Reference no: EM132472076
Crane Company has these comparative balance sheet data:
CRANE COMPANY Balance Sheets
December 31 2020 2019
Cash $ 27,105 $ 54,210
Accounts receivable (net) 126,490 108,420
Inventory 108,420 90,350
Plant assets (net) 361,400 325,260
$623,415 $578,240
Accounts payable $ 90,350 $ 108,420
Mortgage payable (15%) 180,700 180,700
Common stock, $10 par 252,980 216,840
Retained earnings 99,385 72,280
$623,415 $578,240
Additional information for 2020:
1. Net income was $27,900.
2. Sales on account were $382,300. Sales returns and allowances amounted to $29,000
3. Cost of goods sold was $207,500.
4. Net cash provided by operating activities was $57,000.
5. Capital expenditures were $28,900, and cash dividends were $17,900.
Question 1: Compute the following ratios at December 31, 2020.(Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.)
(a)Current ratio.
(b)Accounts receivable turnover. times
(c)Average collection period. days
(d)Inventory turnover. times
(e)Days in inventory. days
(f)Free cash flow.$
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