Here are comparative financial statement data for Cullumber Company and Blossom Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Cullumber Company Blossom Company 2022 2021 2022 2021 Net sales $1,824,000 $559,000 Cost of goods sold 1,030,560 296,829 Operating expenses 268,128 79,937 Interest expense 7,296 3,913 Income tax expense 52,896 7,267 Current assets 322,000 $310,600 82,600 $79,200 nt assets (net) 519,900 498,200 140,100 124,500 Current liabilities 65,000 75,000 35,800 31,400 Long-term liabilities 108,000 90,200 28,600 25,200 Common stock, $10 par 497,000 497,000 117,000 117,000 Retained earnings 171,900 146,600 41,300 30,100 Prepare a vertical analysis of the 2022 income statement data for Cullumber Company and Blossom Com Cullumber Company and Blossom Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Cullumber Company Blossom Company Dollars Percent Dollars Percent % % % % % % %Cullumber Company Balance Sheets December 31 Assets 2022 2021 Current assets Cash $59,800 $63,800 Debt investments (short-term) 68,900 50,000 Accounts receivable (net) 117,600 101,300 Inventory 122,500 115,400 Total current assets 368,800 330,500 Plant assets (net) 598,300 521,100 Total assets $967,100 $851,600 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $146,000 Income taxes payable 43,100 41,000 Total current liabilities 202,100 187,000 Bonds payable 220,000 200,000 Total liabilities 422,100 387,000 Stockholders' equity Common stock ($5 par) 275,000 298,300 Retained earnings 270,000 166,300 Total stockholders' equity 545,000 464,600 Total liabilities and stockholders' equity $967,100 $851,600All sales were on credit. Net cash provided by operating activities for 2022 was $209,000. Capital expenditures were $125,000, and cash dividends paid were $79,756. Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2decimal places, ea. 1.65 or 1.65:1. and all other answers to 1 decimal place, e3. 6.8 or 6.8%. Use 365 days for calculation.) (3) Earnings per share $ (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (fl Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to assets ratio % (l) Free cash ow $ An inexperienced accountant for Wildhorse Corporation showed the following in the income statement: net income $410,000 and unrealized gain on available-for-sale securities (before taxes) $67,000. The unrealized gain on available-tor-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. ( Enter loss using either a negative sign preceding the number eg. -2,945 or parentheses e3. (2, 945).) WILDHORSE CORPORATION Partial Statement of Comprehensive Income vs vs Sandhill Company has stockholders equity of $400000 and net income of $85,000. It has a payout ratio ot16% and a return on assets of 25%. How much did Hollie pay in cash dividends. and what were its average total assets? Cash dividends $ Average total assets $ An inexperienced accountant for Crane Transport Corporation showed the following in Crane Transports 2021 income statement: income before income taxes of $468,000; and unrealized loss on available-forsale debt securities (before taxes) of $84,000. The unrealized loss and the income before income taxes are both subject to a 20% tax rate. Prepare a corrected partial income statement and a statement of comprehensive income CRANEI'RANSPORT CORPORATION Partial Income Statement and Statement of Comprehensive Income v s v s Comparative information taken from the Ivanhoe Company financial statements is shown below: Using horizontal analysis, show the percentage change from 2020 to 2021 with 2020 as the base year. 2021 2020 Percentage Increase or Decrease (a) Accounts receivable $204,600 $155,000 (b) Retained earnings 45,000 (29,000) (c) Sales revenue 887,400 765,000 (d) Operating expenses 184,000 230,000 % (e) Income taxes payable 30,000 25,000 % Using these data from the comparative balance sheet of Sandhill Spice Company is presented below. Prepare a schedule showing a horizontal analysis for 2021 using 2020 as the base year. (Round percentage answers to 1 decimal place, e.g. 15.2%.) Increase or (Decrease December 31, December 31, Amount Percentage 2021 2020 Accounts $417,300 $321,000 $ % receivable Inventory 819,720 621,000 Total assets 3,272,360 2,821,000 % Using the following selected items from the comparative balance sheet of Cullumber Company, illustrate horizontal (using 2020 as th et of Cullumber Company, illustrate horizontal (using 2020 as the base year) and vertical analysis. (Round vertical analysis to 1 decimal place, e.g. 15.2.) ace, e.g. 15.2.) HORIZONTAL ANALYSIS VERTICAL ANALYSIS December 31, December 31, December 31, December 31, December 31, December 31, 202 202 2021 2020 2021 2020 Accounts Receivable $791,350 $703,660 nventory 474.810 431,860 Total Assets 3,230,000 3.020,000 %Sheridan Company has these comparative balance sheet data: SHERIDANCOMPANY Balance Sheets December 31 2021 2020 Cash $67,000 $48,000 Accounts receivable (net) 83,000 78,000 Inventory 8,000 68,000 Property, plant and equipment (net) 203,000 198,000 431,000 392,000 Accounts payable 60,000 78,000 Mortgage payable (15%, due in 15 years) 118,000 118,000 Common stock, $10 par 158,000 138,000 Retained earnings 95,000 58,000 431,000 392,000 Additional information for 2021: 1. Net income was $43,000. 2. Sales on account were $468,000. Sales returns and allowances amounted to $25,250. 3. Cost of goods sold was $357,700. 4. Net cash provided by operating activities was $67,000. 5. Capital expenditures were $41,000, and cash dividends were $36,000. Compute the following ratios at December 31, 2021: (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 52.7.) (a) Current ratio :1 (b) Accounts receivable turnover times (c) Average collection period days (d) Inventory turnover times (e) Days in inventory daysThe income statement for Cullumber, Inc. is as follows: CULLUMBER, INC Income Statement For the Year Ended December 31, 2021 sales revenue $409,000 Cost of goods sold 253,000 Gross profit 156,000 Expenses (including $ 13,500 interest and $26,650 income taxes) 103,000 Net income $53,000 Additional information: 1. Common stock outstanding January 1, 2021 was 33,000 shares and 43,000 shares were outstanding at December 31, 2021. 2. The market price of Cullumber, Inc., stock was $16 in 2021. 3. Cash dividends of $16,400 were paid, $4,740 of which were to preferred stockholders. Compute the following measures for 2021: (Round Earnings per share to 2 decimal places, e.g. 52.75. Round other answers to 1 decimal place, e.g. 52.7.) (a) Earnings per share Price-earnings ratio times (c) Payout ratio % (d) Times interest earned times Hobson Corporation had net sales for the year of $300,000 and average total assets of $200,000. The asset turnover is times. (Round answer to 1 decimal place, e.g. 15.2.) If a company has a discontinued operation gain of $29000 and a 30% tax rate, what is the effect on net income? O Increase of $29000. Increase of $20300. O Increase of $8700. O No effect.Waterway Corporation. Inc. has the fol lowing income statement (in millions): Waterway Corporation, Inc. Income Statement For the Year Ended December 31, 2022 Net Sales $260 Cost of Goods Sold 176 Gross Prot 84 Operating Expenses 45 Net Income $ 39 Using vertical analysis, what percentage is assigned to net income? 0 100% O 85% O 15% O 22% A company's return on assets is a function of its 0 prot margin and debt to assets ratio. 0 prot margin and asset turnover. 0 times interest earned and debt to stockholders' equity. 0 prot margin and free cash ow. A company with $60,000 in current assets and $35000 in current liabilities pays a $1,000 current liability. As a result of this transaction, the current ratio and working capital will 0 both decrease. 0 both increase. 0 increase and remain the sa me. respectively. 0 remain the same and decrease, respectively. A successful grocery store would probably have 0 a low inventory turnover. 0 a high inventory turnover. 0 zero prot margin. 0 low volume. The following information pertains to The Suniand Boutique Company. Assume that all balance sheet amounts represent both average and ending balance Figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 39000 Accounts receivable (net) 26000 Inventory 19000 Property. plant and equipment (net) 208000 Total Assets $292000 Liabilities and Stockholders' Equity Current liabilities $ 57000 Long-term liabilities 82000 Stockhotders' equity-common 153000 Total Liabilities and Stockholders Equity $292000 Income Statement Sales revenue (net) 5 91000 Cost of goods sold 44700 Gross profit 46300 Operating expenses 20200 Net income 5 26100 Numberof shares of common stock outstanding 5500 Market price of common stock $22 Dividends per share paid of common stock $0.90 Cash provided by operations $29500 What is the accounts receivable turnover for the compa ny? O 2.90 times 0 2.10 times 0 3.50times O 3.10times The following information pertains to Bonita Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on account. Assets Cash and short-term investments $ 41000 Accounts receivable (net) 28000 Inventory 25000 Property, plant and equipment (net) 219000 Total Assets $313000 Liabilities and Stockholders' Equity Current liabilities $57000 Long-term liabilities 106000 Stockholders' equity-common 150000 Total Liabilities and Stockholders' Equity $313000 Income Statement Sales revenue $ 117000 Cost of goods sold $1000 Gross profit 56000 Operating expenses 26000 Net income $ 30000 Number of shares of common stock outstanding (Weighted-Average) 5000 Market price of common stock $30 Dividends paid per share of common stock $0.60 Cash provided by operations $39000 What is Bonita's price-earnings ratio for the period? O 1.4 times O 1.0 times O 6.1 times 5.0 times Bonita Corporation had net income of $360000 and paid dividends to common stockholders of $38800 in 2021. The weighted average number of common shares outstanding in 2021 was 60000. Bonita Corporation's common stock is currently selling for $60 per share on the New York Stock Exchange. Bonita Corporation's price-earnings ratio is 14.5 times. O 10.0 times. O 6.0 times. O 11.2 times.Wildhorse's Bunny Barn has experienced a $40200 loss due to tornado damage to its inventory. Tornados have never before occurred in this area. Assuming that the company's tax rate is 30%.what amount will be reported for this loss on the income statement? 0 $40200 C; $28140 C $12060 C) $36180 The comparative statements of Cullumber Company are presented here. Cullumber Company Income Statement For the Years Ended December 31 2022 2021 Net sales $1.810.600 $1,752.800 Cost of goods sold 1,0 10,100 994,000 Gross prot 800.500 758.800 Selling and administrative expenses 520.200 475.800 Income from operations 280.300 283.000 Other expenses and losses Interest expense 17.400 13.400 Income before income taxes 262.900 269.600 Income tax expense 79.444 77.100 Net income $ 183.456 $ 192.500