The comparative statements of Swifty Company are presented here. Swifty...
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Accounting
The comparative statements of Swifty Company are presented here.
SwiftyCompanyIncome Statements For the Years Ended December 31
2022
2021
Net sales
$1,815,400
$1,748,300
Cost of goods sold
1,012,500
991,000
Gross profit
802,900
757,300
Selling and administrative expenses
514,200
474,200
Income from operations
288,700
283,100
Other expenses and losses
Interest expense
18,100
13,000
Income before income taxes
270,600
270,100
Income tax expense
79,332
76,400
Net income
$ 191,268
$ 193,700
Swifty CompanyBalance Sheets December 31
Assets
2022
2021
Current assets
Cash
$59,400
$63,700
Debt investments (short-term)
70,100
50,700
Accounts receivable (net)
117,800
102,300
Inventory
124,000
114,800
Total current assets
371,300
331,500
Plant assets (net)
596,900
523,100
Total assets
$968,200
$854,600
Liabilities and Stockholders Equity
Current liabilities
Accounts payable
$159,000
$145,000
Income taxes payable
42,000
42,500
Total current liabilities
201,000
187,500
Bonds payable
220,000
200,000
Total liabilities
421,000
387,500
Stockholders equity
Common stock ($5 par)
279,500
300,100
Retained earnings
267,700
167,000
Total stockholders equity
547,200
467,100
Total liabilities and stockholders equity
$968,200
$854,600
All sales were on credit. Net cash provided by operating activities for 2022 was $241,000. Capital expenditures were $137,000, and cash dividends paid were $90,568. Compute the following ratios for 2022. (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
$enter a dollar amount rounded to 2 decimal places
(b)
Return on common stockholders equity
enter percentages rounded to 1 decimal place
%
(c)
Return on assets
enter percentages rounded to 1 decimal place
%
(d)
Current ratio
enter the ratio rounded to 2 decimal places
:1
(e)
Accounts receivable turnover
enter a number of times rounded to 1 decimal place
times
(f)
Average collection period
enter a number of days rounded to 1 decimal place
days
(g)
Inventory turnover
enter a number of times rounded to 1 decimal place
times
(h)
Days in inventory
enter a number of days rounded to 1 decimal place
days
(i)
Times interest earned
enter a number of times rounded to 1 decimal place
times
(j)
Asset turnover
enter a number of times rounded to 2 decimal places
times
(k)
Debt to assets ratio
enter percentages rounded to 1 decimal place
%
(l)
Free cash flow
$enter a dollar amount
Answer & Explanation
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