Question

Culver Company has these comparative balance sheet data: CULVER COMPANY Balance Sheets December 31 2022 2021...

Culver Company has these comparative balance sheet data:

CULVER COMPANY
Balance Sheets
December 31

2022

2021

Cash

$ 48,700 $ 29,900

Accounts receivable (net)

71,300 66,700

Inventory

70,300 58,600

Plant assets (net)

185,800 172,000
$376,100 $327,200

Accounts payable

$ 50,200 $ 55,400

Mortgage payable (15%, due in 15 years)

94,100 123,900

Common stock, $10 par

172,800 100,600

Retained earnings

59,000 47,300
$376,100 $327,200


Additional information for 2022:

1. Net income was $21,800.
2. Sales on account were $426,000. Sales returns and allowances amounted to $25,400.
3. Cost of goods sold was $248,000.
4. Net cash provided by operating activities was $43,000.
5. Capital expenditures were $24,000, and cash dividends were $16,000.


Compute the following ratios at December 31, 2022. (Round all answers to 1 decimal place, e.g. 1.8)

(a) Current ratio Enter current ratio : 1
(b) Accounts receivable turnover Enter accounts receivable turnover in times times
(c) Average collection period Enter average collection period in days days
(d) Inventory turnover Enter inventory turnover in times times
(e) Days in inventory Enter the number of days in inventory days
(f) Free cash flow $Enter free cash flow in dollars

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