $68,052 78,440 53,000 Debt investments (short-term) + Facebook om/courses/36345/assignments/3827682?module_item_id=12206811 Assets 2022 2021 Current assets Cash $63,706 $68,052 Debt investments (short-term) 78,440 53,000 Accounts receivable 124,868 108,968 Inventory 133,560 122,430 Total current assets Plant assets (net) 400,574 352,450 687,940 551,518 $1,088,514 $903,968 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 169,600 $154,124 46,110 44,520 Income taxes payable Total current liabilities 215,710 198,644 Bonds payable 233,200 212,000 Total liabilities 448,910 410,644 Stockholders' equity Common stock ($5 par) 307,400 318,000 332,204 175,324 Retained earnings aptal stockholders' equity 639,604 493,324 Total liabilities and stockholders' equity $1,088,514 $903.968 Total stockholders' equity 639,604 493,324 Total liabilities and stockholders' equity $1,088,514 $903,968 All sales were on account. Net cash provided by operating activities for 2022 was $233.200. Capital expenditures were $144,160, and cash dividends were $64,376. Compute the following ratios for 2022. (Round all answers to 2 decimal places, es, 1.83 or 1.83%) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days 6 Times interest earned times times 0 Asset turnover (k) Debt to assets ratio (1) Free cash flow T e Textbook and Media

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions

Question

Distinguish between poor and good positive and neutral messages.

Answered: 1 week ago

Question

Describe the four specific guidelines for using the direct plan.

Answered: 1 week ago