Question
The comparative statements ofIvanhoe Companyare presented here. IVANHOE COMPANY Income Statements For the Years Ended December 31 2022 2021 Net sales$1,623,400 $1,505,000 Cost of goods
The comparative statements ofIvanhoe Companyare presented here.
IVANHOE COMPANY
Income Statements
For the Years Ended December 31
2022
2021
Net sales$1,623,400
$1,505,000
Cost of goods sold907,000
865,160
Gross profit716,400
639,840
Selling and administrative expenses430,000
411,940
Income from operations286,400
227,900
Other expenses and lossesInterest expense18,920
17,200
Income before income taxes267,480
210,700
Income tax expense80,244
63,210
Net income$187,236
$147,490
IVANHOE COMPANY
Balance Sheets
December 31
Assets
2022
2021
Current assetsCash$51,686
$55,212
Debt investments (short-term)63,640
43,000
Accounts receivable101,308
88,408
Inventory108,360
99,330
Total current assets324,994
285,950
Plant assets (net)558,140
447,458
Total assets$883,134
$733,408
Liabilities and Stockholders' Equity
Current liabilitiesAccounts payable$137,600
$125,044
Income taxes payable37,410
36,120
Total current liabilities175,010
161,164
Bonds payable189,200
172,000
Total liabilities364,210
333,164
Stockholders' equityCommon stock ($5 par)249,400
258,000
Retained earnings269,524
142,244
Total stockholders' equity518,924
400,244
Total liabilities and stockholders' equity$883,134
$733,408
All sales were on account. Net cash provided by operating activities for 2022 was $189,200. Capital expenditures were $116,960, and cash dividends were $59,956.
Compute the following ratios for 2022.(Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.)
(a)Earnings per share$
enter earnings per share in dollars
(b)Return on common stockholders' equityenter return on common stockholders' equity in percentages
%(c)Return on assetsenter return on assets in percentages
%(d)Current ratioenter current ratio
:1(e)Accounts receivable turnoverenter accounts receivable turnover in times
times(f)Average collection periodenter average collection period in days
days(g)Inventory turnoverenter inventory turnover in times
times(h)Days in inventoryenter days in inventory
days(i)Times interest earnedenter times interest earned
times(j)Asset turnoverenter asset turnover in times
times(k)Debt to assets ratioenter debt to assets ratio in percentages
%(l)Free cash flow$
enter free cash flow in dollars
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Payroll Accounting
Authors: Bernard J. Bieg, Judith Toland
21st Edition
1111531056, 978-1111531058
