Question
The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,818,700 $1,749,800
The comparative statements of Wahlberg Company are presented here.
Wahlberg Company
Income Statement
For the Years Ended December 31
2020
2019
Net sales
$1,818,700
$1,749,800
Cost of goods sold
1,007,700
987,000
Gross profit
811,000
762,800
Selling and administrative expenses
518,400
480,200
Income from operations
292,600
282,600
Other expenses and losses
Interest expense
17,600
14,300
Income before income taxes
275,000
268,300
Income tax expense
80,180
77,300
Net income
$194,820
$191,000
Wahlberg Company
Balance Sheets
December 31
Assets
2020
2019
Current assets
Cash
$60,200
$64,200
Debt investments (short-term)
69,600
49,900
Accounts receivable
117,400
101,300
Inventory
123,800
114,800
Total current assets
371,000
330,200
Plant assets (net)
598,400
516,800
Total assets
$969,400
$847,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$160,800
$145,500
Income taxes payable
42,300
42,200
Total current liabilities
203,100
187,700
Bonds payable
220,000
200,000
Total liabilities
423,100
387,700
Stockholders' equity
Common stock ($5 par)
277,700
295,300
Retained earnings
268,600
164,000
Total stockholders' equity
546,300
459,300
Total liabilities and stockholders' equity
$969,400
$847,000
All sales were on account. Net cash provided by operating activities for 2020 was $238,000. Capital expenditures were $134,000, and cash dividends were $90,220.
Compute the following ratios for 2020.
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