Reference no: EM132824359
Question
Crane Company has these comparative balance sheet data:CRANE COMPANY
Balance Sheets
December 3120222021$ 55,290
Cash$ 27,645
Accounts receivable (net)129,010
110,580
Inventory110,580
92,150
Plant assets (net)368,600
331,740
$635,835
$589,760
Accounts payable$ 92,150
$ 110,580
Mortgage payable (15%)184,300
184,300
Common stock, $10 par258,020
221,160
Retained earnings101,365
73,720
$635,835
$589,760
Additional information for 2022:
1. Net income was $26,900.
2.Sales on account were $392,300. Sales returns and allowances amounted to $27,000.
3.Cost of goods sold was $217,600.
4.Net cash provided by operating activities was $59,800.
5.Capital expenditures were $26,800, and cash dividends were $12,300.
2. Compute the following ratios at December 31, 2022. (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.)
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