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Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 2019 Cash $ 15,000 $ 29,000 Accounts receivable (net) 71,000
Lendell Company has these comparative balance sheet data:
Lendell Company Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
2020 | 2019 | |||||
Cash | $ 15,000 | $ 29,000 | ||||
Accounts receivable (net) | 71,000 | 60,000 | ||||
Inventory | 60,000 | 50,000 | ||||
Plant assets (net) | 199,000 | 178,000 | ||||
$345,000 | $317,000 | |||||
Accounts payable | $50,000 | $60,600 | ||||
Mortgage payable (15%) | 105,500 | 105,500 | ||||
Common stock, $10 par | 142,000 | 121,000 | ||||
Retained earnings | 47,500 | 29,900 | ||||
$345,000 | $317,000 |
Additional information for 2020:
1. | Net income was $25,100. | |
2. | Sales on account were $412,400. Sales returns and allowances amounted to $19,400. | |
3. | Cost of goods sold was $198,000. | |
4. | Net cash provided by operating activities was $46,100. | |
5. | Capital expenditures were $22,800, and cash dividends were $10,600. |
Compute the following ratios at December 31, 2020. (Round current ratio to 2 decimal places, e.g. 1.67. Round Accounts receivable turnover, Average collection period, Inventory turnover and Days in inventory to 1 decimal place, e.g. 1.6.)
(a) | Current ratio | enter the Current ratio rounded to 2 decimal places | :1 | ||
---|---|---|---|---|---|
(b) | Accounts receivable turnover | enter the Accounts receivable turnover rounded to 1 decimal place | times | ||
(c) | Average collection period | enter the Average collection period rounded to 1 decimal place | days | ||
(d) | Inventory turnover | enter the Inventory turnover rounded to 1 decimal place | times | ||
(e) | Days in inventory | enter the Days in inventory rounded to 1 decimal place | days | ||
(f) | Free cash flow | $enter a dollar amount |
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