Question
Condensed balance sheet and income statement data for Cullumber Company are presented as follows. Cullumber Company Balance Sheets December 31 Assets 2022 2021 Cash $
Condensed balance sheet and income statement data for Cullumber Company are presented as follows.
| Cullumber Company Balance Sheets December 31 | ||||
|---|---|---|---|---|
| Assets | 2022 | 2021 | ||
| Cash | $ 29,000 | $ 18,400 | ||
| Receivables (net) | 71,000 | 61,500 | ||
| Other current assets | 118,400 | 92,600 | ||
| Long-term investments | 65,000 | 59,600 | ||
| Property, plant, and equipment (net) | 515,000 | 477,000 | ||
| Total assets | $ 798,400 | 709,100 | ||
| Liabilities and Stockholders Equity | ||||
| Current liabilities | $ 78,000 | $ 69,000 | ||
| Long-term liabilities | 79,500 | 99,000 | ||
| Common stock | 335,000 | 291,500 | ||
| Retained earnings | 305,900 | 249,600 | ||
| Total liabilities and stockholders equity | $ 798,400 | $ 709,100 | ||
| Cullumber Company Income Statements For the Years Ended December 31 | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Sales revenue | $790,600 | $683,200 | ||
| Cost of goods sold | 460,000 | 418,000 | ||
| Operating expenses (including income taxes) | 258,000 | 210,000 | ||
| Net income | $ 72,600 | $ 55,200 | ||
Additional information:
| Net cash provided by operating activities | $91,700 | $58,000 | ||
|---|---|---|---|---|
| Cash used for capital expenditures | $46,000 | $36,000 | ||
| Dividends paid | $27,000 | $14,000 | ||
| Weighted-average common shares outstanding | 33,000 | 30,000 |
Compute these values and ratios for 2021 and 2022. (Round Earnings per share to 2 decimal places, e.g. $2.78 and Current Ratio and Debt to assets ratio to 1 decimal place, e.g. 15.2. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (a) | Earnings per share. | $ | enter a dollar amount for earnings per share for 2022 rounded to 2 decimal places | $ | enter a dollar amount for earnings per share for 2021 rounded to 2 decimal places | |||||
| (b) | Working capital. | $ | enter a dollar amount for working capital for 2022 | $ | enter a dollar amount for working capital for 2021 | |||||
| (c) | Current ratio. | enter the current ratio for 2022 rounded to 1 decimal place | :1 | enter the current ratio for 2021 rounded to 1 decimal place | :1 | |||||
| (d) | Debt to assets ratio. | enter debt to assets ratio for 2022 in percentages rounded to 1 decimal place | % | enter debt to assets ratio for 2021 in percentages rounded to 1 decimal place | % | |||||
| (e) | Free cash flow. | $ | enter a dollar amount for free cash flow for 2022 | $ | enter a dollar amount for free cash flow for 2021 |
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Auditing The Modern Hospital
Authors: B. J Hall
1st Edition
0130516724, 978-0130516725
