Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative statements of Wahlberg Company are presented here. Please Help The comparative statements of Wahlberg Company are presented here Wahlberg Company Income Statement For

image text in transcribedimage text in transcribedimage text in transcribedThe comparative statements of Wahlberg Company are presented here. Please Help

The comparative statements of Wahlberg Company are presented here Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,812,400 1,005,600 806,800 518,600 288,200 $1,745,900 982,000 763,900 479,200 284,700 Interest expense Income before income taxes Income tax expense Net income 18,500 269,700 83,172 $ 186,528 14,600 270,100 76,600 193,500 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash Debt investments (short-term) Accounts receivable Inventory $60,700 70,400 116,800 122,900 370,800 600,400 $971,200 $64,300 49,100 101,000 115,100 329,500 519,700 $849,200 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $159,500 43,500 203,000 220,000 423,000 $144,000 42,900 186,900 200,000 386,900 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 281,600 266,600 548,200 $971,200 301,300 161,000 462,300 $849,200 Total stockholders' equity Total liabilities and stockholders' equity 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 (e) Accounts receivable turnover (f) Average collection period (g) Inventory turnover (h) Days in inventory (i) Times interest earned i) Asset turnover (k) Debt to assets ratio (I) Free cash flow times days times days times times

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

More Books

Students also viewed these Accounting questions

Question

What is Six Sigma?

Answered: 1 week ago

Question

Emphasize important ideas and de-emphasize unimportant ones.

Answered: 1 week ago