Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative statements of Wahlberg Company are presented here. 2019 Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,812,700 Cost

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The comparative statements of Wahlberg Company are presented here. 2019 Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,812,700 Cost of goods sold 1,007,700 Gross profit 805,000 Selling and administrative expenses 516,800 Income from operations 288,200 Other expenses and losses Interest expense 18,400 Income before income taxes 269,800 Income tax expense 82,408 Net income $ 187,392 $1,746,500 981,000 765,500 477,000 288,500 13,600 274,900 77,000 $ 197,900 2019 $65,000 49,900 102,600 115,500 333,000 521,600 $854,600 Balance Sheets December 31 Assets 2020 Current assets Cash $59,100 Debt investments (short-term) 69,400 Accounts receivable 117,100 Inventory 123,000 Total current assets 368,600 Plant assets (net) 602,000 Total assets $970,600 Liabilities and Stockholders' Equity. Current liabilities Accounts payable $159,600 Income taxes payable 43,100 Total current liabilities 202,700 Bonds payable 220,000 Total liabilities 422,700 Stockholders' equity Common stock ($5 par) 283,100 Retained earnings 264,800 Total stockholders' equity 547,900 Total liabilities and stockholders' equity $970,600 $144,900 42,400 187,300 200,000 387,300 302,500 164,800 467,300 $854,600 All sales were on account. Net cash provided by operating activities for 2020 was $237,000. Capital expenditures were $143,000, and cash dividends were $87,392. Compute the following ratios for 2020. (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 $ (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Accounts receivable turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (i) Asset turnover times (k) Debt to assets ratio % (1) Free cash flow $

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

Auditing and Assurance services an integrated approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

16th edition

978-0134075754, 134075757, 134065824, 978-0134065823

More Books

Students also viewed these Accounting questions

Question

To what microcultural groups do you belong?

Answered: 1 week ago