Question
Crane Company has these comparative balance sheet data: CRANE COMPANY Balance Sheets December 31 2022 2021 Cash $ 27,105 $ 54,210 Accounts receivable (net) 126,490
Crane Company has these comparative balance sheet data:
CRANE COMPANY Balance Sheets December 31 | ||||
---|---|---|---|---|
2022 | 2021 | |||
Cash | $ 27,105 | $ 54,210 | ||
Accounts receivable (net) | 126,490 | 108,420 | ||
Inventory | 108,420 | 90,350 | ||
Plant assets (net) | 361,400 | 325,260 | ||
$623,415 | $578,240 | |||
Accounts payable | $ 90,350 | $ 108,420 | ||
Mortgage payable (15%) | 180,700 | 180,700 | ||
Common stock, $10 par | 252,980 | 216,840 | ||
Retained earnings | 99,385 | 72,280 | ||
$623,415 | $578,240 |
Additional information for 2022:
1. | Net income was $27,900. | |
2. | Sales on account were $381,365. Sales returns and allowances amounted to $29,000. | |
3. | Cost of goods sold was $298,155. | |
4. | Net cash provided by operating activities was $56,017. | |
5. | Capital expenditures were $28,900, and cash dividends were $17,900. |
Compute the following ratios at December 31, 2022. (Round free cash flow to 0 decimal places, e.g. 5,275 and all other answers to 2 decimal places, e.g. 1.82. Use 365 days for calculation.)
(a) | Current ratio. | Enter current ratio rounded to 2 decimal place | :1 | ||
---|---|---|---|---|---|
(b) | Accounts receivable turnover. | Enter accounts receivable turnover in times rounded to 2 decimal place | times | ||
(c) | Average collection period. | Enter average collection period in days rounded to 2 decimal place | days | ||
(d) | Inventory turnover. | Enter inventory turnover in days rounded to 2 decimal place | times | ||
(e) | Days in inventory. | Enter number of days in inventory rounded to 2 decimal place | days | ||
(f) | Free cash flow. | $Enter free cash flow in dollars rounded to 0 decimal places |
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