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The comparative statements of Wildhorse Co. are presented here. WILDHORSE CO. Income Statements For the Years Ended December 31 2022 2021 $2.289,400 1,267,000 1,022,400 620,000 $2,135,000 1,247.440 887,560 593,960 293,600 402,400 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 27,280 375,120 112,536 $ 262,584 24,800 268.800 80,640 $ 188,160 2021 $ 79,608 62,000 127,472 143,220 412,300 645,172 $1,057,472 WILDHORSE CO. Balance Sheets December 31 Assets 2022 Current assets Cash $ 74,524 Debt investments (short-term) 91,760 Accounts receivable 146,072 Inventory 156,240 Total current assets 468,596 Plant assets (net) 804,760 Total assets $1,273.356 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 198,400 Income taxes payable 53,940 Total current liabilities 252,340 Bonds payable 272,800 Total liabilities 525,140 Stockholders' equity Common stock ($5 par) 359,600 Retained earnings 388,616 Total stockholders' equity 748,216 Total liabilities and stockholders' equity $1,273,356 $180,296 52.080 232,376 248,000 480,376 372,000 205,096 577,096 $1,057,472 All sales were on account. Net cash provided by operating activities for 2022 was $272,800. Capital expenditures were $168,640, and cash dividends were $79.064. IJU, 1 468,596 804,760 $1,273,356 412,300 645,172 $1,057,472 TIVCHIULY Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $198,400 53,940 252,340 272,800 $180.296 52,080 232,376 248.000 525,140 480,376 359,600 388,616 748,216 $1,273,356 372,000 205,096 577,096 $1,057,472 All sales were on account. Net cash provided by operating activities for 2022 was $272,800. Capital expenditures were $168,640, and cash dividends were $79,064. Compute the following ratios for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) (a) Earnings per share $ 3.59 (b) Return on common stockholders' equity 39.6 (c) Return on assets 22.5 % (d) Current ratio 1.86 :1 (e) Accounts receivable turnover 16.7 times (f) Average collection period 21.8 days (g) Inventory turnover 8.5 times (h) Days in inventory 43.1 days (0) Times interest earned 14.8 times (1) Asset turnover 1.96 times (k) Debt to assets ratio 41.2 % (0) Free cash flow 25096 e Textbook and Media Save for Later Attempts: 1 of 5 used Submit Answer View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Here is the income statement for Marin Inc. MARIN INC. Income Statement For the Year Ended December 31, 2022 Sales revenue Cost of goods sold Gross profit Expenses (including $12,000 interest and $26,000 income taxes) Net income $425,500 240,400 185,100 75,400 $ 109,700 Additional information: 1. Common stock outstanding January 1, 2022, was 26,300 shares, and 36,100 shares were outstanding at December 31, 2022 2. The market price of Marin stock was $14 in 2022. Cash dividends of $24,000 were paid, $3,600 of which were to preferred stockholders. 3. Compute the following measures for 2022. (Round all answers to 2 decimal places, e.g. 1.83 or 2.51%) (a) Earnings per share $ 3.40 (b) Price-earnings ratio 4.12 times (c) Payout ratio 19.23 % (d) Times interest earned 12.31 times e Textbook and Media Save for Later Attempts: 3 of 5 used Submit Answer The following financial information is for Cullumber Company 2021 CULLUMBER COMPANY Balance Sheets December 31 Assets 2022 Cash $ 70,000 Debt investments (short-term) 53,000 Accounts receivable 108,000 Inventory 229.000 Prepaid expenses 30,000 Land 130,000 Building and equipment (net) 264,000 Total assets $884,000 Liabilities and Stockholders' Equity Notes payable $172,000 Accounts payable 65,000 Accrued liabilities 41,000 Bonds payable, due 2025 250,000 Common stock, $10 par 202,000 Retained earnings 154,000 Total liabilities and stockholders' equity $884,000 $ 64,000 39,000 90,000 162,000 25,000 130,000 185.000 $695,000 $102,000 51,000 41,000 172.000 202.000 127,000 $695,000 CULLUMBER COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $890,000 $786,000 Cost of goods sold 641,000 575,000 Gross profit 249,000 211,000 Operating expenses 194.000 159,000 Net income $ 55,000 $ 52,000 Additional information: 1. 2. 3. Inventory at the beginning of 2021 was $116,000, Accounts receivable (net) at the beginning of 2021 were $90,000. Total assets at the beginning of 2021 were $642,000. No common stock transactions occurred during 2021 or 2022. All sales were on account. 4 5. (91) 2021 2022 % Change LIQUIDITY Current ratio 1.96 :1 1.76 :1 -10 % 8.80 times 8.99 times 3 Accounts receivables turnover Inventory turnover 41 times 3.30 times -20 % 2021 2022 % Change PROFITABILITY Profit margin 6.60 % 6.20 % -6 % Asset turnover 1.18 times 1.13 times % Return on assets 7.78 % 7.0 % -10 % Earnings per share $ 2.57 $ 2.72 6 % (b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2022, and (2) as of December 31, 2023, after giving effect to the situation. (Round Debt to assets ratio to 0 decimal places, e.g. 15 and round all other answers to 1 decimal place, e.g. 15.5. Round % change to O decimal places, for e.g. 1% and if % change is a decrease show the numbers as negative, e.g. -1% or (1%).) Ratio 1. Situation 18,000 shares of common stock were sold at par on July 1, 2023. Net income for 2023 was $53,000. All of the notes payable were paid in 2023. All other liabilities remained at their December 31, 2022 levels. Total assets on December 31, 2023, were $904,000. The market price of common stock was $9 and $13 on December 31, 2022 and 2023, respectively Return on common stockholders' equity Debt to assets ratio 2. 3. Price-earnings ratio 2022 2023 % Change 16 % 11.88 % -26.00 % Return on common stockholders' equity Debt to assets ratio Price earnings ratio 59,73 % 39.38 % -34.07 % 3:3 times 4.4 times 33 % e Textbook and Media Assistance Used