CULLUMBER COMPANY $8$

Income Statements

For the Years Ended December $31$

$2022$

$2021$

Net sales

$$1,896,240$

$$1,756,200$

Cost of goods sold

$1,064,240$

$1,011,700$

Gross profit

$832,000$

$744,500$

Selling and administrative expenses

$505,700$

$484,700$

Income from operations

$326,300$

$259,800$

Other expenses and losses

Interest expense

$23,300$

$21,300$

Income before income taxes

$303,000$

$238,500$

Income tax expense

$93,300$

$74,300$

Net income

$$209,700$

$$164,200$

CULLUMBER COMPANY

Balance Sheets

December $31$

Assets

$2022$

$2021$

Current assets

Cash

$$60,100$

$$64,200$

Debt investments $($short$-$term$)$

$74,000$

$50,000$

Accounts receivable

$123,500$

$108,500$

Inventory

$127,300$

$116,800$

Total current assets

$384,900$

$339,500$

Plant assets $($net$)$

$661,000$

$532,300$

Total assets

$$1,045,900$

$$871,800$

Liabilities and Stockholders$$ Equity

Current liabilities

Accounts payable

$$165,700$

$$151,100$

Income taxes payable

$44,800$

$43,300$

Total current liabilities

$210,500$

$194,400$

Bonds payable

$232,000$

$212,000$

Total liabilities

$442,500$

$406,400$

Stockholders$$ equity

Common stock $($$$5$ par$)$

$290,000$

$300,000$

Retained earnings

$313,400$

$165,400$

Total stockholders$$ equity

$603,400$

$465,400$

Total liabilities and stockholders$$ equity

$$1,045,900$

$$871,800$

All sales were on account. Net cash provided by operating activities for $2022$ was $$238,000.$ Capital expenditures were $$135,000,$ and cash dividends were $$61,700.$

Compute the following ratios for $2022.($Round earnings per share, current ratio and asset turnover to $2$ decimal places, e$.$g$.1\mathrm{.}83.$ Round return on common stockholders$$ equity, return on assets, accounts receivable turnover, average collection period, inventory turnover, days in inventory, times interest earned and debt to assets ratio to $1$ decimal places, e$.$g$.1\mathrm{.}8$ or $1\mathrm{.}8\%.$ Use $365$ days for calculation.$)$