Question
The comparative statements of Swifty Company are presented here. Swifty Company Income Statements For the Years Ended December 31 2022 2021 Net sales $1,815,400 $1,748,300
The comparative statements of Swifty Company are presented here.
Swifty Company Income Statements For the Years Ended December 31 | ||||||
---|---|---|---|---|---|---|
2022 | 2021 | |||||
Net sales | $1,815,400 | $1,748,300 | ||||
Cost of goods sold | 1,012,500 | 991,000 | ||||
Gross profit | 802,900 | 757,300 | ||||
Selling and administrative expenses | 514,200 | 474,200 | ||||
Income from operations | 288,700 | 283,100 | ||||
Other expenses and losses | ||||||
Interest expense | 18,100 | 13,000 | ||||
Income before income taxes | 270,600 | 270,100 | ||||
Income tax expense | 79,332 | 76,400 | ||||
Net income | $ 191,268 | $ 193,700 |
Swifty Company Balance Sheets December 31 | ||||||
---|---|---|---|---|---|---|
Assets | 2022 | 2021 | ||||
Current assets | ||||||
Cash | $59,400 | $63,700 | ||||
Debt investments (short-term) | 70,100 | 50,700 | ||||
Accounts receivable (net) | 117,800 | 102,300 | ||||
Inventory | 124,000 | 114,800 | ||||
Total current assets | 371,300 | 331,500 | ||||
Plant assets (net) | 596,900 | 523,100 | ||||
Total assets | $968,200 | $854,600 | ||||
Liabilities and Stockholders Equity | ||||||
Current liabilities | ||||||
Accounts payable | $159,000 | $145,000 | ||||
Income taxes payable | 42,000 | 42,500 | ||||
Total current liabilities | 201,000 | 187,500 | ||||
Bonds payable | 220,000 | 200,000 | ||||
Total liabilities | 421,000 | 387,500 | ||||
Stockholders equity | ||||||
Common stock ($5 par) | 279,500 | 300,100 | ||||
Retained earnings | 267,700 | 167,000 | ||||
Total stockholders equity | 547,200 | 467,100 | ||||
Total liabilities and stockholders equity | $968,200 | $854,600 |
All sales were on credit. Net cash provided by operating activities for 2022 was $241,000. Capital expenditures were $137,000, and cash dividends paid were $90,568. Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover to 2 decimal places, e.g. 1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%. Use 365 days for calculation.)
(a) | Earnings per share | $enter a dollar amount rounded to 2 decimal places | |||
---|---|---|---|---|---|
(b) | Return on common stockholders equity | enter percentages rounded to 1 decimal place | % | ||
(c) | Return on assets | enter percentages rounded to 1 decimal place | % | ||
(d) | Current ratio | enter the ratio rounded to 2 decimal places | :1 | ||
(e) | Accounts receivable turnover | enter a number of times rounded to 1 decimal place | times | ||
(f) | Average collection period | enter a number of days rounded to 1 decimal place | days | ||
(g) | Inventory turnover | enter a number of times rounded to 1 decimal place | times | ||
(h) | Days in inventory | enter a number of days rounded to 1 decimal place | days | ||
(i) | Times interest earned | enter a number of times rounded to 1 decimal place | times | ||
(j) | Asset turnover | enter a number of times rounded to 2 decimal places | times | ||
(k) | Debt to assets ratio | enter percentages rounded to 1 decimal place | % | ||
(l) | Free cash flow | $enter a dollar amount |
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