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Question-1 Jenner Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. Beginning inventory $ 482,000 Purchases 5,639,000 Ending inventory ? Average accounts receivable 700,000 Average common stockholders' equity 3,500,000 Sales (all on credit) 8,000,000 Net income 535,000 Instructions: Compute & interpret the following: (5m*2= 10 marks) (a) Receivables turnover and the average collection period. (b) Inventory turnover and the days in inventory. Dec. 31, 2007 Question-2 A comparative balance sheet for Lryon Company appears below: Lryon Company Dec. 31, 2008 Assets Cash $ 23,000 Accounts receivable 18,000 Inventory 27,000 Prepaid expenses 6,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18,000) $10,000 14,000 18,000 9,000 18,000 32,000 (14,000 TU LAVAVA SAVAVA Question-2 Dec. 31, 2007 A comparative balance sheet for Lryon Company appears below: Lryon Company Dec. 31, 2008 Assets Cash $ 23,000 Accounts receivable 18,000 Inventory 27,000 Prepaid expenses 6,000 Long-term investments -0- Equipment 60,000 Accumulated depreciation equipment (18,000) Total assets $116.000 Liabilities and Stockholders' Equity Accounts payable $ 11,000 Accruals 6,000 Bonds payable 54,000 Common stock 23,000 Retained earnings 22,000 Total liabilities and stockholders' equity $116,000 $10,000 14,000 18,000 9,000 18,000 32,000 (14,000) $87.000 $4,000 3,000 47,000 23,000 10,000 S87.000 Additional information: 1. Net income for the year ending December 31, 2008 was $24,000. 2. Cash dividends of $12,000 were declared and paid during the year. 3. Long-term investments that had a cost of $18,000 were sold for $16,000. 4. Sales for 2008 were $120,000 5. $10,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock at the fair market value at the time of $10,000. Instructions: a) Prepare a statement of cash flows for the year ended December 31, 2008, using the indirect method. (15 Marks) b) Calculate the free cash flow and comment on it