Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative statements of Crane Company are presented here. CRANE COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales $1,896,180 $1,752,400

The comparative statements of Crane Company are presented here.

CRANE COMPANY Income Statements For the Years Ended December 31

2022

2021

Net sales

$1,896,180

$1,752,400

Cost of goods sold

1,062,705

1,007,900

Gross profit

833,475

744,500

Selling and administrative expenses

501,900

480,900

Income from operations

331,575

263,600

Other expenses and losses

Interest expense

23,400

21,400

Income before income taxes

308,175

242,200

Income tax expense

92,825

74,400

Net income

$ 215,350

$ 167,800

CRANE COMPANY Balance Sheets December 31

Assets

2022

2021

Current assets

Cash

$ 59,412

$ 64,200

Debt investments (short-term)

74,000

50,000

Accounts receivable

119,700

104,700

Inventory

127,400

116,900

Total current assets

380,512

335,800

Plant assets (net)

663,000

534,300

Total assets

$1,043,512

$870,100

Liabilities and Stockholders Equity

Current liabilities

Accounts payable

$ 161,900

$147,300

Income taxes payable

44,900

43,400

Total current liabilities

206,800

190,700

Bonds payable

234,000

214,000

Total liabilities

440,800

404,700

Stockholders equity

Common stock ($5 par)

290,000

300,000

Retained earnings

312,712

165,400

Total stockholders equity

602,712

465,400

Total liabilities and stockholders equity

$1,043,512

$870,100

All sales were on account. Net cash provided by operating activities for 2022 was $250,425. Capital expenditures were $136,000, and cash dividends were $68,038. Compute the following ratios for 2022. (Round current ratio, earnings per share and asset turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 2.5%. Use 365 days in calculation.)

(a)

Earnings per share

$enter earnings per share in dollars rounded to 2 decimal places

??

(b)

Return on common stockholders equity

enter Return on common stockholders equity in percentages rounded to 1 decimal place

% ??

(c)

Return on assets

enter Return on assets in percentages rounded to 1 decimal place

% ??

(d)

Current ratio

enter Current ratio rounded to 2 decimal places

:1 ??

(e)

Accounts receivable turnover

enter a number of Accounts receivable turnover in times rounded to 1 decimal place

times ??

(f)

Average collection period

enter a number of Average collection period in days rounded to 1 decimal place

days ??

(g)

Inventory turnover

enter a number of Inventory turnover in times rounded to 1 decimal place

times ??

(h)

Days in inventory

enter a number of days in inventory rounded to 1 decimal place

days ??

(i)

Times interest earned

enter a number of times interest earned rounded to 1 decimal place

times ??

(j)

Asset turnover

enter a number of Asset turnover in times rounded to 2 decimal places

times ??

(k)

Debt to assets ratio

enter Debt to assets ratio in percentages rounded to 1 decimal place

% ??

(l)

Free cash flow

$enter Free cash flow in dollars

???

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

Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1

Authors: Hugh Coombs, J. R. Edwards

1st Edition

1138965758, 9781138965751

More Books

Students also viewed these Accounting questions

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago

Question

Appreciate the services that consultants provide

Answered: 1 week ago

Question

Know about the different kinds of consultants

Answered: 1 week ago