Business, 15.02.2021 20:30, jaimejohnston2
The comparative balance sheets for Pharoah Company as of December 31 are presented below.
Pharoah Company Comparative Balance Sheets December 31
Assets 2022 2021
Cash $55,760 $36,900
Accounts receivable 41,000 47,560
Inventory 124,189 116,440
Prepaid expenses 12,530 17,220
Land 118,900 106,600
Buildings 164,000 164,000
Accumulated depreciation—buildings (49,200 ) (32,800 )
Equipment 184,500 127,100
Accumulated depreciation—equipment (36,900 ) (28,700 )
Total $614,779 $554,320
Liabilities and Stockholders’
Equity Accounts payable $36,679 $29,520
Bonds payable 246,000 246,000
Common stock, $1 par 164,000 131,200
Retained earnings 168,100 147,600
Total $614,779 $554,320
Additional information for 2022:
Net income was $29,500.
Sales on account were $392,000. Sales returns and allowances amounted to $29,300.
Cost of goods sold was $201,900.
Net cash provided by operating activities was $56,200.
Capital expenditures were $30,000, and cash dividends were $15,100.
Required:
Compute the following ratios at December 31, 2022.
a. Current ratio.
b. Accounts receivable turnover.
c. Average collection period.
d. Inventory turnover.
e. Days in inventory.
f. Free cash flow.
Answers: 1
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The comparative balance sheets for Pharoah Company as of December 31 are presented below.
Pharoah C...
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