Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245.000 1,010,000 Cost of

image text in transcribed

The following are financial statements of Crane Company. Crane Company Income Statement For the Year Ended December 31, 2022 Net sales $2,245.000 1,010,000 Cost of goods sold Selling and administrative expenses 910.000 Interest expense 85.000 Income tax expense 72.000 Net Income $ 168,000 Crane Company Balance Sheet December 31, 2022 Assets Current assets Cash 363,300 Debt Investments 87.000 Accounts recevable Inet) 169.100 Inventory 146.350 Total current assets 465.750 Plant assets (net) 570.500 Total assets S1036 250 Llabilities and Stockholders' Equity Current liabilitles Accounts payable $ 165,000 Income taxes payable 42.000 Total current liabilitles 207.000 Bonds payable 186.775 Total liabilitles 393.775 340.000 Stockholders' equliy Common stock Retalned earnings Total stockholders' equlty Total abilities and stockholders' equity 302.475 642,475 $1,036 250 Additional Information: The net cash provided by operating activities for 2022 was $191200. The cash used for capital expenditures w2s $93,000. The cash used for dividends was $32,100. The weighted average common shares outstanding during the year was 50,000 (a) Compute the following values and ratlos for 2022. (We provide the results from 2021 for comparative purposes.) (Round Current Ratio and Earnings per share to 2 decimal places, eg. 15.25 and Debt to assets ratio to 1 decimal place, eg. 78.9%. Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (45).) (1) (10) Working capital. (2021: $160,500) ( Current ratlo. (2021: 1.65:1) : ) Free cash flow. (2021: $48,700) Debt to assets ratio. (2021:3195) (111) (lv) (v) Earnings per share. (2021: $3.15) (0) Working capital $ (11) Current ratio Free cash flow $ (lv) Debt to assets ratio (v) Earnings per share $

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

The Customer Satisfaction Audit

Authors: Abram I Bluestein, Michael Moriarty, Ronald J Sanderson

1st Edition

190243398X, 978-1902433981

More Books

Students also viewed these Accounting questions

Question

Identify the cause of a performance problem. page 363

Answered: 1 week ago