Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $14.000 Accounts receivable (net) 71.000 Inventory 60,000 Plant assets

image text in transcribed
Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash $14.000 Accounts receivable (net) 71.000 Inventory 60,000 Plant assets (net) 205,000 $350,000 Accounts payable $50,000 Mortgage payable (15%) 110,000 Common stock. $10 par 141,000 Retained earnings 49,000 $350,000 2019 $29.000 61,000 50,000 184,000 $324,000 $59,800 110,000 120.000 34.200 $324,000 Additional information for 2020- 1. Net income was $24.400. 2 Sales on account were 5409 300. Sales returns and allowances amounted to $19.900. 3. Cost of goods sold was 5198,000. 4 Net cash provided by operating activities was 544 800 S. Capital expenditures were 525 400, and cash dividends were 59,300. Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e3. 167. Round Accounts receivable turnover, Average collection period. Inventory turnover and Days in inventory to 1 decimal place. 2.5. 1.6.1 (a) [b] Current ratio Accounts receivable turnover Average collection period Inventory turnover times Ic (d) days times le) Days in inventory days Free cash flow eTextbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management And Cost Accounting

Authors: Mike Tayles, Colin Drury

11th Edition

147377361X, 978-1473773615

More Books

Students also viewed these Accounting questions

Question

Explain the impact of organizational culture on employees.

Answered: 1 week ago