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Crane Company has these comparative balance sheet data: Crane Company Balance Sheets December 31 2022 2021 Cash $ 15,000 $ 30,000 Accounts receivable (net) 70,000
Crane Company has these comparative balance sheet data:
Crane Company Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | |||||
Cash | $ 15,000 | $ 30,000 | ||||
Accounts receivable (net) | 70,000 | 59,000 | ||||
Inventory | 61,000 | 49,000 | ||||
Plant assets (net) | 195,000 | 179,000 | ||||
$341,000 | $317,000 | |||||
Accounts payable | $50,000 | $60,900 | ||||
Bonds payable (15%) | 101,500 | 101,500 | ||||
Common stock, $10 par | 144,000 | 118,500 | ||||
Retained earnings | 45,500 | 36,100 | ||||
$341,000 | $317,000 |
Additional information for 2022:
1. | Net income was $25,800. | |
2. | Sales on account were $407,700. Sales returns and allowances amounted to $25,800. | |
3. | Cost of goods sold was $198,000. | |
4. | Net cash provided by operating activities was $45,300. | |
5. | Capital expenditures were $24,400, and cash dividends paid were $9,800. | |
6. | The bonds payable are due in 2035. |
Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.)
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