Question

CARLA VISTA CO. Balance Sheets December 31 2017 2016 Cash $ 16,140 $ 32,280 Accounts receivable...

CARLA VISTA CO.
Balance Sheets
December 31

2017

2016
Cash

$ 16,140

$ 32,280
Accounts receivable (net)

75,320

64,560
Inventory

64,560

53,800
Plant assets (net)

215,200

193,680

$371,220

$344,320
Accounts payable

$ 53,800

$ 64,560
Mortgage payable (15%)

107,600

107,600
Common stock, $10 par

150,640

129,120
Retained earnings

59,180

43,040

$371,220

$344,320


Additional information for 2017:

1. Net income was $32,500.
2. Sales on account were $392,900. Sales returns and allowances amounted to $27,300.
3. Cost of goods sold was $217,300.
4. Net cash provided by operating activities was $57,200.
5. Capital expenditures were $30,000, and cash dividends were $19,000.

Compute the following ratios at December 31, 2017

(a) Current ratio. :1
(b) Accounts receivable turnover. times
(c) Average collection period. days
(d) Inventory turnover. times
(e) Days in inventory. days
(f) Free cash flow.
Business   Accounting   
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