Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunland Company Balance Sheets December 31 2022 2021 Cash $16,000 $30,000 Accounts receivable (net) 71,000 59,000 Inventory 61,000 50,000 Plant assets (net) 202,000 181.000 $350,000
Sunland Company Balance Sheets December 31 2022 2021 Cash $16,000 $30,000 Accounts receivable (net) 71,000 59,000 Inventory 61,000 50,000 Plant assets (net) 202,000 181.000 $350,000 $320.000 Accounts payable $50,000 $59,900 Bonds payable (15%) 107,000 107,000 Common stock, $10 par 138,000 124,500 Retained earnings 55,000 28,600 $350,000 $320,000 Additional information for 2022: 1. Net income was $24,500. 2. Sales on account were $409,200. Sales returns and allowances amounted to $24,500. 3. Cost of goods sold was $199,800. 4. Net cash provided by operating activities was $46,000. 5. Capital expenditures were $23,000, and cash dividends paid were $10,500. 1. Net income was $24,500. 2. Sales on account were $409.200. Sales returns and allowances amounted to $24,500. 3. Cost of goods sold was $199,800. 4. Net cash provided by operating activities was $46,000. 5. Capital expenditures were $23,000, and cash dividends paid were $10,500. 6. The bonds payable are due in 2035. Compute the following ratios at December 31, 2022. (Round current ratio to 2 decimal places, eg. 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 (b) Accounts receivable turnover (c) Average collection period. (d) Inventory turnover (e) Days in inventory 3 Free cash flow times days times days During 2022, Lily Corporation had the following amounts, all before calculating tax effects: income before income taxes $493.000, loss on operation of discontinued music. division $57,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available for sale securities $156,000. The income tax rate is 29% Prepare a partial income statement, beginning with income before income taxes, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number eg.-2.945 or parentheses eg. (2,945)) LILY CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 ince before incons Income tax come from continuing operations tos from operations of music division Gain from deal of music division Net income/00) 493000 142970 350030 Discontinued operations Loss from operations of music division Gain from disposal of music division Net income/(loss) Net income/(loss) LILY CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2022 Other comprehensive income Unrealized holding loss on available-for-sale securities v Comprehensive income During 2022, Lily Corporation had the following amounts, all before calculating tax effects: income before income taxes $493,000, loss on operation of discontinued music division $57,000, gain on disposal of discontinued music division $42,000, and unrealized loss on available-for-sale securities $156,000. The income tax rate is 29%. Prepare a partial income statement, beginning with income before income taxes, and a statement of comprehensive income for the year ended December 31, 2022. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Income before income taxes Income tax expense Income from continuing operations Discontinued operations Loss from operations of music division Gain from disposal of music division LILY CORPORATION Income Statement (Partial) For the Year Ended December 31, 2022 493000 142970 i 350030 Net income:/(loss) Net income/(loss) LILY CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2022 Other comprehensive income Unrealized holding loss on available-for-sale securities Comprehensive income Sunland Company has these comparative balance sheet data: Sunland Company Balance Sheets December 31 2022 2021 Cash $16,000 $30,000 Accounts receivable (net) 71,000 59,000 Inventory 61,000 50,000 Plant assets (net) 202,000 181,000 $350,000 $320,000 Accounts payable $50,000 $59,900 Bonds payable (15%) 107,000 107,000 Common stock, $10 par 138,000 124,500 Retained earnings 55,000 28,600 $350,000 $320,000 Additional information for 2022: 1. Net income was $24,500. 2. Sales on account were $409,200. Sales returns and allowances amounted to $24,500. 3. Cost of goods sold was $199,800. 4. Net cash provided by operating activities was $46,000. 5. Capital expenditures were $23,000, and cash dividends paid were $10,500. 6. The bonds payable are due in 2035. Compute the following ratios at December 31, 2022. (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 (b) Accounts receivable turnover (c) Average collection period (d) Inventory turnover (e) Days in inventory (f) Free cash flow :1 times days times days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started