(g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets ratio % (1) Free cash flow $ All sales were on account. Net cash provided by operating activities for 2022 was $252,278. Capital expenditures were $136,000, and cash dividends were $63,600. SANDHILL CO. Income Statements For the Years Ended December 31 2022 2021 Net sales $1,895,400 $1,757,200 Cost of goods sold 1,061,835 1,012,700 Gross profit 833,565 744,500 Selling and administrative expenses 506,700 485,700 Income from operations 326,865 258,800 Other expenses and losses Interest expense 23,300 21,300 Income before income taxes 303,565 237,500 Income tax expense 92,935 74,300 Net income $ 210,630 $ 163,200 SANDHILL CO. Balance Sheets December 31 Assets 2022 2021 Current assets Cash $ 59,130 $ 64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 124,500 109,500 Inventory 127,300 116,800 Total current assets 384,930 340,500 Plant assets (net) 661,000 532,300 Total assets $1,045,930 $872,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 166,700 $152,100 Income taxes payable 44,800 43,300 Total current liabilities 211,500 195,400 Bonds payable 232,000 212,000 Total liabilities 443,500 407,400 Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 312,430 165,400 Total stockholders' equity 602,430 465,400 Total liabilities and stockholders' equity $1,045,930 $872,800