Posted: April 20th, 2022

Need accounting help with Internal Control and Cash

Question description

P13-2AThe comparative statements of Osborne Company are presented here.Compute ratios from balance sheets and income statements.         OSBORNE COMPANY   Income Statements    For the Years Ended December 31                        2014           2013          Net  sales      $1,890,540      $1,750,500      Cost  of goods sold       1,058,540       1,006,000      Gross  profit      832,000      744,500      Selling  and administrative expenses       500,000       479,000      Income  from operations      332,000      265,500      Other  expenses and losses                   Interest  expense       22,000       20,000      Income  before income taxes      310,000      245,500      Income  tax expense       92,000       73,000      Net  income      $ 218,000        $ 172,500            OSBORNE COMPANY   Balance Sheets    December 31              Assets          2014           2013          Current  assets                   Cash      $ 60,100      $ 64,200       Debt  investments (short-term)      74,000      50,000       Accounts  receivable      117,800      102,800       Inventory       126,000       115,500       Total  current assets      377,900      332,500      Plant  assets (net)       649,000       520,300      Total  assets      $1,026,900        $852,800            Liabilities and Stockholders’ Equity                           Current  liabilities                   Accounts  payable      $ 160,000      $145,400       Income  taxes payable       43,500       42,000       Total  current liabilities       203,500       187,400      Bonds  payable       220,000       200,000       Total  liabilities       423,500       387,400      Stockholders’  equity                   Common  stock ($5 par)       290,000       300,000       Retained  earnings       313,400       165,400       Total  stockholders’ equity       603,400       465,400      Total  liabilities and stockholders’ equity      $1,026,900        $852,800    All sales were on account. Net cash provided by operating activities for 2014 was $220,000. Capital expenditures were$136,000, and cash dividends were $70,000.Instructions  Compute the following ratios for 2014.(a) Earnings per share. (b) Return on common stockholders’ equity. (c) Return on assets. (d) Current ratio. (e) Accounts receivable turnover. (f) Average collection period. (g) Inventory turnover. (h) Days in inventory. (i) Times interest earned. (j) Asset turnover. (k) Debt to assets. (l) Current cash debt coverage. (m) Cash debt coverage. (n) Free cash flow

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