Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of

image text in transcribed
image text in transcribed
image text in transcribed
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 Net sales $1,813,600 Cost of goods sold 1,013,400 Gross profit 800,200 Selling and administrative expenses 514,800 Income from operations 285,400 Other expenses and losses Interest expense 17,400 Income before income taxes 268,000 Income tax expense 78,019 Net income $ 189,981 2019 $1.746,200 990,000 756,200 474,000 282,200 14,400 267,800 77,600 $190,200 2019 $64.700 49,600 101,100 115,500 330,900 523,900 $854,800 Wahlberg Company Balance Sheets December 31 Assets 2020 Current assets Cash $60,000 Debt investments (short-term) 70,200 Accounts receivable 117,400 Inventory 123,700 Total current assets 371,300 Plant assets (net) 598.900 Total assets $970.200 Liabilities and Stockholders' Equity Current liabilities Accounts payable $160,800 Income taxes payable 43,500 Total current liabilities 204,300 Bonds payable 220,000 Total liabilities 424,300 Stockholders' equity Common stock ($5 par) 275,600 Retained earnings 270,300 Total stockholders' equity 545,900 Total liabilities and stockholders' equity $970,200 $144,700 41,800 186,500 200,000 386,500 300,100 168,200 468,300 $854,800 All sales were on account. Net cash provided by operating activities for 2020 was $230,000. Capital expenditures were $136,000, and cash dividends were $87,881. Compute the following ratios for 2020. (Round Earnings per share. Current ratio and Asset turnover to 2 decimal places, eg. 1.65 or 1.65:1, and all other answers to 1 decimal place, 08. 6.8 or 6.8%. Use 365 days for calculation) (a) $ Earnings per share Return on common stockholders' equity Return on assets %6 (b) 96 (c) (d) Current ratio 1.82 16.6 le) Accounts receivable turnover times (0) Average collection period days (B) 8.5 times Inventory turnover (h) 43 days Days in Inventory Times interestearned (0 16.4 times 0) Asset turnover 1.99 times Ik) Debt to assets ratio 43.7 % (0) 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_2

Step: 3

blur-text-image_3

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

Financial And Managerial Accounting 15th Edition Text Only

Authors: Jan Williams

15th Edition

B005FCGT4O

More Books

Students also viewed these Accounting questions

Question

Describe how to train managers to coach employees. page 404

Answered: 1 week ago

Question

Discuss the steps in the development planning process. page 381

Answered: 1 week ago